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<strong>Eye</strong> <strong>Makeup</strong> <strong>Marke</strong>- Global Industry Insights, Trends, Outlook, and<br />
Opportunity Analysis, 2018–2025<br />
Different types of eye makeup products such as mascara, eye shadow, eye liner,<br />
and pencils are manufactured in variety of shades and grades, which are used to<br />
enhance the appearance of the eye and to accentuate the beauty of the eye.<br />
Growing demand for eye makeup products among working women population is a<br />
major factors driving the market growth.<br />
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Furthermore, growing e-Commerce industry in the beauty and personal care<br />
segment is further propelling growth of this market. For instance, L’oreal a leading<br />
player in the cosmetics market has an 11% share of selective cosmetics market via<br />
E-commerce. Leading online stores such as Amazon, provides consumers a wide<br />
range of branded products such as mascaras, eye liners, and others at lower prices<br />
and discounts with easy accessibility. Additionally, increasing penetration of social<br />
media such as Facebook, Instagram, Twitter, and other fashion blogs is further<br />
creating awareness about the latest makeup trends, which is further propelling<br />
growth of the market. For instance, according to the Malaysian export authorities,<br />
Malaysia has a population of 31 million, of which 22 million are internet users and out<br />
of which 68% are online shoppers. Thus, online shopping segment in the eye<br />
makeup market is expected to gain high traction over the forecast period.<br />
Moreover, increasing marketing activities and advertisements by leading market<br />
players such as L’Oreal, Unilever, and others is expected to be another major factor<br />
for growth of the market. For instance, in 2017, to celebrate the success of its brand,<br />
Voluminous Original Mascara by L’Oreal, it launched a campaign called the, The<br />
Original, featuring eleven women and focusing on unique perspective on original<br />
style.<br />
<strong>Marke</strong>t Dynamics:<br />
Factors such as rapid adoption of eye makeup products in order to enhance<br />
appearance, favorable growth of cosmetics market with 35% share in Asia Pacific<br />
and 24% share in Europe coupled with increasing demand for natural cosmetics are<br />
driving growth of the global eye makeup market. Moreover, increasing number of<br />
working women globally is creating a conducive environment for growth of the
market over the forecast period. According to U.S. Department of Labor Blog, 74.6<br />
million women are in civilian labor force and over 47% of the U.S. workers were<br />
women in 2017.<br />
However, stringent regulations imposed on use of cosmetics ingredients by<br />
government authorities such as FDA, EU is a major restraint for the market growth.<br />
For instance, EU Commission regulation no. 1223/2009 is the main European<br />
legislation governing cosmetics products in Europe. According to this regulation, a<br />
person responsible for placing cosmetic products in European market should keep<br />
Product Information File (PIF) and the product information needs to be updated<br />
regularly.<br />
Increasing new product launches and product innovation by key players is expected<br />
to another factor supporting growth of the market. For instance, in 2017, EYEKO<br />
launched a multipurpose waterproof eyeliner that claims to stay under extreme sport<br />
conditions. Additionally, it comes with built-in brush and sharpener to ensure that the<br />
liner is always on point. Similarly, Maybelline also launched a new Total Temptation<br />
mascara with coconut oil.<br />
<strong>Marke</strong>t Outlook:<br />
Among product types, mascara segment accounted for highest revenue share in the<br />
market in 2016 and is projected to retain its dominant position throughout the<br />
forecast period. Factors such as low cost, ease of use, and ease of availability are<br />
expected to aid in growth of this segment. For instance, in January, 2017, companies<br />
such as L’Oreal India and Hindustan Unilever Ltd, invested significantly in eye<br />
makeup by introducing more easy-to-use product formats in kohl, eyeliners, and<br />
mascara with smaller and affordable packaging for eye shadows. However, allergic<br />
side effects such as eye irritation associated with extensive use of mascara may<br />
hamper growth of the segment.<br />
Among applications, mineral makeup segment is projected to gain major traction in<br />
the near future. Multiple advantages associated with applying mineral makeup such<br />
as better coverage, suitability for all skin types, and better protection against sun<br />
rays are projected to fuel demand for mineral eye makeup products.<br />
North America was the dominant region, in terms of revenue share, in the global eye<br />
makeup market in 2016. This is owing to presence of leading players such as<br />
Procter & Gamble, Corporation, Avon Products, Inc., Revlon, Inc., and established<br />
supply chain, in the region. In 2016, according to survey report by L’oreal, the<br />
average spending of a consumer in the U.S. on eye cosmetics from 19 to 24 years of<br />
age is US$ 49 and US$ 28 by consumers of 14 to 18 years. This is major factor for<br />
growth of the market in the region.
Asia Pacific is projected to be the fastest growing region in the global market over<br />
the forecast period. High growth of personal care industry in emerging economies<br />
such as China and India are creating a conducive environment for growth of the eye<br />
makeup market in Asia Pacific. According to India Brand Equity Foundation, in India,<br />
personal care market is expected to reach to US$ 20 Billion by 2025. Moreover, over<br />
62% of young consumers in big cities such as Mumbai, Delhi and Bengaluru prefer<br />
to buy beauty and grooming products online, whereas, 45% of consumers tend to<br />
buy cosmetic, apparel items from any shop of their convenience rather than a single<br />
shop.<br />
Increasing demand for halal cosmetics such as eye, face & lip care products in<br />
Middle East is a growth opportunity of eye makeup manufacturers. Amara<br />
Cosmetics, in 2016, introduced a new eye makeup halal product, press eye shadow,<br />
which is manufactured without the use of any alcohol and animal ingredients.<br />
However, stringent regulations imposed on use of ingredients in cosmetics is a major<br />
challenge for growth of the market in this region. For instance, in 2016, Gulf<br />
Cooperation Council Standardization Organization (GSO) replaced old labelling<br />
cosmetics & personal care product standards (GSO 1943/2009) by new standards<br />
(GSO 1943/2016). This new standards implies new packaging standards such as<br />
declaration of nano-particles, name of cosmetic products in Arabic language and<br />
amendment of the annexes according to EU 1223/2009.<br />
Leading Players:<br />
Key players operating in global eye makeup market include Procter & Gamble,<br />
Corporation, L'Oréal S.A., Shiseido Company, Limited, Avon Products, Inc., LVMH,<br />
Revlon, Inc., Chanel S.A., and The Estee Lauder Companies Inc.<br />
Key players are focusing on merger and acquisition strategy, in order to sustain its<br />
position in the market and enhance its product offerings. For instance, in December<br />
2016, The Estee Lauder Companies Inc. acquired Too Faced Cosmetics, LLC, which<br />
offers cosmetics products for eye, face, and lip care. Such activities by leading<br />
players are projected to have positive impact on growth of the market over the<br />
forecast period.<br />
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