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The makeup base market size is estimated to grow by USD 5.76 billion at a CAGR of 4.8% between 2022 and 2027.
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, 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 market. Leading vendors in the global 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 market during the forecast period.
Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
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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 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 sales. Hence, these factors are expected to propel the growth of the global 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 these products through third-party online retail channels, such as Amazon, Walmart, and eBay, has expanded the availability of counterfeit products.
Moreover, counterfeit 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 products may impede the growth of the global 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 these 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 products from offline stores.
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The offline segment was the largest segment and was valued at USD 11.29 billion in 2017. Offline stores offer a broad variety of 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 market during the forecast period.
Online shopping is becoming increasingly popular due to the increasing penetration of the Internet and smartphones. The global 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 primers. The e-commerce seller allows consumers to compare and gather information about these 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 these 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 these products. Additionally, global brands have a strong presence in the region, offering a wide range of these 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 market in the APAC region 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 Color control cushion compact broad spectrum SPF 50 plus
Key offering- Anastasia Beverly Hills LLC: The company offers Luminous foundation 320N.
Key offering- Chanel Ltd.: The company offers a 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 market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the market growth and trends opportunities from 2017 to 2027.
The Market is influenced by various factors, including Social Media Influence and Technological Developments driving trends and product innovations. Diversity & Inclusivity are becoming more important, reflecting changing consumer preferences. The market is also fueled by the growth of E-commerce and increasing demand for Natural and Organic Products due to rising disposable incomes.
However, the market faces challenges such as Allergies & Skin Sensitivities and the need for Regulatory Compliance. Environmental Concerns and Cultural and societal Factors also impact market dynamics. Economic downturns can affect consumer spending, and the presence of Counterfeit Products poses a threat. Additionally, competition from Skincare Products and Events that can disrupt supply chains are challenges for market players. The market is segmented by Product Type and Formulation, with key players including NARS Cosmetics, Fenty Beauty, Huda Beauty, and others. Analysts recommend this report for insights on market value, SWOT analysis, Porter’s five forces analysis, and value chain, with post-sales support and customization options available.
Makeup Base Market Scope |
|
Report Coverage |
Details |
Page number |
173 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.8% |
Market growth 2023-2027 |
USD 5,758 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.65 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 47% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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. |
Market dynamics |
Parent market 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, Market condition analysis for the forecast period. |
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
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