The global makeup market size was USD 34.38 billion in 2020. The market is projected to grow from USD 35.22 billion in 2021 to USD 50.28 billion in 2028 at a CAGR of 5.2 % in the 2021-2028 period.
This information is published by Fortune Business Insights™, in its report, titled, “Makeup Market Size, Share & COVID-19 Impact Analysis, By Product (Powder, Gels, Lotions, and Others), Application Area (Lips, Eyes, Face, and Others), Distribution Channel (Supermarkets/Hypermarkets, Exclusive Brand Stores, Online/e-commerce Channels, and Others), and Regional Forecast, 2021-2028.”
According to our researchers, the fact that needless face inadequacies can be made unseen or camouflaged by applying certain makeup products, whereas on the contrary, color cosmetics can also improve or accentuate the beautiful features, which augments the complete presence and persona of the individual. This, in turn, has amplified the admiration of these products across the world.
COVID-19 Impact
Limitations by Governments amid COVID-19 to Diminish Demand for Beauty Products
The outburst of the pandemic has led to the execution of several guidelines and constraints concerning lockdown, social distancing, and other norms. This has thereby dramatically declined the application of makeup on a regular basis, particularly among the female population, and therefore has limited the market growth. As per the facts issued in the 2020 L’Oreal Annual Report, discusses that the global beauty market confronted a deterioration rate of -8% in 2020.
List of Key Players Covered in the Report
- L’Oréal Professional (Clichy, France)
- Shiseido Co., Ltd. (Tokyo, Japan)
- Coty Inc. (New York, U.S.)
- Avon Products Inc. (London, U.K.)
- Estée Lauder Inc. (New York, U.S.)
- Kao Corporation (Tokyo, Japan)
- Revlon, Inc. (New York, U.S.)
- The Procter & Gamble Company (Ohio, U.S.)
- Unilever (London, U.K.)
- NARS Cosmetics (New York, U.S.)
Report Coverage
The report offers a detailed study of the market and a keen examination of the major segments of the market. It provides an in-depth analysis of key players and their insightful strategies to spur market growth for monetary gains. It also shares tangible insights which guide business owners with their investment perspective. The regional dynamics and how they shape the market in an upward curve are presented in the following report. Moreover, COVID-19 impacts have been added for additional information and how it is expected to affect the demand for these products in the near future.
Drivers and Restraints
Rising Alertness Concerning Personal Grooming to Fuel Market
The increasing adoption of makeup products can be accredited to their capability to modify the appearance of the skin, face, or the complete body. This is the factor that is supporting the makeup market growth.
Furthermore, college girls and working women are more disposed towards these products and regularly apply them in order to appear presentable, sophisticated, and as good-looking. Therefore, the growing quantity of working women is nurturing demand for the product.
Segmentation
The global makeup market is categorized into the following segments:
By Product
- Powders
- Gels
- Lotions
- Others
By Application Area
- Lips
- Eyes
- Face
- Others
By Distribution Channel
- Supermarkets/hypermarkets
- Exclusive Brand Stores
- Online/e-commerce Channels
- Others
By Region
- North America
- Europe
- Asia Pacific
- South America
- The Middle East and Africa
Regional Insights
North America held the maximum makeup market shares in 2020. It is further estimated to observe considerable growth owing to factors such as huge expenditure capability of the population, the rising number of beauty salons, combined with the accessibility of refined infrastructure amenities for product development in the region.
In Europe, the market is signified by the existence of important players pooled with the amplified alertness concerning fashion, glamour, as well as personal grooming among the residents.
The market size in Asia Pacific stood at USD 16.37 billion in 2020. The market in the region is anticipated to hold leading share owing to an augmented product demand from developing nations such as India, China, Korea, and Japan.
Competitive Landscape
Existence of Assorted Portfolio and Branched Industry Structure to Bolster Market
The market is highly fragmented, owing to the prevalence of a huge number of local, regional, as well as international players in the global marketplace. Moreover, producers are emphasizing on numerous tactics such as collaborations and procurements, novel product advancement, geographic extensions, as well as marketing strategies in order to inflate the consumer base and attain a sturdy market location.
Industry Development
November 2019: Coty Inc., which is a U.S.-situated beauty products company, initiated a collaboration deal with Kylie Jenner in order to extend its regional existence and gather a sturdy grip in the market.
Browse Detailed Overview of This Research:
https://www.fortunebusinessinsights.com/makeup-market-102587
