The global makeup industry size was valued at USD 40.37 billion in 2021. The market is projected to grow from USD 41.85 billion in 2022 to USD 61.34 billion by 2029, exhibiting a CAGR of 5.61% during the forecast period.
Increasing Demand from Collegians & Working Women to Drive Growth
In today’s technology-driven world where almost every person is glued to several social media platforms, the adoption of makeup products is increasing at a fast pace. This growth is attributable to their capability to change the appearance of a person’s face, skin, and body. However, too much usage of makeup products can result in adverse effects, such as intoxication, redness, and allergies. It may hinder market growth.
Property of Being User-friendly to Favor Growth of Powder Segment
In terms of products, the market is segregatedinto lotions, gels, powders, and others. Out of these, the powders segment is anticipated to lead by holding the maximum makeup products market share during the forthcoming years. It would occur because of the rising usage of cosmetics, such as eyeshadow palette, blush, and foundation. These are available only in powdered form. The demand for powder is also upsurging as they provide natural, lightweight, and clear look. They are suitable for all skin types and are hence, user-friendly.
Thus, consumers are rapidly inclining towards natural products that are safer to use. Numerous manufacturers are investing huge sums in research and development activities to create products infused with botanical or herbal extracts
North America to Dominate Backed by Rising Number of Beauty Salons
Geographically, the market is fragmented into Asia Pacific, North America, the Middle East and Africa, Europe, and Latin America. Amongst these, in 2018, North America procured USD 9.76 billion makeup market revenue. It would exhibit significant growth in the coming years on account of the availability of better infrastructure to develop innovative products, rising number of beauty salons, and high purchasing power of the masses.
Asia Pacific, on the other hand, is expected to generate considerable revenue in the coming years because of the rising demand for makeup products from the emerging nations, such as India, Japan, Korea, and China. Additionally, increasing number of working-class population, rising disposable income, and rapid globalization would contribute to market growth.
Key Players Adopt the Strategy of Acquisition to Strengthen their Position
The market consists of several companies that are striving persistently to launch new products in order to cater to the rising needs of the consumers. They are alsoengaging in the strategy of acquisitions to expand their geographical presence.