Makeup Market is Anticipated to Reach Valuation of USD 58.15 Billion by 2030 with a CAGR of 4.9% During the Forecast Period 2023-2030: Influence of Social Media for Beauty Product Promotions to Lead Market Exponentially

The global makeup market size is projected to display a robust growth by reaching USD 58.15 billion by 2030. Fortune Business Insights™ in its report titled “Makeup Market, Share & COVID-19 Impact Analysis, By Product (Powders, Gels, Lotions, and Others), By Application Area (Lips, Eyes, Face, and Nails), By Distribution Channel (Supermarkets & Hypermarkets, Exclusive Brand Stores, Online/E-Commerce, and Others), and Regional Forecast, 2023-2030” observes that the market size in 2022 stood at USD 39.58 billion and reached USD 41.49 billion in 2023. The market is expected to witness a strong CAGR of 4.9% during 2023-2030. Makeup is used to beautify an individual’s personality. Utilizing smart virtual makeup tools also enhances women consumers’ makeup experience. Social media have been strongly influencing in attractive product promotions showcasing newer market trends.

Avon Launched ‘Ultra Color Lip Gloss’ Which Helps in Getting ULTRA Color, Shine, And Feel

Market players have been enhancing their product portfolio by increasing their brand presence and geographical expansion. In April 2022, Avon launched ‘Ultra Color Lip Gloss’ that helps in transforming the lips with every swipe and helps in achieving ULTRA color, shine, and feel. This will help the company in expanding its existing product portfolio and hence attract more customers form various regions.

Hampered The Supply Of Raw Materials Led To Negative Market Growth

The COVID-19 pandemic significant impacted the market growth due to lockdowns which hampered the supply of raw materials. Prices of natural ingredients increased during the exports from developing countries due to higher freight prices and longer shipping delays. Due to lockdowns in some countries, import and export activities became difficult, and demand dropped, affecting market expansion. In October 2022, Earth Rhythm announced it’s launch of 12 kiosks in New Delhi, Chennai, Chandigarh, Raipur, Bangalore, Mumbai, and Dehradun. The kiosks include 90 products across its four major categories – beauty, bath & body, face, and hair.

Product Modernization Of Cosmetic Items To Expand Market Growth

Product modernization of cosmetic items is anticipated to propel makeup market growth. Natural beauty ingredients and natural preservatives have been on the rise which has given opportunities for organic and natural constituents. The usage of organic products with the rising awareness of harmful chemical ingredients on one’s health and the environment is propelling the market growth. Social media have been influencing the generation with attractive product promotions for brands such as SA.AL & Co., Bulldog Skincare, David Beckham's House 99 range, and Chanel's BOY.

However, rising inclination of consumers in terms of health awareness and toxicity created by the products is expected to hamper the market growth.

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https://www.fortunebusinessinsights.com/makeup-market-102587

New Product Launches by the Market Players to Drive Market Share

Major key companies across the globe focus on developing sustainable face products that are safe for the environment.  For example, In May 2021, Huda Beauty announced the launch of its new cosmetic collection, GloWish. The collection is cruelty-free and vegan which has sustainable packaging and is made of ingredients. The collection includes MultiDew Skin Tint and Soft Radiant Bronzing Powder.  

Key Industry Development

• March 2022: E.l.f. partnered with Dunkin’ Donuts to launch a new limited edition makeup collection called E.l.f.ing Sweet Collection. The products are exclusively available on Ulta.com and Ulta Beauty stores.

List of Key Companies Profiled in the Market Report:

• Unilever Plc. (U.K.)


• L'Oréal S.A. (France)


• Avon Products, Inc. (U.K.)


• Oriflame Cosmetics AG (Switzerland)


• Revlon, Inc. (U.S.)


• Coty Inc. (U.S.)


• The Estée Lauder Companies Inc. (U.S.)


• The Procter & Gamble Company (U.S.)


• Kao Corporation (Japan)


• Shiseido Co. Ltd (Japan)

Further Report Findings

• The market in Asia Pacific is expected to hold largest part in makeup market share stood at USD 18.73 billion in 2022 due to need for cosmetic products among beauty professionals.  


• The North American market share is expected to grow considerably due to the presence of players in the region offering consumers different beauty brands and selecting products according to their choice leading to the product demand in countries such as the U.S., Canada, and Mexico.


• In terms of product, the market is led by the powder segment owing to various advantages such as reduction in the look of pores and fine lines and its suitability for oily skin as they help absorb oily residue.

Table of Segmentation