The
global facial makeup market demonstrates a highly fragmented business
structure, owing to the presence of a massive pool of regional and
international vendors of facial makeup, states Transparency Market
Research (TMR). The competition is projected to soar further as the
leading vendors are increasingly concentrating on innovation in
products to meet the ever-changing fashion trends and the subsequent
changes in the demands of consumers. They have also turned to fashion
shows and celebrity endorsements for the marketing of their products.
Going forward, vendors are expected to add significantly to this
market with continual product launches, mergers, acquisitions,
strategic alliances, and price wars, reports the research study.
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Global
Facial Makeup Market to Rise at 6.10% CAGR between 2017 and 2022
As
per the estimations of TMR, the global facial makeup market is
expected to offer an opportunity worth US$8.60 bn by 2017. The market
is anticipated to rise further at a CAGR of 6.10% during the period
from 2017 to 2022 and attain a value of US$11.54 bn by the end of the
period of the forecast. “The improvement in the consumers’
lifestyles across the world has highly influenced the worldwide
market for facial makeup,” says an analyst at TMR.
As
consumers are increasingly becoming conscious about their physical
appearance, their craze for a well-maintained personality and
polished look is also witnessing a consequent rise, leading to a
swelling demand for facial makeup products, as these products play an
important role in enhancing one’s facial features and beauty. This,
as a result, is boosting the market for facial makeup significantly
across the world. Over the coming years, the market is expected to
gain significantly from the increasing trend of blemish base (BB)
creams and color correcting (CC) creams, states the research study.
Facial
Makeup Market to Witness Strong Growth in APEJ
The
report also provides a geographical evaluation of the global market
for facial
makeup. According to the report, the market is categorized
into the Middle East and Africa (MEA), Europe, Asia Pacific excluding
Japan (APEJ), Japan, North America, and Latin America. Among these,
Asia Pacific excluding Japan is projected to emerge as the leading
regional market for facial makeup in the years to come, rising at a
CAGR of 7.10% over the period of the forecast. The remarkable
increase in the purchasing power of consumers in the APEJ region is
likely to boost the APEJ market for facial makeup over the next few
years, ensuring its dominance.
Supermarkets
and hypermarkets have surfaced as the most prominent sales channels
for facial makeup products, worldwide. Researchers at TMR project
these sales channels to maintain their supremacy throughout their
forecast period. However, with the increasing prominence of online
retail sites, E-commercial sales channels are also projected to gain
momentum in the near future.
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