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The makeup base market size is estimated to grow at a CAGR of 4.8% between 2022 and 2027. The market size is forecast to increase by USD 5,758 million. Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
Growing demand for makeup base among millennial consumers is the key factor driving the growth of the market. A combination of the growing millennial population and an increase in their spending power has created growth opportunities for cosmetics vendors. For cosmetics, such as makeup-based products, this population group makes purchase decisions based on ingredients. This has resulted in vendors targeting millennials with a wide range of product lines in the global makeup base market. Leading vendors in the global makeup base market are focusing on young millennials. The US, China, and India are among the countries where the growing penetration of internet-enabled mobile devices among millennials has resulted in a steady shift toward online retail platforms, owing to shopping convenience and the availability of a variety of products and brands. Thus, such a factor is expected to drive the growth of the global makeup base market during the forecast period.
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The growing popularity of social media and the influence of beauty bloggers and influencers is the primary trend in the market. The global makeup base market trend can be attributed to the increasing usage of platforms such as Instagram, YouTube, and TikTok, where beauty experts and enthusiasts recommend and review other makeup products together. The influence of these beauty bloggers and influencers has had a significant impact on the consumer behavior and purchasing decisions of individuals around the world.
Additionally, by collaborating with famous bloggers and influencers, these brands can leverage large audiences and reach their target audience. This strategy helps to increase brand awareness, create buzz, and ultimately increase makeup base sales. Hence, these factors are expected to propel the growth of the global makeup base market during the forecast period.
Threat from counterfeit products is a challenge that affects the growth of the market. Counterfeit products often copy the packaging features of famous brands and are sold at lower prices, especially in price-sensitive markets such as China and India. The rapid increase in the sale of makeup base products through third-party online retail channels, such as Amazon, Walmart, and eBay, has expanded the availability of counterfeit makeup base products.
Moreover, counterfeit makeup base products can contain many toxic ingredients such as lead, arsenic, copper, mercury, beryllium, cyanide, paint stripper, and aluminum. These ingredients are known to cause serious health problems, such as neurological disorders, reproductive system disorders, and organ toxicity, which can lead to organ failure and cancer. The adverse health effects of toxic and unregulated ingredients present in counterfeit makeup products may impede the growth of the global makeup base market during the forecast period.
The offline segment is estimated to witness significant growth during the forecast period. The rising retail sector and the establishment of many retail stores are driving the sales of makeup base products through the offline segment. These stores offer consumers a wide variety of products to choose from and give consumers the convenience of finding everything under one roof. The discounted prices and enjoyable shopping experience provided by the ambiance in the stores and shelves will encourage consumers to purchase different types of basic makeup products from offline stores.
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The offline segment was the largest segment and was valued at USD 11,289.28 million in 2017. Offline stores offer a broad variety of makeup brands and product options, giving customers plenty of choices. This variety allows consumers to explore various brands, and try different shades, and corresponding products side by side. Hence, these factors are expected to drive the growth of the offline segment of the global makeup base market during the forecast period.
Online shopping is becoming increasingly popular due to the increasing penetration of the Internet and smartphones. The global makeup base market landscape is reshaping with consumers preferring to shop online. The shift to online retail also means increased opportunities for current suppliers. Additionally, e-commerce platforms offer personalized shopping support and product recommendations. Therefore, consumers increasingly prefer online platforms to buy products such as makeup primers. The e-commerce seller allows consumers to compare and gather information about makeup foundation products, while also providing a platform for consumers to provide valuable product feedback via reviews, prices, and ratings. Thus, such factors will drive the growth of the market segment 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. Demand for makeup products in APAC has been boosted due to the region's expanding middle class, rising disposable incomes, and changing beauty trends. This has led to a significant increase in the popularity of makeup base products. Additionally, global brands have a strong presence in the region, offering a wide range of makeup foundations to suit different skin types and preferences. Also, local brands have gained traction by catering to specific cultural preferences and addressing the unique skin concerns of APAC populations. These factors are expected to drive the growth of the makeup base market in the APAC region during the forecast period.
The outbreak of COVID-19 in 2020 had a negative impact on the makeup base market in the APAC region. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the resumption of supply chain activities. Moreover, consumers are now willing to go out and resume pre-pandemic activities, including purchasing beauty products. The region's growing middle class and growing disposable income will contribute to increased consumer spending on beauty and personal care products. Therefore, these factors are expected to drive the growth of the makeup base market in APAC 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.
Key offering- Amorepacific Corp.: The company offers makeup base products such as Color control cushion compact broad spectrum SPF 50 plus
Key offering- Anastasia Beverly Hills LLC: The company offers makeup base products such as Luminous foundation 320N.
Key offering- Chanel Ltd.: The company offers makeup base products such as Le blanc de chanel multi use illuminating base.
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 makeup base market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Makeup Base Market Scope |
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Report Coverage |
Details |
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Page number |
173 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.8% |
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Market growth 2023-2027 |
USD 5,758 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
4.65 |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 47% |
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Key countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Amorepacific Corp., Anastasia Beverly Hills LLC, Avon Products, Boohoo Group Plc, Chanel Ltd., Coty Inc., Groupe Clarins, Johnson and Johnson, Kao Corp., Kose Corp., LOreal SA, LVMH Moet Hennessy Louis Vuitton SE, Mary Kay Inc., Natura and Co Holding SA, Purity Cosmetics, Shiseido Co. Ltd., The Estee Lauder Companies Inc., The Procter and Gamble Co., Unilever PLC, and Vellvette Lifestyle Pvt. Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
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Customization purview |
If our 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 Distribution Channel
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor 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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