Global Makeup Market 2024-2033: Size, Share & Forecast Analysis Report

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.

Market Overview -
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.

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E-commerce Surge Driving The Growth Of The Makeup Market
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.

Competitive Landscape -
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

Advancements In Complexion Products Drive Innovation In The Makeup Market
Major companies operating in the makeup market are increasing their focus on developing advanced solutions, such as complexion products, to gain a competitive edge in the market. Complexion products are cosmetics designed to even out and enhance the appearance of the skin tone. These products often include foundation, concealer, and tinted moisturizers, aiming to create a smoother and more uniform complexion. For instance, in January 2024, Makeup Revolution, a UK-based cosmetics company, launched two new complexion products the Skin Silk Serum Foundation and the Bright Light Face Glow. The Skin Silk Serum Foundation is a lightweight and breathable foundation that comes in 20 shades. It is enriched with hyaluronic acid and peptides, which promote soft and supple skin texture, boost collagen, firm, brighten, and hydrate the skin. This foundation provides a soft-focus, radiant satin finish that blurs imperfections while letting the skin shine. It can be applied sparingly for subtle coverage or built up for a second-skin effect.

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Key Segments -
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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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