The global eye makeup market size is expected to reach USD 21.41 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to register a CAGR of 5.7% during the forecast period. Growing consciousness about physical appearance, especially among working class population is projected to drive the product demand. Furthermore, rising per capita income in developing economies including China, India, and South Korea, allowing the consumers to increase the spending in personal care products and thus will have a strong impact on the growth.
Innovation has been an important competitive strategy for the players operating in this market. Over the past few years, cosmetic manufacturers have been increasing spending on the development of products on the basis of beauty preferences of consumers. The waterproof and sweat-proof personal care products are gaining remarkable popularity, especially among people involved in outdoor work in hot and humid weather. Similarly, consumers engaged in sports such as athletics, swimming, and other outdoor sports, prefer smudge-free products are anticipated to drive the demand for such products. Multi utility products, makeup which work as sunscreen and anti-aging, are also gaining significant demand in the cosmetics industry. For instance, Shiseido Company, Limited and Elizabeth Arden, Inc. has launched eye makeups such as mascara which contain anti-aging ingredients.
Organic and natural makeup products have been gaining popularity due to the rising awareness about harmful effects such as, skin diseases and cancer, caused by synthetic or chemical based products. This booming demand has encouraged the manufacturers to focus on and expand the natural plant based environment-friendly products. Some of the organic products includes sunscreen ingredients, which adds value to the product. These natural products also help reduce signs of aging such as wrinkles and enhance the content of vitamin E and A.
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Further key findings from the report suggest:
North America held or the largest market share of more than 30.0% in 2018
Eye shadow segment is expected to witness the fastest CAGR of 6.2% from 2018 to 2025
In terms of product, mascara held the largest market share of more than 35.0% in 2018
Asia Pacific is expected to witness the fastest CAGR of 8.3% from 2018 to 2025. Increasing number of working class women in emerging economies including China, India, Bangladesh, and Pakistan as a result of increased concentration of MNC offices on a domestic level is projected to have a strong impact on the regional growth
The key players operating in the eye makeup market include L'Oréal S.A; The Procter & Gamble Company; The Estée Lauder Companies Inc.; Shiseido Company, Limited; COLORBAR Unilever; Amway; and Chanel S.A.
Product innovation and high spending on the development of digital platforms to ensure product supply are expected to remain critical success factors over the next eight years. For instance, in 2012, Purplle and Nykaa, the Indian online beauty retailers, came into the business only through the digital platform.
Grand View Research has segmented the global eye makeup market on the basis of product, distribution channel, and region:
Eye Makeup Product Outlook (Revenue, USD Million, 2015 - 2025)
Eye Makeup Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
Eye Makeup Regional Outlook (Revenue, USD Million, 2015 - 2025)
Central & South America
Middle East & Africa
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