Eye Makeup Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Eye Makeup Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The Eye Makeup Market is projected to register a CAGR of 5.40% during the forecast period.

Eye cosmetic products such as eyeshadow, eyeliner, mascara, and kohl are formulated using water, emulsifiers, moisturizer, thickeners, and fragrances. Eye cosmetic products are available in different colors ranging from subtle to bold shades. The customer demand for waterproof and mineral-based products has led to a substantial development in the 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, 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. Additionally, the growth of private label brands in the eye cosmetics market is also driven by social media and its positioning around affordable luxury. Celebrities like Lady Gaga are promoting the use of cruelty-free and vegan cosmetic products by offering their product range, namely the Haus Laboratories.

However, stringent regulations on the use of ingredients in cosmetics are a major challenge to the market's growth. The growing adoption of eye makeup products to enhance appearance, along with favorable growth of the cosmetics market and increasing demand for natural cosmetics, is driving the growth of the eye makeup market.

Globally, deep internet penetration contributed to consumers' awareness of facial beauty products. According to the International Telecommunication Union, global internet usage reached approximately 5.3 billion users in 2022, up from 4.9 billion in 2021. The increased number of active social media users on most social media platforms, including Instagram, Facebook, YouTube, and Twitter, drives the market. Consumers increased time on their phones has boosted their exposure to beauty content on social media, which has sustained the demand in certain beauty and personal care categories, such as facial beauty products, which mainly include eye makeup products. These platforms have become a major marketing strategy for eye makeup brands looking to reach a wide audience. Social media’s influence on consumers is significant, as over a third of online shoppers in the United Kingdom have purchased products after seeing them advertised on social media in the past few months. Furthermore, the trend of social media influencers showcasing their beauty regimens has been rising over the past few years. Both local and international eye cosmetics brands are turning to influencers to increase their brand awareness and reach potential consumers. Moreover, beauty influencers showcase different types of eye makeup, which entices consumers to purchase makeup from that particular brand, further leading to the demand for that brand.

Asia-Pacific is the expected region in terms of growth in the eye makeup market due to rising social media advertising of stylish eye looks and increasing preference for natural cosmetic products among women in countries such as China and India. The growing trends toward bold eye makeup and eyebrow pencils with long-lasting eyelashes are expected to spur growth prospects for 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. Owing to such opportunities new players have been entering the market, for instance, in June 2022, Pat McGrath a brand that offers various eye makeup products entered the Indian market with India's online beauty platform. Creating fashion-led eyebrow products which harness popular culture is a great way to tap into such a trend. There is rising demand for various luxury eyes makeup products such as mascara, eyeliner, eye shadow, and other products among individuals in countries. Moreover, there’s an increasing demand for waterproof eye makeup products, especially during summer. This product makeup that can withstand hot and humid weather conditions is gaining popularity among women, increasing the demand for such eyebrow products.

The eye makeup market is expected to be highly competitive, owing to the increasing demand for beauty products among the women population. The major players operating in this market are L’Oreal S.A., The Estée Lauder Companies Inc., Coty Inc., Shiseido Company, Limited, and Natura & Co (Avon). Some of the major developments in the market studied include 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 customers globally. For instance, 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.

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support