The global eye makeup market is experiencing steadfast growth, thanks to the increasing sales of beauty products through online shops and mail-orders that complement traditional physical retail stores. Today, large companies offer a range of new and exciting products that are marketed through social media channels such as Instragram and YouTube. These channels help to reach a wider audience, especially the Millennials and Generation Z that are considered to be twice likely to adopt technology than the previous generations. Further, the importance of beauty among a large percentage of women in this population group is driving sales of beauty products that include eye makeup.
Eye makeup products are applied around the eye to enhance the appearance of the eyes and to accentuate the beauty of the eyes. Eye makeup products include eye-shadow, eye-liner, eye-brow products, and other products that can enhance the eyes.
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The introduction of new and innovative eye products that is suitable for the modern lifestyle is also stoking growth of eye makeup market. For instance, the demand for waterproof makeup is strong as they can withstand heat and humid weather conditions. Waterproof makeup is particularly popular among women who are exposed to hot and humid weather conditions due to work requirements.
In addition, smudge-free eye makeup such as waterproof eyeliners are increasingly gaining popularity among sportswomen that participate in swimming, athletics, and other humid outdoor activities. Mineral eye makeup is increasingly gaining popularity in the eye makeup market as it is natural and contains inorganic substances sans carbon. With the increasing demand for natural mineral eye makeup products, the overall eye makeup market will receive a boost in the upcoming years.
Lastly, the introduction of 3D makeup printers holds immense promise for the growth of eye makeup market. The printer works in the way that it allows the user to print their own eye shadow that may be desired.
A report by Transparency Market Research (TMR), projects the global eye makeup market to be evaluated at US$5,867.5 mn in 2017. The growth of this market is anticipated to be impressive in the upcoming years with a CAGR of 5.9% during the forecast period of 2017 to 2024. Progressing at this rate, the market will likely become worth US$7,820.4 mn by the end of 2024.
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Here are some key insights about developments in the global eye makeup market over the forthcoming years:
Among the various product types, the eye liner segment dominates and is anticipated to represent 25.8% of the market in 2017. The eye liner product segment is likely to expand at a CAGR of 5.1% between 2017 and 2024 to serve a demand that will attract a revenue of US$1,946.3 mn by the end of 2024.
As per sales channel, supermarket, hypermarket, pharmacies, health and beauty retailer, e-commerce, and other sales channel are the segments into which the global eye makeup market is divided in this report.
From a geographical standpoint, Asia Pacific except Japan (APEJ) is a key market amongst all regional markets for eye makeup. The region is expected to lead vis-à-vis revenue in 2017. Going forward, APEJ is anticipated to display the leading growth rate over the forecast period between 2017 and 2024.
Global Eye Makeup Market: Competitive Analysis
The global eye makeup market that features dominance of a few large companies marks intense competition. Key players in the global eye makeup market include L’Oreal, Estee Lauder, P&G (CoverGirl), Shiseido, Avon, Revlon, Chanel, LVMH, HUL, and Colorbar Cosmetics Private Limited.
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