Eye Makeup Market Historical Analysis, Size, Trends, Demands, Key Players Overview, Emerging Technologies and Forecast by 2030

 

Eye Makeup Market

Market Insight

Eye Makeup Market Size was valued at USD 16.3 Billion in 2022. The Eye Makeup Market industry is projected to grow from USD 17.4 Billion in 2023 to USD 30.5 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.21% during the forecast period (2023 - 2032).

Key Impacting Factors and Challenges

In the past couple of years, social media has become a crucial aspect of the modern world, with manufacturers leveraging these platforms to promote their brands on Facebook, Instagram, Pinterest, YouTube, makeup related blogs and Twitter. Digital platforms are not only fostering the product demand but are also educating consumers via product-based tutorials. Social medic platforms help the companies directly connect with the consumers, which prompts them to explore new items. A new trend gaining traction is the rising preference for organic or natural cosmetics, view of mounting concerns with regard to human, animal and environment health. Escalating awareness about the toxic effects of chemical-based eye makeup products will also push the preference for organic products in the following years.

Women have emerged as key consumers in the worldwide eye makeup industry, responsible for the robust sales of eye makeup products. Expanding pool of millennial women constitute the biggest part of the global consumer base in the market. Also, the rising employment rate and increase in working-class women are significantly pushing the sales of eye makeup products. Financially independent women are growing in number, with them willing to spend generously on personal care products. The rapidly expanding corporate sector or the organized sector also fuels the sales of cosmetics among women employees, in conjunction with surging beauty consciousness. A lucrative opportunity will emerge in the form of the rising per capita income of people in developing nations like India, China, Indonesia and Brazil, enabling consumers to expend considerably on eye makeup items.

New eye makeup product launches remain a key growth strategy employed by the players to get ahead of the competition. Major eye makeup manufacturers are establishing strategic partnerships with popular celebrities across countries, to create higher brand awareness. For instance, in November 2020, Lancôme forayed into the eye makeup market by launching its new mascara, modeled by Zendaya. The mascara is packaged in a black and pink container and features the company’s flower motif on the lid. The product also comes with an applicator and formula that enables it to reach every eyelash strand.

Market Segmentation

Product type, nature, category and distribution channel are the key segments analyzed in the MRFR study.

Eye shadow, eyeliner, eyebrow enhancers and mascara are the top product types considered in the report. Eyeliner remains in the lead, observing the highest demand as they help enhance the eyes’ shape.

Nature-wise, the key market segments are organic and conventional. Conventional type of eye makeup products are the biggest market, as these are easily available and more economical than organic products. However, the fastest growth rate can be expected by the organic segment, as more and more consumers now prefer natural and chemical-free cosmetics.

Categories covered in the market study are premium and economy. Economy segment is in the lead, since these products are easily available in hypermarkets, supermarkets and drugstores, and are more cost effective compared to premium cosmetics.

Distribution channel-based market segmentation comprises non-store-based and store-based. The store-based channels own the large portion of the global industry and can be divided with respect to specialty stores, supermarkets and hypermarkets, and others. Non-store-based channels can however, record a higher growth rate, owing to the extensive delivery ranges of the e-commerce platform.

Regional Outlook

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. Europe Eye Makeup Market dominated this market in 2022 (45.80%). The demand for cosmetic items in the area is driven by the growing cooperation of market players with various brands and stakeholders to provide a range of products and enhance their supply chain management. Further, the German Eye Makeup Market held the largest market share, and the UK Eye Makeup Market was the fastest growing market in the European region.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Reputed Companies

Reputed companies analyzed in the market study include L'Oreal S.A. (France), The Estee 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)

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