The global facial makeup market demonstrates a highly fragmented business structure, owing to the presence of a massive pool of regional and international vendors of facial makeup, states Transparency Market Research (TMR). The competition is projected to soar further as the leading vendors are increasingly concentrating on innovation in products to meet the ever-changing fashion trends and the subsequent changes in the demands of consumers. They have also turned to fashion shows and celebrity endorsements for the marketing of their products. Going forward, vendors are expected to add significantly to this market with continual product launches, mergers, acquisitions, strategic alliances, and price wars, reports the research study.
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Global Facial Makeup Market to Rise at 6.10% CAGR between 2017 and 2024
As per the estimations of TMR, the global facial makeup market is expected to offer an opportunity worth US$8.60 bn by 2017. The market is anticipated to rise further at a CAGR of 6.10% during the period from 2017 to 2024 and attain a value of US$11.54 bn by the end of the period of the forecast. “The improvement in the consumers’ lifestyles across the world has highly influenced the worldwide market for facial makeup,” says an analyst at TMR.
As consumers are increasingly becoming conscious about their physical appearance, their craze for a well-maintained personality and polished look is also witnessing a consequent rise, leading to a swelling demand for facial makeup products, as these products play an important role in enhancing one’s facial features and beauty. This, as a result, is boosting the market for facial makeup significantly across the world. Over the coming years, the market is expected to gain significantly from the increasing trend of blemish base (BB) creams and color correcting (CC) creams, states the research study.
Facial Makeup Market to Witness Strong Growth in APEJ
The report also provides a geographical evaluation of the global market for facial makeup. According to the report, the market is categorized into the Middle East and Africa (MEA), Europe, Asia Pacific excluding Japan (APEJ), Japan, North America, and Latin America. Among these, Asia Pacific excluding Japan is projected to emerge as the leading regional market for facial makeup in the years to come, rising at a CAGR of 7.10% over the period of the forecast. The remarkable increase in the purchasing power of consumers in the APEJ region is likely to boost the APEJ market for facial makeup over the next few years, ensuring its dominance.
Supermarkets and hypermarkets have surfaced as the most prominent sales channels for facial makeup products, worldwide. Researchers at TMR project these sales channels to maintain their supremacy throughout their forecast period. However, with the increasing prominence of online retail sites, E-commercial sales channels are also projected to gain momentum in the near future.
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The review is based on a report by Transparency Market Research (TMR), titled “Facial Makeup Market (Product Type – Face Powder, Foundation, Concealer, Blush, Bronzer, Contouring and Highlighting, Primer, and Palette; Sales Channel – Supermarket, Hypermarket, Pharmacies, Health and Beauty Retailer, and E-commerce; Price – Economic and Premium; Source – Chemical, Natural, Organic, and Halal) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017–2022.”
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