Setting Spray Market Expected to Reach $1.6 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Setting Spray Market," The setting spray market size was valued at $840.90 million in 2021, and is estimated to reach $1.6 billion by 2031, growing at a CAGR of 6.9% from 2022 to 2031.

The market for setting spray is mostly driven by innovation in product formulation. Companies are investing in the development of new and improved setting sprays that provide a stronger hold, are less sticky, and are easier to apply. Companies are developing setting sprays that use new, advanced formulas that contain ingredients such as silicones and polymers, which provide a stronger hold and a smoother finish. These new formulas also help to reduce stickiness, which is a common issue with traditional setting sprays.

In addition, companies are introducing new and improved packaging designs, such as aerosol cans that provide a finer mist and make it easier to apply the product evenly. Moreover, innovation in product formulation has also led to the development of setting sprays that provide added benefits, such as nourishing ingredients and UV protection, making them a more versatile and attractive option for consumers.

The setting spray market shows high growth potential in Asia-Pacific and LAMEA. Asia-Pacific is one of the most varied and vibrant markets in the worldwide cosmetics sector. In Asia-Pacific nations, up-gradation in GDP per capita and framework, advancement has urbanized country regions into metropolitan regions which will benefit the market in the long run. The LAMEA setting spray market is expanding due to rising consumer buying power and economic growth in nations like Brazil, Argentina, etc.

On the other side, due to a number of negative circumstances, the revenue growth of the global setting spray market is significantly constrained. One of the main obstacles is the growing consumer awareness of the potential negative effects of cosmetic compounds such as parabens, formaldehyde, lead, aluminum, and triclosan. Breakouts/acne, oily or dry skin, early ageing, clogged pores, skin color changes, allergic reactions, eye infections, and skin cancer are typical negative effects of wearing makeup. Thus, such factors are hampering the setting spray market growth.

The setting spray market analysis is segmented on the basis of application, end use, distribution channel, and region. As per application, the market is classified into before makeup and after makeup. According to end use, the market is bifurcated into commercial and residential. Based on distribution channel, the market is classified into online and offline. Further, offline segment is classified into supermarkets and hypermarkets, retail store, and others. Region wise, it is analyzed across North America (U.S., Canada, Mexico), Europe (Germany, France, UK, Italy, Spain, Switzerland, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, Thailand, Indonesia, and Rest of Asia-Pacific), and LAMEA (Brazil, Argentina, Saudi Arabia, UAE, South Africa, and Rest of LAMEA).   

By application, the setting spray market is segmented into before makeup and after makeup. The after-makeup segment accounted for a major setting spray market share in 2021 and is expected to grow at a significant CAGR during the forecast period. Setting sprays make the makeup last longer. Setting sprays can assist mattify shine or give your appearance a glow in addition to maintaining the freshness of the makeup. The setting spray market demand for using setting spray after makeup is rising as it helps prevent the makeup from sliding, smudging, creasing, or fading quickly. 

By end use, the setting spray market is segmented into commercial and residential. The residential segment accounted for a major share in the setting spray market in 2021, and is expected to grow at a significant CAGR during the forecast period. The residential sector is the largest market for setting spray. Every day, people all over the world use setting spray for personal use. Household use of setting spray for personal use is rising as people are becoming more aware of their looks and appearance.

By distribution channel, the market is classified into online and offline. The offline segment accounted for a major share in the setting spray market in 2021, and is expected to grow at a significant CAGR during the forecast period. The offline category includes supermarkets and hypermarkets, retail stores, and others. Most towns contain a few small commercial areas that house retail businesses, most of which are minor retailers. These shops are particularly prevalent in less developed nations with low rates of hypermarket and supermarket penetration. Manufacturers prioritize offline sales as a result of their ongoing efforts to improve their items' exposure on store shelves. As a result, there are more offline options for skin care items like setting spray.

Further, the offline segment is classified into supermarkets and hypermarkets, retail store, and others. The supermarkets and hypermarkets segment accounted for a major share in the setting spray market in 2021 and is expected to grow at a significant CAGR during the forecast period. Supermarkets and hypermarkets, which are enlarged versions of department shops, feature a self-service area. It offers a wide variety of well sorted and displayed food and household items on wide shelves. Furthermore, the expansion of new superstores and hypermarkets in the suburbs has provided consumers and manufacturers with the opportunity to research the market for cosmetics goods. Thus, such factors are increasing the demand of supermarkets and hypermarkets. 

In 2021, North America accounted for 34.2% share in the global setting spray market and is expected to maintain its dominance during the forecast period. However, LAMEA and Asia-Pacific are expected to possess the highest CAGRs, owing to the rising setting spray market trends and focus on Research and Development (R&D) initiatives by market players.    

The major players analyzed for the global setting spray industry are The Estée Lauder Companies, Faces Canada, MORPHE, Insight Cosmetics, Purplle, Daily Life Forever52, Swiss Beauty, SUGAR, ESME, Lakme, e.l.f., L'Oreal Paris, AS Beauty, and Clarins. 

KEY FINDINGS OF THE STUDY   

• By application, the after-makeup segment was the highest revenue contributor to the market in 2021.
• Depending on end-use, the residential segment was the highest revenue contributor to the market in 2021.
• By distribution channel, the offline segment was the highest revenue contributor to the market in 2021.
• Region-wise, North America was the highest revenue contributor in the market in 2021.