Global face make-up market to grow 5% annually by 2020
The global make-up market is expected to grow at a compound annual growth rate (CAGR) of 5% over the next four years, according to research firm Technavio.
Face make-up, according to the report, includes the following cosmetic products: foundation, face powder, blush, concealer and bronzer. Each category witnessed considerable growth in 2015, leading to a collective market forecast of 5.63% revenue growth by 2020.
By product, foundation is the leading segment for face-up make-up, recording a market share of 31.26% in 2015. Technavio researchers predicted foundation will see steady growth during the forecast period, posting a CAGR of 5.81%.
Meanwhile, the global bronzer market was valued at $2.33 billion in 2015. It will reach $2.83 billion by 2020, growing at a CAGR of 3.96%, said the report.
Between 2013 and 2014, the sales of concealers in the UK rose by 6%, said the report. In the current market, the demand for concealers has been on the rise, it said, particularly with the "no make-up" trend catching on worldwide.
The top cosmetic vendors for face make-up, according to the report, include Coty, Estée Lauder, L’Oréal, LVMH and Shiseido.
Highlighting product development initiatives designed to meet changing consumer needs, Techavio researchers made special mention of Yves Saint Laurent and its two-in-one lipstick blush.
"In 2014, Yves Saint Laurent registered significant growth in its make-up segment, driven by the launch of Baby Doll Kiss & Blush, a multifunctional product that can be used to color lips as well as cheeks."
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