The global makeup market size is likely to gain impetus from the increasing awareness programs regarding the usage of synthetic and toxic chemicals in cosmetics and their hazardous effects on skin. 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. Fortune Business Insights™ provided this information in a recently published report, titled, “Makeup Market Size, Share & Industry Analysis, By Products (Powder, Gels, Lotions, and Others), By Application Area (Lips, Eyes, Face, and Others), By Distribution Channel (Supermarkets/Hypermarkets, Exclusive Brand Stores, Online/e-commerce Channels, and Others) and Regional Forecast, 2019-2026.” The report further mentions that the makeup market size stood at USD 43.82 billion in 2018. It is projected to reach USD 63.73 billion by 2026, thereby exhibiting a CAGR of 4.9% during the forecast period.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. Some industries are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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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 to cater to the rising needs of the consumers. They are also engaging in the strategy of acquisitions to expand their geographical presence.
Drivers & Restraints:
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. According to one of our lead analysts, “Working women and collegians are the main consumers of these products as they utilize cosmetics extensively in their everyday lives to look presentable and elegant.” Also, the availability of a wide range of products as per a consumer’s skin tone is set to propel the makeup market growth in the coming years. They possess the ability of hiding scars, dark circle, discoloration on neck or face, as well as covering up acne. 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 segregated into 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.
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.