According to Future Market Insights (FMI’s) most recent research, the eyeshadow market’s demand increased year over year (YoY) by 5.5 percent in 2021, reaching a market worth of US$ 2.7 Billion.
Sales of eyeshadow are anticipated to surpass 743 Mn Units over the forecast period, growing at a 6.8 percent CAGR. In terms of the region, North America and Europe are anticipated to be the most lucrative markets, with the United Kingdom, the United States, Australia, and Germany emerging as the primary producers.
Natural and organic products are becoming more and more popular in the domestic supply sector, and this trend has also been accelerating in the cosmetics sector. Natural products are becoming more and more popular among beauty aficionados as the emphasis on preserving healthy skin increases.
This trend has changed beauty enthusiasts, which has a direct effect on the demand for cosmetics like eyeshadow. Key companies are concentrating on product development and innovation to meet the specific needs and requirements of knowledgeable beauty enthusiasts and beauty bloggers as consumer perceptions about natural beauty products change.
Color cosmetics that are secure and offer a natural experience, like eyeshadow, are frequently chosen by knowledgeable beauty aficionados. Thus, the market for eyeshadow has grown as natural and organic products have become more commonplace.
The term “plant-based” has gained popularity in the industry as a result of the expanding desire for natural and organic products. To promote their goods to potential and informed consumers, many major firms are selling color cosmetics like eyeshadows created from plant-based materials.
To advertise their selections of eyeshadow, firms including MAC Cosmetics, Foraged Fields, and W3LL People have introduced “plant-based” beauty products. These participants then make a variety of statements and inferences to emphasize the advantages of their selections.
Clean, paraben-free, phthalate-free, sulfate-free, cruelty-free, gluten-free, mica-free, non-toxic, titanium-dioxide-free, oxides-free, and non-GMO are a few of the frequently used claims. Such marketing techniques are drawing millennials and beauty fanatics to the market.
Key Takeaways from the Eyeshadow Market Study
- In terms of product form, powder form holds a notable share of 44.7% through 2031 owing to the increasing adoption for personal as well as professional use.
- While the professional application is dominating the market with the largest market share, the personal application segment will excite bit highest growth at 7.9% CAGR through 2021 & beyond.
- Online retail sales channel is expected to register a CAGR of 8.7% during the forecast period owing to the growing digital transition.
- The U.S. is expected to be the most lucrative market in North America reflecting growth at a CAGR of 2.3% through 2031.
- The U.K. will emerge as a leading market across Europe, registering growth at 5.1% CAGR during the forecast period
Currently, on the market, beauty brands place more emphasis on “above-the-line” promotional tactics such as celebrity endorsements, media marketing, and swaying consumer perception through in-store beauty advisors and experts.
In the upcoming years, it is anticipated that this active involvement of cosmetic brands would further increase demand for eyeshadow. The eyeshadow market is dominated by numerous top brands, creating fierce competition.
As a private label, prestige, and independent brands are currently beginning to emerge on the market, certain well-known brands are gradually losing their market share. Players in the industry are therefore concentrating on improving product development to combat intense competition. For example,
With the introduction of its new cream eyeshadows in two new colors, including Pilow Talk (a dusty pink tint with rose-gold shimmer), Walk of No Shame, and 2021, Charlotte Tilbury expanded the range of its products (rosette-gold with sparkle).
A new Underground BioBrilliant Glitter Eyeshadow Palette from MAC with four hues made of plant-based components was released in 2020.
2017 saw the introduction of a new product line from Tarte Cosmetics, which includes the “Buried Treasure Eye Pallete,” a collection of 10 dazzling shadows.