Makeup Market to Hit USD 61.34 Billion by 2029 | CAGR of 5.61%
Companies covered in makeup market are Unilever (U.K.), L’Oréal S.A. (France), Avon Products, Inc. (U.K.), Oriflame Cosmetics AG (Switzerland), Revlon, Inc. (S.), Coty Inc. (S.), The Estée Lauder Companies Inc. (U.S.), The Procter & Gamble Company (S.), Kao Corporation (Japan), Shiseido Co. Ltd (Japan), and more players profiled.
Pune, India, Feb. 22, 2023 (GLOBE NEWSWIRE) — The global makeup market size was USD 40.37 billion in 2021 and is expected to expand from USD 41.85 billion in 2022 to USD 61.34 billion by 2029, exhibiting a CAGR of 5.61% over the estimated period. The rise can be attributed to the increasing consumer inclination toward personal grooming.
This information is provided by Fortune Business Insights™ in its research report, titled “Makeup Market, 2022-2029”.
Industry Growth Impacted Due to Supply Chain Disruptions Amid COVID-19 Pandemic
The coronavirus pandemic hindered the supply of raw materials. Furthermore, it led to a rise in the cost of exporting natural ingredients from developing countries. Additional effects of the COVID-19 crisis included the imposition of lockdown restrictions and the shutdown of retail stores, which affected product sales to a considerable extent.
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Makeup Market Report Scope & Segmentation:
|2029 Value Projection||USD 61.34 billion|
|Makeup Market Size in 2021||USD 40.37 Billion|
|No. of Pages||213|
|Segments Covered||By Product, By Application Area, By Distribution Channel, By Region|
|Makeup Market Growth Drivers||Increasing Inclination Toward Personal Grooming to Favor Market Expansion|
|Product Modernization in Terms of Cosmetic Items to Expand Product Demand|
Fortune Business Insights™ lists out all the makeup market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
- Unilever (U.K.)
- L’Oréal S.A. (France)
- Avon Products, Inc. (U.K.)
- Oriflame Cosmetics AG (Switzerland)
- Revlon, Inc. (S.)
- Coty Inc. (S.)
- The Estée Lauder Companies Inc. (U.S.)
- The Procter & Gamble Company (S.)
- Kao Corporation (Japan)
- Shiseido Co. Ltd (Japan)
The report gives an analysis of the pivotal factors powering the global business landscape over the forecast period. It further gives an insight into the major trends driving market expansion throughout the analysis period. Other aspects include the vital steps taken by leading companies for strengthening their industry position.
Drivers and Restraints:
Soaring Awareness Regarding Personal Grooming to Fuel Industry Expansion
The makeup market growth is being favored by the growing consumer inclination toward personal care products. Besides, various brands are focusing on the development of products for catering to the skincare needs of men. This is expected to fuel industry expansion to a considerable extent.
However, the market expansion could be hindered by various effects of chemical formulations.
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Powder Segment to Gain Traction Owing to High-Absorbing Features
On the basis of product, the market is fragmented into gel, powder, lotions, and others. The powder segment is poised to record commendable expansion over the study period. The surge is being driven by the growing popularity of powder foundations among young users.
Face Segment to Record Substantial Demand Driven by Growing Product Adoption
Based on application area, the market is subdivided into eyes, lips, face, and nails. The face segment is estimated to register considerable growth throughout the analysis period. The rise can be credited to the rising focus of industry players on the launch of new facial skin easing products and increasing product adoption.
Supermarkets/Hypermarkets Segment to Depict Appreciable Growth Owing to Availability of Various Options
On the basis of distribution channel, the market is segmented into exclusive brand stores, supermarkets & hypermarkets, online/e-commerce, and others. The supermarkets/hypermarkets segment is slated to record notable expansion over the projected period. This is on account of the availability of various products to consumers.
Based on geography, the market for makeup has been categorized into Asia Pacific, North America, Europe, the Middle East & Africa, and South America.
Asia Pacific to Lead Driven by Growing Consumption of Branded Beauty Products
The Asia Pacific makeup market share is expected to record substantial growth throughout the study period. The surge can be credited to the escalating consumption of branded beauty products in the region.
North America is set to register considerable expansion over the estimated period. The rise is being driven by the presence of large players in the region.
Leading Companies Introduce New Products to Secure Competitive Edge
Major makeup companies are focused on the adoption of a series of strategic initiatives such as mergers, acquisitions, and the launch of new products for strengthening their position in the market. Some of the other steps comprise rising participation in trade conferences.
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Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Overview of the Parent Market
- Industry SWOT Analysis
- Recent Industry Developments
- Qualitative Analysis (In Relation to COVID-19)
- Impact of COVID-19 on the Market
- Supply Chain Challenges
- Potential Opportunities due to COVID-19 Pandemic
- Global Makeup Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Market Analysis, Insights and Forecast – By Application Area
- Market Analysis, Insights and Forecast – By Distribution Channel
- Supermarkets & Hypermarkets
- Exclusive Brand Stores
- Online/ E-Commerce
- Market Analysis, Insights and Forecast – By Region
- North America
- Asia Pacific
- South America
- Middle East & Africa
Key Industry Development:
- April 2022 – Avon launched ‘Ultra Color Lip Gloss’ to provide ultra shine, color, and feel. The launch helped the company in the expansion of its existing portfolio, attracting customers from various regions.
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Check out more Related Insights by Fortune Business Insights:
Sun Care Products Market to Reach USD 16.84 Billion by 2027 | Sun Care Products Industry Striking CAGR of 3.5%
Cosmetics Market Size to Reach $415.29 Billion by 2028 | Industry to Generate 5.0% CAGR during (2021-2028)
Perfume Market Size to Surpass USD 43.2 Billion by 2028 | At 5% CAGR
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