Market Insight
Eye makeup market 2020 can touch USD 19.6 Billion by 2025, believes MRFR (Market Research Future). MRFR also presumes the market size to expand at a rate of 6.6% from 2019 to 2025 (review period). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
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.
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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 Eye Makeup Industry 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.
Competitive Landscape
Reputed companies analyzed in Eye Makeup Industry study include MORPHE Cosmetics Limited (US), Coty Inc (US), Ilia Beauty (US), Revolution Beauty Ltd. (UK), Hindustan Unilever Limited (India), Benefit Cosmetics LLC (US), Christian Dior SE (France), Huda Beauty FZ-LLC (UAE), The Estée Lauder Companies Inc. (US), Faces Cosmetics Inc. (US), Anastasia Beverly Hills Inc. (US), Revlon Consumer Products Corporation (US), L’Oréal S.A. (France), Make Up FOR Ever LLC (US), RMS Beauty (US), among others.
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 Eye Makeup Industry 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 Eye Makeup Industry 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 Eye Makeup Industry 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
Europe has stayed the most profitable Eye Makeup Industry since 2020, given the constant introduction of new and innovative eye makeup products by major brands, with the prime focus on using natural ingredients. Lucrative markets in the region are Germany, France, Italy, U.K., Poland and Spain, where foreign investors are spending generously on extensive R&D activities. Also, the heightened preference for organic and natural cosmetic products instead of chemical or synthetic products can be a huge game changer for the European market.
APAC can project the fastest growth in the ensuing years, emerging as a profitable revenue pocket in the eye makeup industry. Some strongest markets in APAC include Japan, China, South Korea, Indonesia, India and Malaysia, where the middle-class populace has been growing at a rapid pace, and consciousness with regard to appearance has also been mounting. The expanding pool of working women along with rising trend of urban lifestyle also propels the demand for premium eye makeup products in the region.
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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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