According to a recent report by Future Market Insights (FMI), the BB cream market is expected to surpass a valuation of US$ ~ 3,433.2 Mn in 2021 and at a CAGR of approximately ~9.1% through 2027.
Increasing urbanization has led to changes in the lifestyle of consumers which is driving the demand for innovative cosmetic products in the market. Moreover increasing population of working women aged 25 and over is another factor driving sales of premium quality makeup and grooming products including BB creams.
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As per the statistics of the Catalyst, less than half (~47%) of all women account for the global workforce. Working females are self-dependent, they tend to spend a decent amount of income on their appearance and hobbies. Women emphasis on personal appearance is a key growth driver for the market.
Time-saving is another major factor that is attracting customers. Initially, BB creams were introduced to target young people, especially women who want to hide pimples as well as uneven skin tones. Later on, BB creams targeted young mothers who have less time but want to look good without having to engage in complex make-up procedures. Hence, BB creams became a perfect solution for young mothers.
Owing to the above-mentioned factors, BB cream is not only popular among women, but also among men due to increasing consciousness among the latter about their physical appearance, owing to which they spend a considerable amount of time and money to look good.
Also, an increase in disposable income and higher spending power in women is driving sales of cosmetics in the market. Multifunctional beauty products offer long term benefits along with natural and herbal products. These products are offered to consumers at comparatively lower costs thus driving sales in the cosmetic market.
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Key Takeaways from the BB Cream Market Study
- Among the global BB cream market’s skin type, the largest is Combination, which represents US$ 996.9 Mn of the market in 2021. It is growing rapidly over the course of the forecast period, and this absolute growth is larger than any other segment.
- The popularity of BB cream has spread to South Asia, mainly in Korea. Apart from its benefits, the fact that it helps to reduce the time required to apply makeup has attracted a large number of women.
- The rising demand for BB creams was primarily witnessed among the working-class population, which does not have the time to spend on an elaborate make-up routine.
Impact of COVID-19 on the Market
The outbreak of the novel coronavirus pandemic has hampered the demand for cosmetics and personal care products, as the purchasing power of the customers were changed. As per the World Bank, the global economy is poised to stage its most robust post-recession recovery in 80 years in 2021. However, with the public and government support and vaccination drive, again the economy is coming on a track.
Who is winning?
Leading manufacturers of BB cream are focused on aggressive promotional strategies and advertisements that have driven sales growth of BB cream globally. Major players present in the BB cream market are L’Oreal S.A., The Estee Lauder Companies Inc., Shiseido Company Limited, Unilever, Christian Dior SE, Revlon, Inc., Coty Inc., Avon Products Inc., Missha US Inc., The Clorox Company, L’Occitane International S.A., AmorePacific Corporation, Stila Styles LLC, Tarte Inc., Lancome SA, Groupe Marcelle, Bobbi Brown Professional Cosmetics Inc., Physicians Formula Holdings Inc., Clinique Laboratories LLC, Dr. Jart., Shiseido Company Limited, Unilever, Christian Dior SE, Revlon, Inc., Coty, Inc., Avon Products, Inc., and Missha US Inc. among others.
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the global BB cream market, presenting historical demand data (2013-2021) and forecast statistics for the period from 2022-2027. The study divulges compelling insights on the BB cream market based on the skin type (dry, normal, oily, combination, and sensitive), SPF type (below 15 SPF, between 15-30 SPF, and above 30 SPF), end-user (men and women), sales channel (direct selling, specialty outlets, supermarkets/hypermarkets, convenience stores, beauty stores, e-retailers, and others sales channel) across each of the seven areas across seven major regions.
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