Makeup Market Report

To look elegant the main end users of makeup products are working women and college students. The increased employment of women in workforce and growing concerns about their appearance among millennial customers is rising globally which is anticipated to boost the product consumption. As a result, women are spending more on personal care products and this is driving the market growth. Constant product developments from manufacturers, along with aggressive marketing and consumers rising interest in face makeup products has increased particularly in young population. Technological advancements such as use of e-commerce platform helps direct-to-consumer (DTC), this offers flexibility for customers.

The makeup products consist of several synthetic chemical compounds such as preservatives, colour additives, pigments, fragrances, latex, etc., which cause serious skin related issues as a result, the consumers shift towards organic makeup products is rising. Apart from skin, social influencers helped customers to become more aware about the eye makeup as well. By form the eye makeup is consequently divided into liquid, powder and gels which are used for creating distinct looks. With a sizable Muslim population, the demand for halal cosmetics is more significant across countries. As a result, key players are continuously focusing on R&D and innovations in order to greatly enhance sales. Similarly, makeup products approved by PETA is a sign that the products have not been tested on animals, which increases the consumer trust of the brand. Overall, due to these factors the makeup market can make more profits in the upcoming period by meeting the needs and preferences of consumers.

Synthetics present in makeup product such as pigments, preservatives and other additives affects the skin due to the prolonged contact with toxic chemicals. According to National Institutes of Health (NIH) cosmetic dermatitis is common among females with 88%, the majority of young population suffering with cosmetic dermatitis is higher than geriatric population. Counterfeit makeup products contain toxic ingredients such as lead, mercury, arsenic, formaldehyde, etc. whereas these chemicals are linked to rising the risk of cancer, reproductive system damage, neurological issues and other health related issues.  Customer awareness is rising regarding the adverse effects of makeup products such as aging, clogged pores, skin allergies, dryness, cancer, eye irritation, change in pigmentation, etc. are expected to restrain the growth of makeup market in the forecast period. The concerns about affordability can limit the use of certain makeup products, as many makeup products are readily available in the market. Thus, manufacturers must balance between the effectiveness and affordability of makeup products in order to cater a broader market.

The rise of e-commerce and Direct-to-Customer (DTC) has disrupted the traditional retailing stores as online platforms offer flexibility and convenience to select makeup products from a wide range of selection. As a result, makeup brands need to design distribution strategies and invest in online presence to remain competitive and make more profits. Despite of this, stringent regulations affects the makeup market in order to ensure safety of consumers and ingredients used in makeup products. Changes in regulation may require reformulation of makeup product or even due to certain products ban, which leads to potential loss of makeup market share. Such factors may negatively impact and hamper the growth of the makeup market.

Makeup products are intent-based thus companies should enhance packaging and product designing. The main impression should be made by talking about USP (Unique Selling Proposition) of the product. Packaging and advertising have the ability to influence and motivate customers to purchase beauty products. With the help of social-media a high-profile beauty influencer can promote the product in a short content which results in rapid sales. Using a great mix of promotional media, including hoarding, TV commercials, social media marketing, print media, sponsors and collaborations or partnerships open new avenues for companies to advertise their products and reaching out to the right set of people due to the better marketing of hair care products. More publicity contributes to increased sales.  Collaborations between brands and celebrities further hold up the market.

Cosmetic science professionals work constantly on developing new multi-functional formulations to reduce the use of different cosmetic ingredients without compromising on performance but should have less ingredients to make it cost-effective. For instance, on 16th Nov 2023 Shiseido had launched its water-sensing technology for long-lasting color in Maquillage Dramatic Essence Rouge lip range, by applying the lip-compatibility and oil ingredient-based technology absorbs coloring materials around it. As the water evaporates from the skin, the technology senses it and bursts and a connected loop forms which makes it difficult for individual coloring materials to separate. As they adhere closely to the lips to produce long-lasting color. This water-sensing technology helps in preventing the film from solidifying. Another key player in the makeup to support environment concerns is Caliray, in 2023 company had introduced its eco-friendly packaging of makeup products which uses recycled materials including ocean plastics, bioplastics made with sugarcane, soy and algae inks and a compostable and refillable bamboo compact for all-in-one eye and cheek palette.

North America leads the makeup market due to its high consumer spending on makeup products and a strong build-up of major brands. Whereas, Canada is another primary makeup market in North America. lucrative market is expected in Italy over the forecast period. The rising awareness regarding animal-cruelty is increasing the demand for makeup products in the market. The ongoing demand for vegan makeup products positively supports halal cosmetics and may increase the sales. In Middle East the increasing demand for halal cosmetics such as eye, face and lip care products open new avenues for makeup manufacturers. In Muslim countries as well as in Non-Muslim countries the halal-certified products have been in high demand due to modern consumers needs and preferences owing to various factors such as cruelty-free and safer. Asia-Pacific dominates the makeup market, diversifying consumer buying patterns supported by rising disposable income and spending on personal care products is driving the makeup care product market. Additionally, it is anticipated that makeup brands are expected to focus on expansion across other Asian markets, such as Japan in the forecast period.