The rising concerns about appearance among millennial women and Generation Z women is a key growth driver of the global eye makeup market. Almost 70%-75% of women of this population group have high consideration for beauty in comparison to approximately 50%-55% women in the baby boomer generation. Also, this technology-savvy population make for a large audience of cosmetic products marketed through newer marketing channels such as YouTube and Instragram. As a result, this population account for large volume sales of color cosmetics through online shops and mail-orders which include eye makeup as well.
The introduction of new and innovative eye products that are suitable for modern lifestyle is also stoking growth of the eye makeup market. For instance, waterproof makeup that can withstand hot and humid weather conditions is gaining popularity among women involved in outdoor jobs befitting their lifestyle. In addition, smudge-free eye makeup is preferred by sportswomen who participate in swimming, athletics, and other humid outdoor sport.
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A report by Transparency Market Research (TMR), forecasts the global eye makeup market to be worth US$5,867.5 mn by the end of 2017. The market is estimated to be further reach a valuation of US$7,820.4 mn by the end of 2024 at a CAGR of 5.9% between 2017 and 2024.
Eye Liner to Remain Most Valued Product Segment
The worldwide market for eye makeup is broadly studied on the basis of type of product, sales channel, price, source, and region. Based on product type, the market is segmented into mascara, eye shadow, eye liner, eye pencil, eye brow, and other product types. Among the key product segments, eye liner segment holds dominance and is estimated to serve a demand to attract a revenue of US$1,514.2 mn by the end of 2017. This will amount the eye liner segment to represent 25.8% of the overall market in 2017. Expected to post a CAGR of 5.1% for the 2017-2024 forecast period, the eye liner segment will touch a valuation of US$1,946.3 mn by the end of 2024. The segment is expected to display a year-on-year growth of US$86.4 mn which is leading among all product segments.
On the basis of sales channel, the market is classified into supermarket, hypermarket, pharmacies, health & beauty retailer, e-commerce, and other sales channels. In terms of price, the worldwide market for eye market is divided into economic and premium. By source, the segments into which the global eye makeup market is divided are chemical, natural, organic, halal, and other sources.
Asia Pacific to Display Leading CAGR through 2024
North America, Latin America, Europe, Asia Pacific except Japan, the Middle East and Africa, and Japan are the key regional markets for eye makeup across the world. Among these, Asia Pacific except Japan has emerged as the most lucrative market for eye makeup. This is mainly because of recently acquired economic prosperity in emerging economies in the region. Consumers are spending liberally on beauty and cosmetic products that helps boost confidence, which translates into professional growth.
North America is a key market for eye makeup on account of substantial spending on health and beauty products. Consumers in the region give high importance to beauty and aesthetics among social and professional relationships. The region is expected to register 5.3% CAGR between 2017 and 2024 for the market to be evaluated at US$1,361.0 mn in 2017 and further reach US$1,761.4 mn by the end of 2024.
The global eye makeup market is largely consolidated with the dominance of a few large players. Key players in the global eye makeup market profiled in this report include L’Oreal, Estee Lauder, P&G (CoverGirl), Shiseido, Avon, Revlon, Chanel, LVMH, HUL, and Colorbar Cosmetics Private Limited.
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Eye Makeup Market to Witness Notable Growth Owing to Rising Beauty Standards
The rising about appearance among millennial ladies and Generation Z ladies is a key development driver of the worldwide eye cosmetics market. Practically 70%-75% of ladies of this populace bunch have high thought for excellence in contrast with roughly half 55% ladies in the child of post war America age. Likewise, these innovation smart populaces make for an enormous crowd of restorative items promoted through fresher advertising channels, for example, YouTube and Instragram. Accordingly, this populace represents huge volume deals of shading beauty care products through online shops and mail-orders which incorporate eye cosmetics also.
In terms of segmentation by key product segment, the market for eye makeup is dominated by the eye liner section on account of the rising beauty trends, and introduction of various colors and variants. The presentation of new eye items that are reasonable for current way of life is likewise stirring up development of the eye cosmetics market. For instance, waterproof cosmetics that can withstand blistering and damp climate conditions is picking up fame among ladies associated with outside positions befitting their way of life. Moreover, smirch free eye cosmetics is favored by sportswomen who take an interest in swimming, games, and other sticky open air sport.
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The overall pandemic of the novel Covid lightly affected the eye cosmetics market. Significant clinical examination organizations were charmed in the advancement of antivirus to battle the COVID-19 pandemic. The inconvenience of lockdown brought about impermanent end for occasions and shows, in this way affecting the excellence and cosmetics industry in general. Be that as it may, home-set patterns is as yet on a flood, demonstrating enormous extent of development for both the market and its players. Some of the players functioning in the global eye makeup market include Revlon, Colorbar Cosmetics Provate Limited, HUL, Avon, Oriflame, Estee Lauder, Loreal, Shiseido, and others.
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