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Makeup Base Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global makeup base products market was valued at USD 5.25 billion in 2023 and is projected to expand at a CAGR of 4.3% from 2024 to 2031. Growing demand for makeup base products can be attributed to the increasing focus on physical appearance among consumers, especially among the younger generation. The demand for base makeup products, such as foundation and concealer, is expected to remain steady due to the growing awareness of skin protection and coverage. Furthermore, the rising popularity of organic makeup products is expected to drive the market growth.
Moreover, the introduction of innovative products with advanced features is expected to contribute to the growth of the market. For instance, in May 2021, MAC Cosmetics introduced its new Fix+ Magic Radiance, a hydrating and illuminating spray that contains ingredients such as coconut oil, aloe vera, and other essential oils and vitamins. Furthermore, increasing investments by market participants in research and development activities aimed at introducing new products are expected to provide a boost to the market.
The increasing popularity of premium makeup brands is also driving the demand for makeup base products. For instance, in December 2021, Estée Lauder introduced its new Double Wear Stay-in-Place Makeup SPF 10, which provides a natural, flawless look and is available in a wide variety of shades. Furthermore, the increasing number of fashion shows, beauty pageants, and influencer marketing campaigns is expected to drive the demand for makeup base products.
The growing demand for products with natural ingredients is expected to be a major factor driving the market. Consumers are increasingly opting for products made with natural ingredients, as they are considered to be safer and more effective than synthetic ones. Moreover, the growing demand for products with SPF protection is expected to be a key factor driving the market. This can be attributed to the increasing awareness among consumers regarding the harmful effects of sun exposure on the skin. Furthermore, the increasing trend of vegan makeup is expected to fuel the demand for makeup base products in the coming years.
Product Insights
The face makeup base segment held the largest share of the market in 2020. Increasing demand for long-lasting makeup base products (such as foundations, primers, and concealers) has been driving the growth of this segment. Growing awareness regarding the importance of skin and face care among individuals is the primary factor driving the demand for face makeup base products. According to an article published by the National Institute of Health, in June 2020, the face makeup base market is expected to grow at a CAGR of 7.4% during the forecast period.
The eye makeup base segment is expected to expand at the highest CAGR of 8.1% during the forecast period. Growing adoption of eye makeup base products such as eyeshadow, mascara, and eyeliner is driving the growth of this segment. Increasing awareness about the importance of eye makeup among individuals is a key factor driving the demand for eye makeup base products. Furthermore, the emergence of various eye makeup brands and the growing trend of social media makeup tutorials are other factors driving the growth of this segment.
Distribution Channel Insights
The supermarkets and hypermarkets segment captured the major share of over 34.2% in 2022. The growth of the segment is mainly driven by the increasing consumer demand for makeup base products from the supermarkets & hypermarkets. The customers are increasingly inclined towards the product range available at these stores as it provides them with a wide selection of options to explore. In addition, these stores also offer attractive discounts and deals on makeup base products helping the customers to save money while purchasing.
The online segment is anticipated to expand at the highest CAGR of 16.3% over the forecast period. The rising number of e-commerce websites and mobile applications offering makeup base products is one of the major factors driving this segment. A large number of customers are increasingly switching to online platforms to purchase makeup base products as it helps them access a wide range of products with attractive discounts and offers. Moreover, the availability of detailed product information, reviews, and ratings on these platforms helps customers make informed buying decisions.
Type Insights
The powder segment accounted for the largest market share of 53.6% in the year 2022. The popularity of pressed powder base is mainly due to its easy application and light coverage. In addition, this type of base offers good oils control, helping to keep the face shine free. Moreover, the availability of powder base in various shades and tones enables users to find the perfect match for their skin.
The cream segment is expected to expand at the highest CAGR of 9.4% over the forecast period. The increasing demand for cream-based makeup products is attributed to their ability to provide a natural and dewy finish to the skin. Furthermore, the benefits of cream-based makeup, such as long-lasting coverage, even application, and moisturizing effects, are some of the factors driving the growth of this segment. Additionally, the launch of innovative products such as L’Oreal Paris Infallible Total Cover Cream Foundation is expected to propel the demand for this segment over the forecast period.
Regional Insights
Asia Pacific dominated the market and accounted for the largest revenue share of over 33.9% in 2022. The presence of prominent players and the growing popularity of K-beauty are some of the key factors driving the growth of the market in the region. Additionally, the growing demand for affordable makeup products in the region is further expected to boost the growth of the market. For instance, in April 2021, Japanese brand Shiseido launched the online store, Shiseido Makeup Base, in India to cater to the growing demand for makeup products.
North America is expected to be the second-largest region in terms of revenue, owing to the presence of leading players in the region. The growing demand for makeup products and the rising disposable income of consumers are some of the key factors driving the growth of the market in the region. Furthermore, the growing demand for eco-friendly and organic products is also expected to boost the growth of the market. For instance, in November 2021, NARS launched a new makeup base product, Soft Matte Complete Foundation, which is made with natural and organic ingredients.
Financial Projections
In this part of the makeup base products 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 makeup base products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a makeup base products business comes from the sale of makeup products, subscription and membership fees, and advertising services. Here you will find a list with a description of each of them and other possible sources of profit such as the sale of beauty and wellness services, affiliate marketing, and sponsorship.
Projecting Expenses
In this section, all the regular expenses related to keeping the makeup base products business running will be described. The list of operating expenses includes packaging, wages, maintenance and repairs, utilities, insurance policies, marketing, and others.
Key companies & market share insights
Some of the key companies operating in the makeup base products 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 June 2022, L’Oreal launched True Match Lumi Glotion, a lightweight, illuminating lotion designed to give skin a natural glow.
– In August 2022, Maybelline launched Dream Urban Cover Foundation, a long-lasting, full coverage foundation designed to protect the skin from environmental stressors.
– In October 2022, Estee Lauder launched Double Wear Stay-in-Place Makeup, a lightweight, long-lasting liquid foundation to provide a natural looking finish.
Some of the prominent players in the makeup base products market include:
– L’Oreal S.A.
– Estee Lauder Companies Inc.
– Shiseido Co., Ltd.
– Procter & Gamble Co.
– Kao Corporation
– Beiersdorf AG
– Unilever PLC
– Coty, Inc.
– Revlon, Inc.
– Maybelline LLC
Global Makeup Base 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 makeup base products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Foundation
– Concealer
– Primers
– Loose Powders
– Setting Sprays
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Drugstores & Pharmacies
– Online
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Mass
– Premium
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the Major Drivers of the Makeup Base Products Market?
[A]: The major drivers of the Makeup Base Products Market are the increasing demand for cosmetics and the rise in disposable income. The rising popularity of beauty bloggers and influencers, increasing number of beauty salons, and the increasing need for skin care and beauty products are also driving the market. Furthermore, the growing demand for natural-based products, and the rising awareness about the harmful effects of synthetic chemicals in makeup products are also promoting the demand for makeup base products.
[Q]: What are the Key Players in the Makeup Base Products Market?
[A]: The key players in the Makeup Base Products Market are L’Oréal S.A., Estée Lauder Companies Inc., Procter & Gamble Co., Shiseido Co. Ltd., Avon Products Inc., and Coty Inc.
[Q]: What is the Future Outlook of the Makeup Base Products Market?
[A]: The Makeup Base Products Market is projected to grow at a CAGR of 6.5% during the forecast period of 2020-2025. This growth is attributed to the increasing demand for cosmetics and the growing awareness about the importance of personal grooming.
[Q]: What are the Major Types of Makeup Base Products?
[A]: The major types of Makeup Base Products are primers, foundation, concealers, and others. Primers and foundation are the most popular makeup base products, as they help even out the complexion and provide a smooth base for the rest of the makeup. Concealers are used for covering blemishes, scars, and dark circles.
[Q]: What are the Regions with the Highest Demand for Makeup Base Products?
[A]: North America and Europe are the regions with the highest demand for Makeup Base Products. This is due to the increasing demand for cosmetics and the presence of many leading cosmetics and skin care brands in these regions. Additionally, the growing awareness about personal grooming and the increasing disposable income are also contributing to the growth of the market.
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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