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The facial makeup market size is projected to increase by USD 31.4 billion, at a CAGR of 6.79% between 2023 and 2028. The market is experiencing significant growth, driven by several key trends and factors. One of the primary growth drivers is the increasing demand for multifunctional products, such as BB and CC creams, which offer skincare benefits in addition to makeup coverage. Another trend is the growing preference for online shopping, which allows consumers to easily access a wide range of products and compare prices from the comfort of their own homes. However, there are also challenges facing the market, including the risk of exposure to toxic chemicals in some makeup products, which has led to increased consumer awareness and demand for antioxidants, natural and organic alternatives. Overall, the market is expected to continue growing, driven by these trends and the ongoing desire for innovative and effective makeup solutions.
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The market share growth by the foundation segment will be significant during the forecast period. In the forecast period, its dominance is expected to be maintained. The foundation is used to cover under-eye circles, dark spots, pores, and blemishes. Foundations come in a variety of forms, including cream, liquid, mousse, and powder, and create a consistent finish.
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The foundation segment was valued at USD 45.60 billion in 2018. Consumers have become aware of their physical appearance. The increasing trend of highlighting and contouring, particularly in developed countries, has given rise to a favorable outlook for face makeup products such as foundation which have been driving the segment growth. This can be attributed to the fact that contouring helps slim down the chin, nose, forehead, and other parts of the face while highlighting aids in providing a healthy glow to the skin.
APAC is estimated to contribute 33% to the growth of the global market during the forecast period
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Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. North America dominated the global market in 2023. The market encompasses a wide range of products designed to enhance and improve the appearance of the skin. Blusher and bronzer are popular choices for adding color and definition to the cheeks, with contouring and highlighting techniques used to focus the cheekbones. Facial creams and moisturizers form the foundation of any makeup routine, providing essential hydration and skin rejuvenation. Skin whitening creams and anti-ageing creams, containing both natural and synthetic chemicals, are used to even out skin tone and reduce the signs of aging. The organic beauty craze has led to an increased demand for facial creams and makeup products containing natural ingredients and compounds. The E-commerce sector has facilitated the easy availability of these products, with a vast array of options available in the form of primers, palettes, and other makeup essentials. The use of natural and organic products, however, is a growing trend as consumers seek to minimize the use of synthetic chemicals on their skin.
The market is a significant industry that caters to the growing demand for enhancing one's appearance for social media connection and e-commerce shopping. The market is segmented into various categories based on cosmetic ingredients, including plant-based and synthetic-based. Plant-based ingredients are gaining popularity due to their organic nature and health benefits, while synthetic-based ingredients offer a wider range of colors and textures. The market also focuses on clean-label packaging and health-conscious consumers' needs. Cosmetic ingredients such as foundations, concealers, and powders are essential in addressing skin conditions like pores, blemishes, dark spots, wrinkles, and visible defects. These products offer hydrating, antibacterial, and anti-inflammatory characteristics to ensure healthy skin and an aesthetic appeal. The market is also influenced by the rising prevalence of skin diseases, including cancer and tumor development. Organic cosmetic products are gaining traction due to their potential to prevent and reduce the risk of these conditions. Working women, in particular, are a significant consumer base for facial makeup products, as they seek to maintain a smooth and flawless appearance despite their busy schedules. Overall, the market continues to evolve, offering innovative solutions to meet the diverse needs of consumers.
The rising demand for BB and CC creams is notably driving market growth. Facial makeup products, including foundations, concealers, and multifunctional BB and CC creams, are increasingly sought after for various social gatherings and personal use. Consumers, particularly working women, prioritize convenience and efficiency in their skincare and makeup routines. E-commerce shopping websites have made it easier to access a wide range of facial makeup items, from synthetic-based to organic and natural products. Plant-based ingredients and clean-label packaging are becoming increasingly popular trends in the market. Many consumers prefer makeup products with natural sources and antibacterial, anti-inflammatory, and hydrating characteristics to address skin conditions such as acne, tumor development, and aging.
Organic cosmetic products offer an appealing alternative to those concerned about the health risks associated with chemical substances in synthetic-based cosmetics. Halal-certified products cater to the religious preferences of some consumers. The demand for multifunctional facial makeup items that conceal flaws, accentuate features, and provide color while addressing visible defects, such as pores, blemishes, dark spots, and wrinkles, continues to grow. BB, CC, and daily defense creams offer both cosmetic and functional benefits, making them a popular choice for those seeking a healthy, radiant appearance. The market is expected to grow significantly during the forecast period due to these trends and consumer preferences. Thus, such factors are driving the growth of the market during the forecast period.
Sales of makeup products and accessories is an emerging market trend. E-commerce offers online shopping portals that allow consumers to compare and collect information about facial makeup and offer valuable feedback. The number of online shopping portals is increasing significantly, and the penetration of smartphones has enabled vendors to sell their make-up products and accessories online. Moreover, online channels include brand-owned online formats, pure-play e-retailers, and other online retailers that sell through the online format. Given the growing popularity of eCommerce, it is projected that the share of online shopping in overall retail sales will increase over the forecast period. Various vendors have started selling their products through their web portals, which allow customers to shop online. These factors are expected to propel the growth of the global market during the forecast period.
Risk of exposure to toxic chemicals is the major challenge that affects the growth of the market. There are rising concerns over the use of unpleasant ingredients in the products, as they may result in health hazards. Chemical ingredients in color cosmetics have been linked to health issues like cancer and hormone disruption. A hypersensitivity reaction, for example, inflammation, may occur from certain ingredients of cosmetic products like preservatives and fragrances. Foundations that contain harmful chemicals such as polymethyl methacrylate can disrupt the immune system and cause allergies. Some blushes are made with ethylparaben, methylparaben, and propylparaben, which may cause skin irritation or rash.
As more and more consumers become aware of the risks associated with such products, these concerns about the chemical composition of face makeup cosmetics may have an influence on market growth over the forecast period. The growing concern regarding chemical ingredients may hinder the growth of the global market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
Cosmetic regulations continue to evolve, with a focus on ingredient transparency and allergy testing to prevent allergic reactions. Herbal beauty products and botanical ingredients are gaining popularity, with vegan and clean beauty becoming the norm. Digital media and beauty influencers have played a crucial role in this transformation. BB creams, sweat-proof makeup, and smart beauty devices are some of the innovations that cater to the busy lifestyles of millennial women. E-commerce and online sales have made it easier for consumers to access these products, with eco-friendly packaging and sustainable beauty becoming essential considerations. The beauty industry is embracing the future with technologies like augmented reality and virtual try-on, allowing consumers to experiment with makeup in a more personalized and convenient way. Individualism and cultural influences continue to shape the facial makeup market, with cosmetic science and ingredient innovation at the forefront. The focus on clean beauty and sustainability is a testament to the evolving priorities of consumers, who seek beauty products that align with their values and promote overall well-being.
The Facial Makeup Market is a dynamic and ever-evolving industry that caters to various skin concerns and self-expression needs. With an increasing focus on smooth complexions and long-lasting wear, setting powders have become a must-have in every makeup enthusiast's kit. These finely milled powders help set makeup, reduce shine, and provide a flawless finish. Skin-friendly ingredients are a priority in today's facial makeup market, ensuring a healthy and inclusive approach to beauty. Brands offer diverse shade ranges to accommodate different skin tones, promoting inclusivity. Self-expression is at the heart of the industry, with consumers seeking lightweight textures that allow them to experiment with different looks. Setting powders can be found in various retail channels, including specialty stores, pharmacies, and online stores. Specialty stores offer a curated selection of high-end brands, while pharmacies cater to a wider audience with affordable options. Online stores provide the convenience of shopping from the comfort of your own home, with a vast array of brands and shade ranges to choose from. As the facial makeup market continues to grow, it's essential to prioritize skin-friendly ingredients, inclusivity, and diverse shade ranges. Whether you're looking for a setting powder to help achieve a smooth complexion or to express your unique style, the market has something for everyone.
Working women seeking to enhance their facial traits and accentuate features are a significant consumer base for facial makeup. The market caters to diverse preferences, offering a wide range of products, including halal-certified items, to cater to various cultural and religious beliefs. The use of chemical substances in facial makeup remains a topic of debate, with many consumers preferring natural products for their safety and ethical considerations. Skin care and personal care continue to be key focus areas for the facial makeup industry, as individuals strive for a more natural, radiant, and youthful appearance. E-commerce platforms have made it easier for consumers to access a vast selection of facial makeup items, providing convenience and affordability. Overall, the market is a dynamic and evolving industry, driven by consumer preferences, technological advancements, and societal trends.
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Market Scope |
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Report Coverage |
Details |
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Page number |
167 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.79% |
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Market Growth 2024-2028 |
USD 31.4 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
6.2 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 33% |
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Key countries |
US, Japan, China, UK, and South Korea |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Amway Corp., Chanel Ltd., Coty Inc., Dr. Babor GmbH and Co. KG, Groupe Clarins, Grupo Boticario, Kao Corp., Kose Corp., LOreal SA, Lotus Herbals Pvt. Ltd., LVMH Group., Mary Kay Inc., Natura and Co Holding SA, Nature Republic OC, Nutriglow Cosmetics Pvt. Ltd., Oriflame Cosmetics S.A., Revlon Inc., Shiseido Co. Ltd., The Estee Lauder Companies Inc., and The Procter and Gamble Co. |
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Market dynamics |
Parent market growth analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market forecast period. |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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