The facial makeup market has evolved on the back of the sheer pace of evolution of cosmetics and personal care industry in various parts of the world. Women have been attracted with trying a wide range of facial makeup products and technologies. The explosion of e-commerce platforms has been crucial to the demand and sales of facial makeup products. Further, the dynamics of the facial makeup market has seen a new avenue in working professionals who are desirous of getting a fair deal from cosmetic brands, thereby fueling new product launches in the facial makeup market. These relate to not just the color combinations and versatility of use but also the price. Brands are also making their facial makeup toolkits to allure prospective consumers. A number of them have leveraged the growing popularity of e-commerce channels and coming out with new launches quite frequently. On the other hand, the changing preferences has also fueled the demand for facial makeup endorsed by celebrities. Women’s taste and preferences have also been shaped by recommendations made by makeup artists, especially in urban consumers. This has expanded the horizon of the facial makeup market.
In recent years, the availability of counterfeit products has also increased. On the other hand, women in Tier 1 and Tier 2 cities are also willing to test the products in malls and supermarkets. Consumers at large have become increasingly cautious about the ingredients that are used in facial makeup products. People with disposable incomes are willing to try organic products, especially facial makeup containing plant-based products. In many cases, they are increasingly observant of the sourcing of the raw materials for making facial makeup. The trend will pave way for innovations in the facial makeup market.
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Global Facial Makeup Market: Snapshot
The global market for facial makeup is significantly influenced by the enhancement in the lifestyles of the individuals across the world. Nowadays, consumers have become more conscious about their physical appearance, which is leading to the increasing craze for a well-maintained personality and polished look. Since facial makeup plays a significant role in enhancing one’s beauty and facial features, it is witnessing a tremendous rise in demand, globally. The rise in the disposable income of consumers is also adding to the growth of this market by enabling them to afford highly expensive makeup products.
The opportunity in the global facial makeup market is expected to reach US$8.60 bn by 2017. Researchers estimates the market to rise further at a CAGR of 6.10% between 2017 and 2024 and gain a value worth US$11.54 bn by the end of 2024.
Demand for Face Powder to Remain Robust
The global market for facial makeup is analyzed on the basis of the type of the product, sales channel, price, source, and the regional reach of the market. Based on the type of the product, the market is classified into face powder, concealer, foundation, blush, contouring and highlighting, bronzer, primer, and palette. Face powder, among these, witnesses the most prominent demand among consumers across the world. Owing to the easy availability of cheap face powders in the global market, this product segment is expected to report a substantial rise in the overall market, maintaining its dominance, in the years to come.
In terms of the sales channel, the market is categorized into hypermarket, supermarket, pharmacies, E-commerce, and health and beauty retailer. Supermarkets and hypermarkets are the most prominent sales channels for facial makeup products across the world and are expected to remain so over the next few years. However, E-commercial sales channels, such as online retail sites are also projected to gain momentum in the near future. Based on the price, facial makeup are segmented into two categories, economic and premium and on the basis of source, it is bifurcated into natural, chemical, organic, and halal.
APEJ to Dominate Global Facial Makeup Market
On the geographical front, the worldwide market for facial makeup is segmented into the Middle East and Africa (MEA), Europe, Asia Pacific excluding Japan (APEJ), Japan, North America, and Latin America. Expanding at a CAGR of 7.10% between 2017 and 2024, Asia Pacific excluding Japan is anticipated to surface as the leading regional market for facial makeup in the near future. The significant rise in the purchasing power of consumers in this region is the main factor behind this tremendous increase in the APEJ market for facial makeup, which is expected to continue to push this regional market upwards in the years to come.
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Europe and North America is also projected to witness healthy growth in their respective markets for facial makeup. The European market is expected to gain from the presence of well-established vendors of facial makeup products and the North American market is anticipated to be highly driven by the influence of social media and the escalating trend of selfies over the next few years. Other regional markets will experience a moderate rise in their valuation.
At the forefront of the global market for facial makeup is P&G, Shiseido, LVMH, L’Oreal, Coty, Lakmé, Estee Lauder, Avon, Revlon, and Chanel.
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