Makeup Global Market Report 2024

The makeup market size has grown strongly in recent years. It will grow from $35.16 billion in 2023 to $37.6 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The expansion observed in the historical period can be attributed to several factors, including the influence of social media, prevailing fashion trends, the impact of film and television, the prominence of beauty bloggers and influencers, increased technological accessibility, and the celebration of cultural diversity. These elements collectively contributed to the growth and evolution of the makeup industry during the specified historical timeframe.

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 anticipated growth in the forecast period can be attributed to the emergence of the male makeup market, ongoing trends in the fashion industry, the sustained expansion of online makeup sales and digital beauty platforms, the adoption of subscription models, and collaborations between makeup brands and social media influencers. Noteworthy trends expected in the forecast period encompass the development of innovative clean beauty products, the introduction of multi-functional makeup items, the integration of virtual try-on technologies, a shift in traditional beauty norms, and a focus on targeting a broader and more diverse audience. These trends collectively contribute to the anticipated expansion of the makeup industry in the upcoming forecast period.

The makeup market is poised for substantial growth, driven by the surge in the e-commerce industry, which entails the online exchange of goods and services through the Internet. This e-commerce boom within the makeup market is characterized by significant sales growth, primarily fueled by the convenience it offers and an extensive product selection. The online platforms provided by e-commerce offer consumers a convenient way to purchase cosmetic products, presenting a diverse array of choices and ensuring global accessibility. Notably, in November 2023, the Census Bureau of the Department of Commerce reported that U.S. retail e-commerce sales for the third quarter of 2023 reached $271.7 billion, marking a 0.9% increase from the second quarter of the same year. The third quarter of 2023 witnessed a notable 7.8% increase in e-commerce sales compared to the third quarter of 2022, outpacing the 2% 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, underscoring its significant impact on the makeup market's growth.

Major companies in the makeup market are strategically focusing on the development of advanced solutions, with a particular emphasis on complexion products, to gain a competitive edge. Complexion products, designed to even out and enhance skin tone, typically include foundation, concealer, and tinted moisturizers aimed at creating a smoother and more uniform complexion. As a case in point, Makeup Revolution, a leading UK-based cosmetics company, launched two innovative complexion products in January 2024, the Skin Silk Serum Foundation and the Bright Light Face Glow. The Skin Silk Serum Foundation, available in 20 shades, is a lightweight and breathable foundation enriched with hyaluronic acid and peptides. This foundation promotes soft and supple skin texture, boosts collagen, firms, brightens, and hydrates the skin, providing a soft-focus, radiant satin finish that blurs imperfections.

In February 2022, Beiersdorf AG, a Germany-based personal-care products company, acquired Chantecaille Beaute Inc to enhance its prestige beauty portfolio and consolidate its position in the United States and Asian markets, Chantecaille Beaute Inc., based in the U.S., is renowned for providing innovative skincare, fragrance, and cosmetics products.

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.

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. The countries covered in the makeup market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Makeup involves the creation, promotion, and retail of cosmetic products formulated to improve or modify one's appearance. These products are primarily employed for aesthetic purposes, aiming to enhance facial features, achieve desired looks, or address specific skincare concerns.

The primary types of makeup include foundation, concealer, powder, and primer. Foundation is a cosmetic product applied to the face to achieve an even skin tone, conceal imperfections, and serve as a base for other makeup products. These makeup items find applications in various areas such as eyes, lips, face, and nails. They are distributed through a variety of channels, including online distribution channels and offline distribution channels.

The makeup market research report is one of a series of new reports that provides makeup market statistics, including makeup industry global market size, regional shares, competitors with a makeup market share, detailed makeup market segments, market trends and opportunities, and any further data you may need to thrive in the makeup industry. This makeup market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The makeup market consists of sales of blush, eyeshadow, eyeliner, mascara, and lipstick. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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