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Makeup Palettes Market outlook with industry review and global forecasts | Trends in 2019
Market is Expected to Grow at the Highest CAGR During the Forecast Period
The global makeup palettes market is fragmented in nature. A large number of global and regional players offer a wide range of products due to rise in competition in the market. Major players operating in the market include L’Oreal S.A, MAC Cosmetics, Bobbi Brown Professional Cosmetics, Inc., Revlon, Inc., Anastasia Beverly Hills, Inc., NARS Cosmetics, Revlon Inc., Morphe Cosmetics, Urban Decay, NYX Professional Makeup, The Estée Lauder Companies Inc., Tarte Cosmetics, and BECCA.
Makeup palettes are flattish slate objects of various shapes, carved with motifs, especially in small pieces, containing a recessed area for holding eye, lip, or overall face makeup. Makeup palettes are available in different colors and textures. These are usually available in powder form, but can also be found in cream or mousse form.
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Major factors expected to drive the growth of the makeup palettes market are convenience and ease of use of the product. Furthermore, significant rise in disposable income of people, economic growth of countries across the globe, changing lifestyle of people, and increase in trend of using makeup products since the last few years are driving the growth of the global makeup palettes market. Increasing demand for herbal, natural, and organic makeup products is creating potential opportunities for manufacturers to develop and innovate new products for the market. These factors are expected to fuel the growth of the global makeup palettes market during the forecast timeline.
Marketing strategies such as advertisement of products on social networking sites and other websites, along with endorsements of products by celebrities, are anticipated to further aid the growth of the global makeup palettes market in the next few years. However, high cost of makeup palettes is expected to restrain the demand for the product in the global market. In addition, settling of pigments from darker shades to lighter shades and vice-versa in makeup palettes is also posing restrain to the growth of the market.
The global makeup palettes market can be segmented based on product, type, size, application, end-use, sales channel, and geography. In terms of product, the market can be classified into eye shadow palette, contour palette, blush palette, lip palette, highlighter palette, eyebrow palette, and color correcting palette. Eye shadow palette is expected to dominate the global makeup palettes market during the forecast timeline. Based on type, the global makeup palettes market can be divided into powder form, cream form, and mousse form. In terms of size, the market can be categorized into mini, small, medium, large, extra-large, and others (domed, double-sized etc.). Based on application, the global makeup palettes market can be bifurcated into daily use and performing use. In terms of end-use, the market can be segregated into professional and personal.
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Based on sales channel, the global makeup palettes market can be divided into online channel and offline channel. Offline channel can be sub-divided into supermarkets and hypermarkets, specialty stores, and departmental stores. A major trend prevailing in the market is the launch of websites and brand-specific social media profiles of multinational companies. The online sector is gaining immense popularity as certain cosmetic products such as makeup palettes are available only on online platforms. In terms of geography, the global makeup palettes market can be classified into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is expected to continue to dominate the global makeup palettes market as it is comprises almost half of the world’s high-income class of people. In Asia Pacific, the makeup palettes market is expected to grow rapidly during the forecast timeline.
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