Emerging Trends, Drivers and Challenges in the Makeup Base Market 2019 - 2023 | Technavio
The global makeup base market size is poised to reach USD 2.65 billion by 2023, according to a new report by Technavio, progressing at a CAGR of over 5% during the forecast period.
The market is driven by the growing demand from millennial consumers. In addition, the rising adoption of multichannel approach in retail business is anticipated to further boost the makeup base market during the forecast period.
Currently, a combination of the growing millennial population and an increase in their spending power has created growth opportunities for cosmetics vendors. This population group makes purchase decisions based on the ingredients used in the manufacture of cosmetic products. This has resulted in vendors targeting millennials with a wide range of product lines in the makeup base market. For instance, in March 2017, Estée Lauder acquired two cosmetic brands, Too Faced and BECCA, which target the millennials. The growing penetration of internet-enabled mobile devices among millennials has resulted in a steady shift toward online retail platforms, which offers convenience along with a variety of products and brands. Thus, young millennials are expected to drive the global makeup base market during the forecast period.
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Furthermore, the vendors in the makeup market have realized the importance of multichannel distribution in retail sales of different makeup base products. Multichannel sales help vendors operating in the market to build a relationship with their customers. For instance, Christian Dior is engaged in multichannel sales such as couture sales, store-based sales, and online sales. Thus, such factors are expected to significantly boost market sales during the forecast period.
Key Regions for the Makeup Base:
Featuring a breakdown of region wise market shares until 2019.
· North America
· South America
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