Makeup Market 2024-2032 Analysis: Trends, Competitor Dynamics, and Growth Opportunities

Key Insights

The Makeup Market size was valued at USD 41.49 USD Billion in 2023 and is projected to reach USD 63.38 USD Billion by 2032, exhibiting a CAGR of 6.24 % during the forecast period. Makeup is a kind of cosmetic used to decorate facial functions, accurate imperfections and express a man's or woman's style. It consists of a whole lot of products including foundation, eyeshadow, lipstick, and mascara, every supposed to provide distinctive results. It can be applied to distinct elements of the frame, together with lips, eyes, face, and nails, and can be bought from supermarkets, online shops and logo shops. The art of applying makeup requires techniques such as blending, contouring and highlighting that can range from natural to glamorous looks which have grown enormously over the past few years as many people are using cosmetics every day. Makeup also offers a wide range of benefits, including boosting self-esteem levels among many individuals while others are more looking for ways in which they can express themselves without speaking words and many still opting to utilize it as an artist.

Makeup Trends

• Growing demand for vegan and cruelty-free products
• Increasing popularity of K-beauty and J-beauty products
• Rise in the use of multifunctional makeup products
• Growing adoption of e-commerce for purchasing makeup products

Driving Forces: What's Propelling the Makeup Market

• Rise in urbanization and disposable income
• Increasing awareness about personal grooming
• Expanding retail landscape
• Growing influence of social media and beauty influencers

Challenges and Restraints in Makeup Market

• Concerns about the safety and toxicity of some makeup ingredients
• Intense competition in the market
• Fluctuating raw material prices

Emerging Trends in Makeup

• Augmented reality (AR) and virtual try-on technology for experimenting with different makeup looks before purchasing
• Clean beauty with a focus on natural and sustainable ingredients
• Advanced skincare-infused makeup products that offer both beautifying and skincare benefits
• Personalized makeup tailored to individual skin tones, preferences, and concerns

Growth Catalysts in Makeup Industry

• Strategic partnerships and collaborations between makeup brands and fashion designers, celebrities, and skincare companies
• Expansion into emerging markets with growing middle-class and urbanization
• Innovation in product development with new formulas, textures, and packaging

Market Segmentation: Makeup Analysis

Product:

• Powders
• Gels
• Lotions
• Others

Application Area:

• Lips
• Eyes
• Face
• Nails

Distribution Channel:

• Supermarkets & Hypermarkets
• Exclusive Brand Stores
• Online/E-Commerce
• Others

Leading Players in the Makeup Market

• Unilever Plc. (U.K.)
• L'Oréal S.A. (France)
• Avon Products, Inc. (U.K.)
• Oriflame Cosmetics AG (Switzerland)
• Revlon, Inc. (U.S.)
• Coty Inc. (U.S.)
• The Estée Lauder Companies Inc. (U.S.)
• The Procter & Gamble Company (U.S.)
• Kao Corporation (Japan)
• Shiseido Co. Ltd (Japan)

Significant developments in Makeup Sector

• September 2022: L’Oréal inked an agreement for the acquisition of Skinbetter Science. This helped the company expand its product portfolio, strengthening its global presence.
• April 2022: Health and Glow, a retail beauty chain, launched H&G Cosmetics, its brand of quality color cosmetics. The new brand offers a range of cruelty-free and vegan everyday makeup products.
• April 2022: Shiseido, a brand of the Shiseido Group, in collaboration with Revieve, a personalized digital brand experience company, launched an Artificial Intelligence (AI)-based beauty advisor to serve the grooming experience to the consumers in the EMEA region.
• March 2022: E.l.f. in partnership with Dunkin’ Donuts, Cosmetics launched a new limited edition makeup collection, E.l.f.ing Sweet Collection. The products are exclusively available on Ulta.com and Ulta Beauty stores.
• March 2022: Space NK, a British personal care and beauty product retailer, partnered with Walmart to launch BEAUTYSPACE. It features 600 beauty products from 15 new and established brands specifically for Walmart customers.

Regional Insight

• North America
• Europe
• Asia-Pacific
• South America
• Middle East and Africa

Consumer Side Analysis

• Urban consumers
• Rural consumers
• Gen Z consumers
• Millennial consumers
• Baby boomer consumers

DROCs

• Demographic
• Regulatory
• Operational
• Consumer

Acqui-Merger

• L’Oréal’s acquisition of Skinbetter Science (2022)
• Estée Lauder’s acquisition of Too Faced (2016)
• Shiseido’s acquisition of Drunk Elephant (2019)