Global Makeup Market Report and Forecast 2024-2032

Global Makeup Market Size

The global makeup market was valued at USD 39.45 billion in 2023. The market is further projected to grow at a CAGR of 4.8% between 2024 and 2032, reaching a value of USD 60.34 billion by 2032.

Makeup Market Outlook

• As per makeup industry analysis, American women spend an average of USD 3,756 per year on beauty products and services, while American men spend nearly as much at USD 2,928 per year.

• The use of face cleansers and other skincare products is on the rise, with around 2 in 5 US consumers using cleanser products.

• The global beauty market grew by over 8% in 2023, reaching an estimated value of more than 270 billion euros.

• L'Oréal remains the number one Beauty Products Company in the world, pulling off over USD 40 billion in sales worldwide in 2023.

Makeup Market Growth

Crucial drivers of makeup demand include growing interest in anti-ageing products and rising sales through e-commerce. Investments in research and development for companies in the industry will offer customized solutions for the consumer. An example is Sephora, which launched "Color IQ," a personal makeup service involving technology that helps match users with their perfect foundation shade based on skin tone.

Furthermore, the global makeup market demand growth has been growing continuously with the increasing awareness of natural and organic products. With a greater sense of consciousness towards ingredient transparency and sustainability, brands like Burt's Bees and RMS Beauty spearhead the venture in creating lines of products for natural and organic makeup: foundation, concealers, lipsticks, eyeshadows, and all other beauty products that can be classified under the cleaner spectrum of makeup.

Moreover, there is a focus on inclusivity and diversity in the cosmetics industry and players are investing in the development of products that cater to a wide range of skin tones and types, as well as products that are gender-neutral and accessible to people with disabilities. For example, the cosmetics company Fenty Beauty has launched a line of makeup products that cater to a wide range of skin tones, from light to deep.

Among makeup products, loose powders, pressed powders, and mineral powders aid in boosting makeup market revenue due to the increasing demand for long-lasting and lightweight makeup products. L'Oréal Paris offers a range of powder products, including True Match Super-Blendable Powder and Infallible Pro-Matte Powder. Gel-based makeup products, such as gel eyeliners, lip gels, and blush gels are also gaining traction due to their versatility and ease of use. Maybelline New York offers a range of gel-based makeup products, including the SuperStay Matte Ink Liquid Lipstick.

Key Trends and Recent Developments

Some key makeup market dynamics and trends that are shaping the ecosystem are the use of AI and AR, the push for diversity and inclusion, and the rising popularity of men’s grooming products.

June 2024

Too Faced announced its entry into the U.S. Amazon Premium Beauty store, giving customers wider access to its best-selling makeup collections. Too Faced becomes the second brand within The Estée Lauder Companies' portfolio to land a storefront in the U.S. Amazon Premium Beauty store.

March 2024

e.l.f. Cosmetics partnered with Liquid Death to bring you CORPSE PAINT. This black-metal-inspired five-piece makeup vault gives the look of turning heads influenced by people who are not scared of making a statement.

March 2024

The celebrity-owned brand, Fenty Beauty, launched in India on Nykaa's online makeup and beauty products retail store. Fenty Beauty goes on to do its mission of making everyone, no matter their ethnicity or cultural background, beautiful, recognized, and empowered.

February 2024

Estée Lauder and designer Sabyasachi Mukherjee have teamed up on a lipstick collection. With names like Muslin Tea, Udaipur Coral, and Coffee Masala, the Estée Lauder X Sabyasachi collab makes for a colour story of India, with 10 shades of lipstick.

AI and AR-Driven Hyper-Personalization

Artificial intelligence and augmented reality are creating demand in the makeup market. It assists in delivering more individually conceptualized product recommendations and virtual try-ons. This technology contributes to the creation of experiences that tailor beauty solutions to the needs of the individual, through better matching of products to interactive shopping experiences.

Push for Greater Diversity and Inclusion

The makeup industry in and of itself is leaning more and more toward integrating diversity and equity concerns right into the product line, itself, reaching more skin types and tones. This trend of the makeup market is closing gaps in representation to ensure that makeup solutions remain relevant and available to all consumers in the quest for market equity.

Growing Demand for Men's Grooming Products

This change in attitude has resulted in a visible surge of interest in men's beauty and grooming products. There is a rising quest for good skincare and haircare routines and, importantly suitable cosmetic products that will give them confidence daily—accommodating the fast growth of the makeup market.

Innovations in Biotechnology Focusing on Sustainability

With the increased use of biotechnology in the makeup and beauty sector, companies are moving towards sustainable business practices and eco-friendly ingredients involved. Lab-grown to bioengineered compounds, these innovations reduce environmental impact. Thus, this stands true to an increased commitment to producing ethically, and with a smaller carbon footprint, all at no cost to the products' effectiveness.

Makeup Industry Segmentation

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

Market Breakup by Product Type

• Powders

• Gels 

• Lotions 

• Others

Market Breakup by Application Area

• Face

• Lips

• Eyes

• Nails

Market Breakup by Distribution Channel

• Hypermarkets/Supermarkets

• Convenience Stores

• Specialty Stores

• Online Retail Stores

• Others

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Global Makeup Market Share

Gels Are Going To Gain Traction For Its Lightweight And Oil-Free Nature

Gels are likely to make significant growth in the global makeup market by product type. The reasons behind this popularity include their wide range of uses, lightweight feeling, and innovative formulations for longevity as well as the ease of application. Gels can be used in most cosmetic products, from foundation to eyeshadow, and give a smooth, airy finish. In addition, as high-performance and everyday applications for beauty care have become very much required by consumers, their functionality varies from high performance to daily applications, making these beauty solutions multifunctional, easy to use, and feasible.

Gel-based makeup products have been opening up new makeup market opportunities for the key players in the industry. An example of how well gels are doing in the global makeup industry is reflected right in the fact that gel-based foundations and blushes have been on a roll. Fenty Beauty and Maybelline have created products made with gel skin-serum-based formulas that feel light and dewy and blend seamlessly into the skin. Those are most appealing to consumers who want the most natural, breathable appearance, where products are not hard to apply and potentially can be worn throughout the day.

More Focus Will Be On The Face For a Wide Range Of Foundations, Concealers And Primers

The face segment, by application area, is likely to drive the makeup market industry revenue through 2032. Growing demand for more advanced coverage, skincare benefits, and customizable finishes drive demand for foundations, concealers, and highlighters.

Companies at the very front of this trend include Estee Lauder and L'Oréal with their innovative products like Estee Lauder's Double Wear Foundation and L'Oréal's True Match Super-Blendable Foundation. These companies diversify in skin tones and provide long-lasting results with high performance.

Global Makeup Market Regional Analysis

Better Lifestyle And Rising Disposable Income To Boost The Makeup Usage Across Asia Pacific Countries

The Asia-Pacific region is likely to bolster the global makeup demand growth. Key drivers include rapid urbanization, rising disposable incomes, and a growing concern for beauty. The increasing influence of K-beauty and J-beauty further boosts the growth by emphasizing skincare and multifunctional products.

Firms like Shiseido and LG Household & Health Care are expanding their product lines in the Asia-Pacific region, where Shiseido's high-end skincare lines and LG's very successful The History of Whoo brand help cover a wide span of local consumer needs.

Competitive Landscape

Market players are focused on providing premium quality of makeup for all age and demographics to stay ahead in the competition.

L'Oréal S.A.

L'Oréal S.A. offers a wide range of innovative, high-quality makeup products, which include foundations, mascaras, lipsticks, and many more. Founded in 1909, the headquarters of L'Oréal is based in Clichy, France, and it is considered the largest beauty group in the world, recognized for the excellence of its products and scientific excellence.

Shiseido Co. Ltd.

Shiseido Co. Ltd. offers a very large palette of makeup products, from foundations and lipsticks to eye shadows, that have gained fame for their superior formulations and skincare benefits. Founded in 1872, Shiseido is headquartered in Tokyo, Japan, and has a rich history of excellence and innovation in the beauty sector.

Estee Lauder Companies Inc.

Estée Lauder Companies Inc. manufactures prestige makeup products: foundation, lipstick, eye shadow—expertise in luxury and performance. Founded in 1946 and based in New York City, United States, this company remains synonymous with high-end beauty solutions and global presence.

Avon Products, Inc.

Avon Products, Inc., has many varieties of makeup products: foundation, lipstick, eye liner—most of them with an affordable price. Avon was founded in 1886 and is headquartered in London, United Kingdom. The company applies the direct-selling model and holds a wide reach across markets.

Other market players include Oriflame Holding AG, Revlon, Inc., Groupe Clarins, Kao Corporation, HB USA Holdings, Inc., KIKO S.p.A., among others.

Key Highlights of the Report

Makeup Market Report Snapshots

Makeup Market Size

Makeup Market Growth

Makeup Market Share

Makeup Companies

Makeup Market Regional Analysis