According to a recent report by Future Market Insights (FMI), the global eyeshadow market is expected to surpass a valuation of US$ 2.7 Bn in 2021. Sales of eyeshadows are expected to surge as the healthy CAGR of over 6.8% through 2031.
With growing preference for natural and organic in household supplies, preference for natural and organic in the beauty industry has also rapidly increased. Beauty enthusiasts are increasingly adopting natural products as the focus on maintaining good and healthy skin is surging.
This trend has transformed beauty enthusiasts, which is directly impacting the sales of cosmetic products such as eyeshadows. With changing perception regarding natural beauty products among consumer, key players are focusing on product development and innovation which facilitate the custom needs and requirement of informed beauty enthusiast and beauty bloggers.
Informed beauty enthusiasts often opt for color cosmetics such as eyeshadows that are safe and provide a natural experience. Hence, rising prevalence of natural and organic products has fueled growth in the eyeshadow market.
On the back of growing trend for natural and organic products, ‘plant-based’ has become a new buzz word in the market. Numerous key players are offering color cosmetics such as eyeshadows made from plant-based ingredients to voice out their products to potential and informed consumers.
For instance, MAC Cosmetics, Foraged Fields, W3LL People are few of the brands that are introducing ‘plant-based’ beauty products to promote their eyeshadow offerings. Subsequently, these players are also using numerous claims and connotations to further highlight the benefits of their eyeshadow offerings.
Few of the prominently used claims include clean, paraben-free, phthalate-free, sulfate-free, cruelty-free, gluten-free, mica-free, non-toxic, titanium-dioxide free, oxides-free, and non-GMO, among others. Such promotional strategies is grabbing the attention of millennials and beauty enthusiasts in the market.
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2016-2020 Global Eyeshadow Market Outlook Compared to 2021-2031 ForecastDemand for eyeshadow grew at a healthy 6.8% CAGR between 2016 and 2020. Over the past few months overall beauty industry has been greatly impacted by the outbreak of the novel coronavirus.
Disruption in retail stores and shops was one of the primary factors dampening the sales of cosmetic products in the industry. To sustain their businesses and curb the losses incurred due to the global pandemic outbreak, retail shop owners undertook numerous efforts.
The cosmetic industry is known for its long term attractiveness. Since past few decades the industry has successfully generated and attracted loyal consumers. All these factors will aid the growth of eyeshadow market in the coming years.
Also, with steady resumption in social activities and commencement of vaccination, sales of eyeshadows are expected to register an upward trend during the forecast period. Based on these factors, FMI projects the global eyeshadow market to achieve optimistic growth in the coming years.
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 professional application is dominating the market with largest market share, personal application segment will exhibit 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
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Who is Winning?Leading manufacturers of eyeshadow are focused on aggressive promotional strategies, advertisements, and new product launches that have driven sales growth of eyeshadow globally.
Major players present in the eyeshadow market are L’Oreal SA, LVMH (Moët Hennessy -Louis Vuitton), Estee Lauder Companies Inc., Revlon Inc., Shiseido Co. Ltd., Chanel SA, Coty, Inc., Amway Corporation, Aveda Corporation, Kao Corporation, Oriflame Holdings AG, Clarins Group, Korres SA, Arbonne International, LLC. And Others.