Eye Shadow Market Expected to Reach $5.1 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Eye Shadow Market," The eye shadow market size was valued at $2.8 billion in 2021, and is estimated to reach $5.1 billion by 2031, growing at a CAGR of 6.3% from 2022 to 2031.

Eye shadow can be used to draw attention to the eyes or to give them depth and dimension. It can also be used to enhance the color of the eyes or to make them appear larger. Different colors and textures of eye makeup are available. Despite also being available in liquid, pencil, cream, and mousse forms, it is mostly powdered. The companies have expanded their marketing strategies using celebrities and brand ambassadors on social media sites including Instagram, Facebook, YouTube, Pinterest, Twitter, and blogs that are specifically about makeup. Through beauty tutorials centered on particular products, these digital channels not only increase customer education but also generate product demand. In order to entice customers to try new products, it has enabled businesses to interact directly with consumers. Thus, all these eye shadow market trends is providing eye shadow market opportunities for market growth. 

Particularly in emerging economies, the rate of growth in the world's per capita income has been rapid in recent years. In many developing and developed economies, increased urbanization, an increase in middle-class customers, and a rise in the rate of female labor force participation have fostered convenience-oriented lives, raising the appeal of cosmetics products. Estimates predict that in developing countries as opposed to industrialized countries, per capita income will rise significantly during the next decade. For the expansion of the eye shadow market, this has significant implications.

According to eye shadow market analysis, the market is analyzed based on form, price range, sales channel, and region. By form, the market is divided into liquid, powder, and others. Among these, the powder segment occupied the major eye shadow market share of the market in 2021, and is projected to maintain its dominance during the forecast period. Nowadays, powder eye shadows can also be found in pencil form, which makes them more convenient to utilize. It helps with eye contouring and the correct application of color. Powder eyeshadow makes it easier to get contemporary looks like ombre eyes, bright eye makeup, and multi-colored eye makeup by enabling you to layer and blend multiple colors.

By sales channel, it is classified into online and offline. Further, offline segment is bifurcated into supermarkets & hypermarkets, mass merchandisers, departmental stores, mono-brand stores, and specialty stores. The offline segment dominates the market during the forecast period. This is a result of the popularity of retail store channels, which provide buyers a personal look at the products and enable a speedy evaluation of quality and specifications. The opportunity to evaluate prices and product quality, as well as the accessibility of a large variety of products provided by various businesses. As more beauty brands engage in direct consumer contact in an effort to cultivate devoted patrons, the hypermarkets/supermarkets segment is becoming more and more popular.

The region that dominated the global eye shadow market in 2021 was Asia-Pacific, and this dominance is anticipated to continue throughout the eye shadow market forecast period. The Asia-Pacific region is expected to experience the fastest eye shadow market growth during the forecast period. Indian consumers' growing knowledge and awareness of skincare is also anticipated to promote market expansion worldwide. In India, the value of beauty has significantly increased during the past few years.

In addition, in response to the COVID-19 pandemic epidemic, companies are spending more money on social media ads to promote their organic products. But the implementation of lockdown and curfew procedures on a global scale has impacted both domestic and foreign manufacture of eye shadow products, which in turn restrains eye shadow market expansion. Since a result, the COVID-19 pandemic had a detrimental effect on the market for eye shadow in 2020 as companies' sales declined and their operations were suspended.

Natural cosmetics are anticipated to see a significant increase in demand over the next five years. Customers want to use cosmetics that have few negative effects and are less toxic. Additionally, in order to meet consumer demands, producers are likely to employ natural ingredients in their products. In an effort to highlight the natural qualities of their eye shadow products, many major industry companies, including L'Oréal, Unilever, Color Bar, and Avon, plan to invest significant amounts of money.

The major players analyzed for global eye shadow industry are Amway Corporation, Arbonne International, Aveda, Avon, Chanel, Clarins Group, Coty Inc., Estee Lauder Companies Inc., Kao Corporation, Korres SA, L’Oreal SA, LVMH, Oriflame Cosmetics, Revlon, and Shiseido.

KEY FINDINGS OF STUDY

• By form, the powder segment was the highest revenue contributor to the market, with $1,352.3 million in 2021, and is estimated to reach $2,534.2 million by 2031, with a CAGR of 6.6%.
• By price range, the mass segment was the highest revenue contributor to the market, with $1,623.8 million in 2021, and is estimated to reach $2,895.5 million by 2031, with a CAGR of 6.0%.
• Depending on sales channel, the offline segment was the highest revenue contributor to the market, with $2,363.9 million in 2021, and is estimated to reach $4,374.9 million by 2031, with a CAGR of 6.4%.
• Region wise, Asia-Pacific was the highest revenue contributor, accounting for $1,000.9 million in 2021, and is estimated to reach $2,014.9 million by 2031, with a CAGR of 7.3%.