Global Eye Shadow Market Report and Forecast 2024-2032

Global Eye Shadow Market Outlook

The global eye shadow market size reached approximately USD 3.47 billion in 2023. The market is projected to grow at a CAGR of 6.5% between 2024 and 2032, reaching a value of around USD 6.13 billion by 2032.

Key Takeaways

• There is a growing demand for eye shadows made from natural, organic, and cruelty-free ingredients.

• Consumers are readily looking for eye shadows with added benefits such as long-lasting wear, easy application, and skincare properties.

• Social media platforms and influencers play a significant role in shaping trends and driving demand in the market.

Eye shadow is a cosmetic powder or cream that is available in various colours and is applied on the eyelids to accentuate the features of the eyes and form an essential part of the makeup. They are available in shimmery, matte, and sparkly finishes and enhance the shape, size, and colour of the eyes.

The rising disposable incomes and increasing population of working women coupled with growing emphasis on personal care and physical appearance are boosting the eye shadow market growth. Furthermore, the increasing availability of eye shadows with customised shades and personalised applicators is also fuelling the product demand. The growing adoption of aggressive promotional and marketing strategies by various eye shadow distributors and manufacturers is also bolstering market growth. The key players in the market are investing in social media campaigns and collaborating with beauty influencers and content creators as these platforms aid the brands in generating and maintaining brand loyalty and enhancing customer-brand relationships.

Key Trends and Developments

Natural and minimalist looks; sustainable and clean beauty; multi-functional products; and innovative formulations are the major trends impacting the eye shadow market expansion

April, 2023

Joah Beauty announced that it is expanding its product offerings for eye makeup with three new product launches. These include the Color Haul Eyeshadow Palette, Simplifeyed Power Quad, and Super Sidekick Eyeshadow Primer.

April, 2023

Milani announced the launch of the Gilded Eyeshadow Sticks which offer versatile application options as they can be smudged, blended, or applied with precision to achieve a seamless or a defined liner look.

August, 2023

MERIT, the clean beauty brand, announced the launch of its one-pot pigments, called “solo shadows” which is available in eight matte shades.

January, 2024

Prada announced its new line of colour cosmetics and skincare products in the US. The product range spans from eyeshadow palettes to cleansers, all of which are available in sustainable packaging.

Natural and minimalist looks

There is a growing demand for neutral and earth-toned eye shadows that create natural, subtle looks as consumers are increasingly interested in "no-makeup" makeup look.

Sustainable and clean beauty

There is an increasing demand for vegan, non-toxic, and organic eye shadows due to the growing awareness about the potential health risks associated with chemical-filled cosmetics.

Multi-functional products

Consumers are looking for eye shadows that offer additional benefits, such as long-lasting wear, waterproof properties, or even skincare benefits like hydration.

Innovative formulations

Creams, liquids, and stick formulations are becoming more popular for their ease of application and ability to create different effects.

Eye Shadow Market Trends

Consumers are becoming more conscious of the ingredients in their makeup products and their potential impact on health. Natural and organic eye shadows are perceived as safer options because they are often free from harmful chemicals like parabens, sulfates, and synthetic fragrances. Moreover, consumers in the eye shadow market are also opting for products made from sustainable and biodegradable ingredients to reduce their ecological footprint.

For instance, MERIT, a brand known for its clean beauty products, has recently introduced a new line of eye makeup called "solo shadows" in August 2023. The launch signifies MERIT's expansion into the eye makeup category, offering consumers a range of matte eyeshadows that align with the brand's clean beauty ethos.

Market Segmentation

“Eye Shadow Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Form

• Liquid

• Powder

• Others

Market Breakup by Price Range

• Premium

• Mass

Market Breakup by Distribution Channel

• Supermarkets and Hypermarkets

• Departmental Stores

• Speciality Stores

• Online

• Others

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

The powder eyeshadow segment accounts for a major eye shadow market share as it offers better ease of application compared to its contemporaries

Powder eye shadows typically hold the highest share in the market. They are the traditional form of eye shadow and are favoured for their versatility, ease of application, and ability to blend colours seamlessly. Powder eye shadows are available in a wide range of colours and finishes, from matte to shimmery, making them suitable for various occasions and preferences.

As per the eye shadow market analysis, liquid eye shadows have gained popularity in recent years and are expected to continue their sizeable growth in the market as liquid formulas can provide a more intense and dramatic look compared to powder eye shadows. They are appreciated for their ease of application, long-lasting wear, and vibrant colour payoff.

Mass eye shadow segment maintains its dominance in the market due to its widespread availability and cost-effective pricing

Mass or drugstore eye shadows typically hold the highest share of the eye shadow market. This is because they are more affordable and accessible to a broader range of consumers. Mass brands offer a wide variety of colours and formulas, making them appealing to those who are looking for budget-friendly options or are just starting to experiment with makeup. The high volume of sales in this segment contributes to its larger market share.

Premium eye shadows are expected to account for a significant share of the eye shadow market over the forecast period. Premium eye shadows alter, enhance, and beautify the features of the eyes and help individuals look more attractive and healthier. Due to the increasing consciousness and awareness among consumers regarding the ingredients in eye shadows, they are willing to pay premium prices in order to obtain products derived from organic and natural sources. The increasing celebrity collaborations by various brands are also supporting the segment growth.

Competitive Landscape

The market players are launching innovative products to gain a competitive edge in the eye shadow market

Revlon Consumer Products LLC, founded in 1932, is one of the leading providers of high-quality eye shadow, perfumes, skincare, and personal care products, among others.

Chanel Limited, founded in 1910 and headquartered in London, England, is involved in the manufacture, creation, and distribution of luxury products including eye shadow.

L'Oreal Group, headquartered in Paris, France, is one of the world’s largest cosmetic companies specialising in eye shadows, hair colour, skincare, and hair care, among others.

The Estée Lauder Companies Inc. is a prominent American multinational manufacturer and marketer of prestige skincare, makeup, fragrance, and hair care products.

Other eye shadow market key players include Sheever Cosmetics Ulc (Inglot), Amway Corporation, Shiseido Company, Limited, LA BOUCHE ROUGE, AVEDA CORP., and Clarins Group, among others.

Eye Shadow Market Analysis by Region

North America is anticipated to witness significant growth in the market in the coming years. This growth can be attributed to the rising disposable incomes and increasing emphasis on physical appearance. Due to growing environmental consciousness, consumers are opting for sustainably sourced, manufactured, and packaged cosmetics in order to minimise the utilisation of environmentally harmful chemicals and reduce packaging waste, supporting the market expansion. The increasing frequency of product launches is also aiding the market growth in the region.

The demand for eye shadow in the Asia Pacific region has been steadily increasing over the years, driven by various factors such as evolving beauty standards, rising disposable incomes, and the influence of social media and beauty influencers. Cosmetic brands in the Asia Pacific region are constantly innovating and introducing new eye shadow formulations, textures, and colours to cater to diverse consumer preferences.

Key Highlights of the Report