The global makeup base market size is projected to touch USD 18.0 billion by 2025, according to a new report by Million Insights. It is anticipated to grow at a CAGR of 5.8% through the forecast period of 2019 to 2025. Increasing awareness among consumers regarding their physical appearance along with increasing buying power in emerging economies like India, Brazil and China is propelling the demand for makeup base all across the globe. Additionally, increasing participation of women in the global workforce has been positively impacting the market. Over the last few years, the prominence of digital marketing has been rising significantly in this industry because of the impact of social media on the consumers. Therefore, manufacturers of makeup base are prioritizing digital marketing by collaborating with social influencers and social media platforms. For example, Maybelline collaborated with actress Alia Bhatt for promoting its foundation that belonged to the Maybelline FIT ME range of products.
The foundation product segment dominated the market with more than 40% of share in 2018. Wide range of shades available in cream, liquid, stick and cake forms has been widening the consumer base of the industry. The cushion foundation has been gaining popularity amongst the consumers due to its easy to use and time saving features. Major players like L’Oréal S.A., Christian Dior SE and Amorepacific Corporation have included this product in their offering.
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Asia Pacific dominated the market with 30.5% in 2018. India, Singapore, China, Japan, Hong Kong, Australia, South Korea, and Malaysia are the leading markets of this region. Rising number of consumers belonging to the middle-income group in Asia Pacific region has driven the demand for premium beauty products including makeup base.
Key players functioning in the makeup base market include L’Oréal S.A.; LVMH Moët Hennessy – Louis Vuitton SE; Shiseido Company; Estée Lauder Companies;Coty Inc.; Avon Products, Inc.;Unilever; Amorepacific Corporation; Mary Kay Inc.; and Chanel S.A. Companies have been expanding their business strategically through various activities like mergers and acquisitions. For example, Unilever acquired Hourglass in June 2017 that is luxury cosmetic brand.
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Further key findings from the report suggest:
• The foundation segment dominated the makeup base market in 2018 with over 40% share in the total revenue
• The offline channel of distribution dominated the segment with more than 75% of share in 2018. The online channel of distribution is anticipated to grow at the fastest CAGR of 6.3% over the forecast period
• Asia Pacific is anticipated to grow at the fastest rate because of rising number of women professionals and increasing purchasing power of consumers
• Shifting preference of millennial women towards natural range of cosmetics would induce the industry participants to introduce innovative products
Million Insights has segmented the global makeup base market on the basis of product, distribution channel and region:
Makeup Base Product Outlook (Revenue, USD Billion, 2015 – 2025)
Makeup Base Distribution Channel Outlook (Revenue, USD Billion, 2015 – 2025)
Makeup Base Regional Outlook (Revenue, USD Billion, 2015 – 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
• Saudi Arabia
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