Overview and Scope
Makeup refers to the production, marketing, and sale of cosmetic products designed to enhance or alter one’s appearance. These products are used primarily for aesthetic purposes to enhance features, create desired looks, or address specific skincare concerns.
Sizing and Forecast
The makeup market size has grown strongly in recent years. It will grow from $35.16 billion in 2023 to $37.60 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to social media influence, fashion trends, influence of film and television, beauty bloggers and influencers, technological accessibility, cultural diversity.
The makeup market size is expected to see strong growth in the next few years. It will grow to $46.19 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to rise of male makeup market, fashion industry trends, continued growth of online makeup sales and digital beauty platforms, subscription models, collaborations between makeup brands and social media influencers. Major trends in the forecast period include innovative clean beauty products, multi-functional makeup products, virtual try-on technologies, traditional beauty norms and targeting a wider audience.
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Segmentation & Regional Insights
The makeup market covered in this report is segmented –
1) By Product: Foundation, Concealer, Powder, Primer
2) By Application: Area, Lips, Eyes, Face, Nails
3) By Distribution Channel: Online, Offline
Asia-Pacific was the largest region in the makeup market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the makeup market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rise in the e-commerce industry is expected to propel the growth of the makeup market going forward. The e-commerce industry involves the online exchange of goods and services through the Internet. The e-commerce boom in the makeup market is characterized by soaring sales, driven by convenience and an expansive product selection. E-commerce provides convenient online platforms for purchasing cosmetic products, offering a wide range of choices, and facilitating global accessibility for consumers. For instance, in November 2023, according to the Census Bureau of the Department of Commerce, a US-based government organization, the estimate of U.S. retail e-commerce sales for the third quarter of 2023 totaled $271.7 billion, an increase of 0.9% (±0.4%) from the second quarter of 2023. In the third quarter of 2023, e-commerce sales saw a notable increase of 7.8% (±1.2%) compared to the third quarter of 2022, outpacing the 2.0% (±0.4%) growth observed in total retail sales during the same period. E-commerce sales in the third quarter of 2023 accounted for 14.9% of total sales. Therefore, the rise in the e-commerce industry is driving the growth of the makeup market going forward.
Key Industry Players
Major companies operating in the makeup market are LVMH (Moët Hennessy Louis Vuitton), Procter & Gamble (P&G), L’Oréal Paris, Morphe Cosmetics, Unilever, Estée Lauder Companies Inc., Kao Corporation, Shiseido Co. Ltd., Coty Inc., Amorepacific Corporation, Mary Kay Inc., Avon Products Inc., Maybelline, Revlon Inc., Elizabeth Arden, Urban Decay, Anastasia Beverly Hills, Huda Beauty, Laura Mercier, ColourPop Cosmetics, Too Faced Cosmetics, MAC Cosmetics, Bobbi Brown Cosmetics, Clinique
The makeup market report table of contents includes:
1. Executive Summary
2. Makeup Market Characteristics
3. Makeup Market Trends And Strategies
4. Makeup Market – Macro Economic Scenario
5. Global Makeup Market Size and Growth
…
32. Global Makeup Market Competitive Benchmarking
33. Global Makeup Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Makeup Marke
35.Makeup Market Future Outlook and Potential Analysis
36.36. Appendix
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