The global eye makeup market is expected to witness a CAGR of 5.40% during the forecast period, 2018-2023.
- Growing adoption of eye makeup products, in order to enhance appearance, along with favorable growth of the cosmetics market and increasing demand for natural cosmetics, is driving the growth of the global eye makeup market.
- Moreover, factors, such as low-cost, ease of use, and ease of availability are expected to support the growth of the eye makeup market in developing economies.
- For instance, in January 2017, companies, such as L’Oreal India and Hindustan Unilever Ltd, invested significantly in eye makeup by introducing more easy-to-use product formats in kohl, eyeliners, and mascara, with smaller and affordable packaging for eye shadows.
- Increasing demand for halal cosmetics, such as eye, face, and lip care products in the Middle East is a growth opportunity for eye makeup manufacturers. However, stringent regulations imposed on the use of ingredients in cosmetics is a major challenge for the growth of the market in this region.
Scope of the Report
The eye makeup market has been segmented by product types such as eyeliner, eye shadow, mascaras, and other product types. Moreover, by distribution channel its been segmented as supermarket/hypermarket, convenience stores, specialty stores, online retail stores, other distribution channels.
Key Market Trends
Increasing Expenditure on Advertisement and Promotion by Key Players
Research and development (R&D) and advertisement/promotions are driving the overall cosmetics market. Key players are investing in these factors to influence the consumer purchasing decision and increase the popularity of products in the retail landscape. Also, the growing internet users in developing economies have changed the advertisement spending strategy of key players. The major players are undergoing a “major shift”, wherein they are investing more in their advertisement and promotional spend, which is influenced by the digitalization of the world. For instance, key players, like L’Oreal, are shifting their strategy to focus on creating a demonstrative content for digital advertising for its consumers, instead of highlighting its products on conventional advertisement platforms, such as magazine, newspapers, etc. Also, with this regard Revlon, also increased their spending on advertisement. In 2017, Revlon invested USD 550 million on the advertisement and witnessed a growth rate of 22.14% during the period, 2015 to 2017.
Increasing Innovation in the Eye Makeup Product Category to Spur Global Demand
The growing trends toward bold eye makeup and eyebrow pencil with long-lasting eyelashes are expected to spur the growth prospects for the market in the region, in the coming years. Moreover, with makeup styles becoming increasingly artistic and adventurous, there is scope for promoting bold and unusual brow looks, incorporating colors, glitter, and creative designs. Creating fashion-led eyebrow products, which harness popular culture are a great way to tap into such a trend. For Instance, in March 2017, Sephora launched the Brow Highlighting Gel in Gold, signifying that consumers are interested in more fashion-forward looks.
Moreover, there’s an increasing demand being created for waterproof eye makeup products, especially during summers. This product makeup that can withstand hot and humid weather conditions is gaining popularity among women, and further is increasing the demand for such eyebrow products.
Eye makeup market is expected to be highly competitive, owing to the increasing demand for personal care products among the women population. The major players operating in this market are L’Oreal S.A., New Avon LLC., Shiseido Co., Ltd., and Colorbar Cosmetics Pvt. Ltd.
Some of the major developments in the market studied includes increased product extensions, technological innovations, high-quality, and pricing of the products manufactured. Many vendors are focusing on innovative packaging to create a wider base of customer globally. For instance, in January 2017, companies, such as L’Oreal India and Hindustan Unilever Ltd, invested significantly in eye makeup by introducing more easy-to-use product formats in kohl, eyeliners, and mascara with smaller and affordable packaging for eye shadows.
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