The demand in the eyeshadow market grew by year-on-year (YoY) 5.5% in 2021, reaching a market valuation of US$ 2.7 Bn.
Expanding at a 6.8% CAGR, sales of eyeshadow are projected to top 743 Mn Units over the forecast period. Regionally, North America and Europe are expected to emerge as the most lucrative markets, with the U.K, the U.S., Australia and Germany emerging dominant as key producers.
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.
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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.
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
“Beauty brands are currently stressing more on leveraging advanced technology to facilitate safer cosmetic product trials. Adoption of virtual reality to motivate online shopping also is expected to create remunerative prospects for the market during the forecast period. Use of such technology in beauty industry has largely facilitated in personalizing online consumer experience and also alleviate the problems associated with in-person trials.” says an FMI analyst.
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Competitive Landscape
Beauty brands currently operating in the market are stressing more on ‘above-the-line’ promotional strategies that involves celebrity endorsements, marketing through media channels, and influencing consumer perception through in-store beauty experts and consultants.
Such active participation of beauty brands is further expected to improve the demand for eyeshadows in the coming years. Numerous leading brands are dominating the eyeshadow market, resulting in intense competition.
Several well-established brands are slowly losing their foothold in market as the market is currently experiencing the emergence of private label, prestige and indie brands. Thus to resist high competition, players in the market are focused on enhancing product development. For instance,
- In 2021, Charlotte Tilbury improved its product portfolio with the launch of its new cream eyeshadows in two new shades that includes Pilow Talk (shade of dusty pink along with rose-gold sparkle) Walk of No Shame (rusette-gold with sparkle).
- In 2020, MAC introduced new Underground BioBrilliant Glitter Eyeshadow Pallete with four shades made up of plant-based ingredients.
- In 2017, Tarte Cosmetics announced the launch of its new product line that included “Buried Treasure Eye Pallete” which comes with 10 shimmering shadows.
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