Eye Makeup Market Players, Global Opportunity Analysis and Industry Forecast, 2023-2032
Market Synopsis
The global eye makeup market can touch a robust valuation of USD 30.5
Billion by 2032, estimates Market Research Future (MRFR). MRFR also reveals
that the market is on track to achieve a substantial growth rate of 7.21% from 2023
to 2032 (forecast period). Eye makeup refers to a type of
cosmetics that are used for making the eyes look attractive and noticeable. It
is highly popular among females, as well as stage performers. Eye makeup forms
an integral part of the fashion and cosmetic industries.
Market Boosters and Top Restraints
Over
the years, the rapid surge in social media across the world has left a profound
impact on the eye
makeup market. Most of the manufacturers are working on expanding their brand
campaigns backed by popular brand ambassadors as well as celebrities via social
media channels such as Facebook, Twitter, Instagram, Pinterest, YouTube, as
well as makeup related blogs. These digital platforms are responsible for not
only boosting the product demand but also for educating the consumers about
cosmetic products and such via beauty tutorials. These sources of media help
producers connect to the consumers directly, prompting the latter to explore
new products. Reports reveal that in 2022, “glitter eyeshadow” and “smoky eyes”
were in the top five most-searched beauty products on Google.
Mounting
awareness with regard to physical appearance induces vigorous market growth for
eye makeup. Further, growing per capita income in developing countries like
India, China, Indonesia, and Brazil and the subsequent surge in spending on
cosmetic products, can also benefit the global market in the following years.
Women
happen to be significant consumers in the eye makeup market, which renders the
product sale highly dependent on the female population. The burgeoning
population of millennial women makes up the biggest share of the consumer base
in the market. To help with that, the rising number of working-class women also
positively impacts the market. With the growing financial independence among
women, the spending on personal care products has risen considerably over the
past few years. Also, the rapidly expanding corporate sector drives the demand
for cosmetics among female employees, given the increasing beauty
consciousness.
Market Segmentation
The
market segmentation of eye makeup has been considered for product type, nature,
category, and distribution channel.
The
product types studied in the report include eyeliner, eyeshadow, mascara,
eyebrow enhancers, and others. Eyeliner enjoys the highest demand in the market
and therefore forms the largest segment. Eyeliners are used by consumers to
define the eyes and make them more attractive. In order to be aesthetically
pleasing, the demand for eyeliners has risen considerably over the years.
By
nature, the primary market segments are organic and conventional. MRFR projects
the organic segment to attain a higher growth rate in the near future, on
account of the increasing preference among consumers for organic eye makeup
products. The conventional segment can however, amass a larger share in the
market due to the easy availability and cheaper costs of traditional makeup of
eye products compared to organic products.
The
category-wise segments are economy and premium. The economy category fares
better than the premium category and can achieve a higher CAGR in the coming
years. The economy category-based products are easily available in
hypermarkets, supermarkets and drugstores, in addition to being highly
affordability, which propels their demand in the market.
The
distribution channels in the market are store-based and non-store based. The
store-based segment dominates the market. The segment consists of hypermarkets
as well as supermarkets, specialty stores, and others. Store-based distribution
channels provide wide consumer reach, better product visibility, and a variety
of products to consumers. The non-store-based distribution channel can be the
faster-growing segment, given the extensive delivery range of e-commerce
channels.
Leading Companies
L'Oréal
S.A. (France), The Estée Lauder Companies Inc. (US), RMS Beauty (US), Anastasia
Beverly Hills Inc. (US), Benefit Cosmetics LLC (US), Morphe Cosmetics Limited
(US), Revolution Beauty Ltd. (UK), Hindustan Unilever Limited (India), Faces
Cosmetics Inc. (US), Christian Dior SE (France), Make Up For Ever LLC (US),
Ilia Beauty (US), Huda Beauty FZ-LLC (UAE), Coty Inc (US), Revlon Consumer
Products Corporation (US) are some of the leading key
eye makeup market players.
Regional Insight
Europe,
Asia Pacific (APAC), North America, along with the rest of the world (RoW) are
the primary markets for eye makeup.
North
America is a highly profitable regional market for eye makeup. The highest
demand for eye makeup products is generated in developed countries like the
United States (US) and Canada. Intense research and development (R&D) along
with advertisement and promotions are encouraging the growth of the overall
cosmetics market and in turn, the eye makeup market in the region.
Europe,
however, is the most lucrative market for eye makeup, as reported in 2022.
Introduction of innovative eye makeup products and the evolving consumer demand
drives the market growth in the region. More and more manufacturers are now
using novel ingredients to cater to the consumer base that is interested in
using organic and natural products. The rising trends toward eyebrow pencil and
bold eye makeup can also boost the growth prospects for the market in the
coming years.
The
APAC market can procure the highest growth rate during the evaluation period,
on account of the mounting demand for waterproof eye makeup products, as the
region is noted for its extreme summers. Waterproof eye makeup has gained immense
popularity among women, which is expected to benefit the regional market in
subsequent years.
The
expansion of the cosmetics and personal care industry in RoW, combined with the
rising consumer focus on personal appearance fosters market growth. Accelerated
demand for halal cosmetics in the Middle East is identified as a growth
opportunity for eye makeup manufacturers in the region.
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