Facial Makeup Global Market Report 2024

The facial makeup market size has grown strongly in recent years. It will grow from $9.06 billion in 2023 to $9.73 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth observed during the historical period can be attributed to heightened consumer awareness regarding ingredients, a growing emphasis on beauty consciousness, evolving consumer trends, the emergence of the clean beauty movement, and the increasing focus on health and wellness trends.

The facial makeup market size is expected to see strong growth in the next few years. It will grow to $7.4 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The projected growth in the forecast period can be attributed to the surge of e-commerce and omnichannel retailing, the expanding demographic of young and working women, the increasing prominence of influencer marketing, and a greater emphasis on diversity and inclusivity, including celebrity and designer collaborations. Key trends anticipated in the forecast period encompass regulatory compliance and safety considerations, advancements in formulations and application technologies, the integration of hyper-personalization through AI and AR technologies, a continued focus on inclusivity and diversity, and the adoption of sustainable packaging practices.

The anticipated surge in influencer marketing is poised to drive the expansion of the facial makeup market in the foreseeable future. Influencer marketing, a widely adopted marketing strategy, involves collaborating with individuals boasting substantial social media followings to endorse a brand's products or services. Within the realm of facial makeup, influencer marketing serves as a potent tool for showcasing products in use, delivering product reviews, and dispensing makeup advice. This marketing approach enables beauty firms to tap into a broader audience, bolster brand visibility, and amplify sales. For instance, in February 2024, Benchmark Company LLC, a US-based venture capital firm, reported a significant uptick in influencer marketing, surging to $21.1 billion in 2023, marking a notable 29% increase from the $16.4 billion recorded in 2022. Consequently, the escalating adoption of influencer marketing strategies is propelling the growth trajectory of the facial makeup market.

Leading players in the facial makeup market are actively investing in innovative technologies, such as virtual beauty apps, to gain a competitive edge. Virtual beauty apps represent mobile applications leveraging augmented reality technology to enable users to virtually experiment with makeup and skincare products. For instance, in January 2021, Perfect Corp., a China-based technology company specializing in augmented reality (AR) and artificial intelligence (AI) solutions for the beauty and fashion industries, launched the YouCam Makeup app. This mobile application serves as a consumer platform for virtual product trials, skin diagnoses, photo editing, and community sharing within the YouCam ecosystem. The AI Fashion tool integrated into YouCam Makeup empowers users to refine their style and execute stunning fashion makeovers, seamlessly merging cutting-edge AI technology with fashion design elements. It delivers a remarkably lifelike and realistic portrayal of hairstyle transformations to users, enhancing their overall virtual beauty experience.

In January 2022, Procter and Gamble, a leading consumer goods corporation headquartered in the United States, finalized the acquisition of TULA Life Inc. for an undisclosed sum. This strategic move is geared towards enhancing Procter and Gamble's footprint in the prestige beauty market, with a specific focus on bolstering its presence in the skincare segment. The acquisition empowers Procter and Gamble to broaden its portfolio within the skincare category, capitalizing on the rising consumer demand for effective and wellness-oriented products. TULA Skincare, a US-based company renowned for its makeup and skincare offerings crafted from probiotic extracts and superfoods, aligns seamlessly with Procter and Gamble's vision for innovation and quality in the beauty industry.

Major companies operating in the facial makeup market report are Procter & Gamble, Shiseido Company, Limited, L'Oréal, Coty Inc., Estée Lauder Companies, Avon Company, Revlon, Amway Corp., LVMH Moet Hennessy Louis Vuitton, Oriflame Holding AG, Kao Corporation, Unilever, Lotus Herbals, Oriflame Cosmetics AG, CHANEL, Giorgio Armani S.p.A., Johnson & Johnson Services, Inc., Natura and Co Holding SA, Clarins Group, Henkel AG & Co. KGaA, L Brands, Lakme, Dr. Babor GmbH and Co. KG, Groupe Clarins, Grupo Boticario, Kose Corp., Mary Kay Inc., Nature Republic OC, Nutriglow Cosmetics Pvt. Ltd.

North America was the largest region in the facial makeup market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the facial makeup market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the facial makeup market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Facial makeup encompasses a range of products and techniques utilized to enhance facial appearance, enabling individuals to achieve a polished and personalized look while expressing their creativity. It serves to accentuate features, promote a uniform complexion, and reflect individual style preferences.

The primary categories of facial makeup include face powder, concealer, foundation, blush, contouring and highlighting products, bronzer, primer, and various others. Face powder, for instance, is applied to set makeup, diminish shine, and promote a smoother skin texture. Available in a variety of formulations sourced from natural, organic, and chemical origins, face powders are offered at both economic and premium price points. These products are typically distributed through hypermarkets, supermarkets, specialty stores, online platforms, and other channels to cater to the diverse needs of both female and male consumers.

The facial makeup market research report is one of a series of new reports that provides facial makeup market statistics, including facial makeup industry global market size, regional shares, competitors with a facial makeup market share, detailed facial makeup market segments, market trends and opportunities, and any further data you may need to thrive in the facial makeup industry. This facial makeup market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The facial makeup market consists of sales precision eyeliner pen, liquid lipstick, hydrating lip balm, highlighter, waterproof eyebrow pencils. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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