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Liquid Makeup Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global liquid makeup products market was valued at USD 28.6 billion in 2022 and is anticipated to reach USD 59.4 billion by 2030, expanding at a CAGR of 8.9% during the forecast period (2023-2030). The increasing demand for long-lasting makeup, the growing trend of wearing makeup for all occasions, and the growing influence of social media are some of the key factors driving the market growth. Furthermore, the growing inclination towards the use of organic and natural ingredients in makeup products is also contributing to the growth of the market.
Liquid makeup products such as foundation, concealer, and BB/CC creams are gaining popularity among customers. They are used to cover skin imperfections and enhance the look of the skin. The increasing disposable incomes of consumers and their willingness to invest in beauty and personal care products are some of the key factors driving the demand for liquid makeup products.
The growing demand for long-lasting makeup is also a major factor driving the market growth. Companies are introducing new technologies and formulations to ensure long-lasting makeup. For instance, in March 2021, Estee Lauder Companies Inc. launched Double Wear Stay-in-Place Makeup, an innovative, long-lasting liquid foundation that promises to stay on for 24 hours.
The increasing demand for makeup products among men is also a key factor driving the market. Companies are launching new lines of men’s makeup products to meet the growing demand. For instance, in April 2021, L’Oreal launched a new line of makeup products for men, Men Expert, and the company is expected to launch more products in the near future.
The increasing popularity of online shopping platforms is fueling the growth of the market, as customers are increasingly preferring online platforms to purchase makeup products. Companies are introducing new products and launching e-commerce websites to reach new customers and expand their customer base. Furthermore, companies are also providing discounts and offers on online purchases, which is driving the sales of the product.
Product Insights
The foundation segment dominated the market and accounted for a share of around 32.3% in 2022. Growing demand for liquid makeup, such as foundations, owing to the growing trend of natural-looking makeup is the major factor propelling the growth of this segment. Additionally, increasing demand for long-lasting and waterproof foundations, rising popularity of BB creams, and increasing disposable income are some of the other factors contributing to the growth of this segment.
The concealer segment is expected to witness the fastest CAGR of 10.0% during the forecast period. Growing popularity of multi-functional concealers among consumers, increasing demand for long-lasting and water-resistant concealers, and rising influence of social media and digital marketing campaigns on the market are some of the factors driving the growth of this segment. Furthermore, rising awareness among individuals regarding the coverage and benefits of concealers is expected to further fuel the demand for this segment.
Distribution Channel Insights
The offline segment captured the major share of over 67.2% in 2022. The growth of the segment is mainly driven by the convenience provided by various retail stores such as supermarkets, hypermarkets, and beauty stores. According to a survey by Mintel in 2019, 67% of the respondents prefer to buy beauty products from hypermarkets and supermarkets, as these stores offer a wide selection of products, along with the convenience of touch-and-feel experience. It also helps shoppers to make an informed decision about the required product.
The online segment is anticipated to expand at the highest CAGR of 12.1% over the forecast period. The growth of the segment is mainly attributed to the increasing penetration of the internet and the growing popularity of e-commerce websites. In addition, the availability of a wide variety of products, discounts and promotional offers, and the convenience of doorstep delivery are some of the factors that are expected to drive this segment.
Type Insights
The liquid makeup segment accounted for a revenue share of 55.6% in the year 2022. Liquid makeup is easy to apply and is widely used by people of all age groups. The adoption of liquid makeup is higher among working women due to its convenience and long-lasting nature. The increasing demand for liquid makeup among consumers has driven the demand for the liquid makeup segment in the market. Furthermore, the increasing trend of beauty influencers on social media platforms is encouraging the younger generations to purchase liquid makeup products.
The cream makeup segment is expected to register the highest CAGR of 8.2% during the forecast period. The high demand for cream makeup products is attributed to the easy application and removal of cream makeup products. The increasing awareness among people of various age groups regarding cosmetics, and the increasing demand for convenience are driving the demand for cream makeup products. Furthermore, the rising awareness about the benefits of cream makeup, such as providing deep hydration and nourishment to the skin, is also driving the segmental growth.
Regional Insights
Asia Pacific is expected to account for the largest revenue share in the liquid makeup products market throughout the forecast period. This regional market is driven by factors such as an increasing focus on facial beauty, rising disposable income, and the introduction of innovative products. The surge in the number of working women, who need quick solutions for their makeup products, is driving the market in the region.
North America is expected to emerge as the second-largest market due to the presence of a large number of leading players in the industry. The increasing demand for long-lasting and natural-looking beauty products is driving the market in this region. In addition, rising awareness regarding the availability of vegan and cruelty-free liquid makeup products is positively influencing the market in North America. For instance, in April 2021, CoverGirl launched the Clean Fresh Collection, which includes liquid makeup products.
Financial Projections
In this part of the business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your liquid makeup products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenue for your liquid makeup products business comes from memberships, casual usage, tournaments, coaching, and sponsorship. Here you will find a list with a description of each of them and other possible sources of profit such as fundraising, food & beverage, the sale of merchandise, and leasing the place for parties and corporate events.
Projecting Expenses
In this section, all the regular expenses related to keeping the liquid makeup products business running will be described. The list of operating expenses includes:
– Membership dues
– Tournament fees
– Food & beverage expenses
– Merchandise sales
– Leasing the place for corporate events
Key companies & market share insights
Some of the key companies operating in the liquid makeup market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In October 2022, L’Oreal SA launched the L’Oreal Paris Men’s Eye Shadow Palette in a new range of colors.
– In September 2022, Maybelline Cosmetics Inc. launched the Maybelline Men’s Eye Shadow in a new range of colors.
– In May 2022, L’Oreal SA launched the L’Oreal Paris Men’s Lipstick in a new range of colors.
– In April 2022, Kiehl’s Cosmetics Inc. launched the Kiehl’s Men’s Lipstick in a new range of colors.
– In March 2022, L’Oreal SA launched the L’Oreal Paris Men’s Shampoo in a new range of colors.
– In February 2022, L’Oreal SA launched the L’Oreal Paris Men’s Conditioner in a new range of colors.
Global Liquid Makeup Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global men’s grooming products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Make-up
– Skincare
– Hair Styling
– Shave/Beard Care
– Accessories
– Color Cosmetics
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Liquid Makeup
– Powder Makeup
– Foundation
– blush
– bronzer
– highlighter
– lipstick
– eye shadow
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What is the potential of product innovation?
[A]: With technology breakthroughs accelerating, businesses are implementing cutting-edge production methodologies to improve productivity and output while also instilling excellent manufacturing standards and product innovation. Product positioning and customer-specific category specification has been a source of worry for the manufacturer. However, the simple introduction of extra functionalities within the product is increasingly raising its demand from customers.
In the retail industry, design innovation is on the rise. Innovations in liquid makeup are expected to influence the [liquid makeup ] market. Consumers are interested in items that bring simplicity, convenience, and speed to their normal routine, whether they be product improvements, design innovations, feature additions, or smart feature add-ons.
[Q]: Who are the key players in the [liquid makeup ] products market?
[A]: Edgewell Personal Care Co, The Estée Lauder Companies Inc., The Kroger Co, Coty, Inc., L’Oréal S.A., Johnson & Johnson Consumer Inc., and Koninklijke Philips N.V.
[Q]: Which region offers the largest opportunity for sales of [liquid makeup ] products?
[A]: With an absolute dollar opportunity of $20 B (USD), North America is expected to be lucrative for the [liquid makeup ] products market.
[Q]: What are the factors driving the [liquid makeup ] products market?
[A]: Key factors such as the increase in the number of [liquid makeup ] salons and increased spending on [liquid makeup ] products are expected to drive market growth over the forecast period.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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