As per the report, the global makeup tools market could rise at a 9.45% CAGR during the 2017-2023 timeline. In 2017, the market was worth a US$ 1.83 Bn. However, it is forecast to reach a valuation of US$ 3.15 Bn by the end of 2023.
The characteristics of marketing channels may differ from company to company in the global makeup tools market. The consumption rate is expected to show a smooth growth curve as the industry nears maturity. Besides price, the market is largely influenced by product performance. Apart from fluctuations in the gross margin, the price gap between different companies is expected to narrow down as the competition intensifies.
Global Makeup Tools Market: Drivers
Increasing disposable income
Growing consciousness about appearance
Development of skin-friendly or organic products
Rise of e-commerce and online shopping
Changing lifestyle of people
Launch of new products
High demand from young consumers
Global Makeup Tools Market: Forecast by Product and Application
The research analysts have divided the global makeup tools market into sponge, eyelash tools, brushes, and other segments.
On the basis of application, the global makeup tools market is classified into online sales and offline sales.
The report has taken into account their growth rate, market share, price, revenue, and other significant factors when analyzing all of the aforementioned segments.
Global Makeup Tools Market: Forecast by Region
Developed countries are considered to be the key consumption markets for makeup tools. Western Europe and the U.S. mainly supply high-end products in the global makeup tools market.
Asia Pacific exhibits faster growth in the global makeup tools market in terms of consumption. Between 2013 and 2017, it rose at an 8.15% CAGR. Followed by North America holding a 20.4% market share, Europe is one of the leading regions of the market as it secures a 26.0% share.
The report has assessed other geographies as well, viz. India, Southeast Asia, Japan, and China. It has focused on their growth opportunities, market shares, value, sales, and other vital factors.
Global Makeup Tools Market: Competitive Analysis
The presence of over hundreds of manufacturers across the world shows that the global makeup tools market is not highly concentrated. The EU and the U.S. witness the presence of giant manufacturers.
Makeup tools are usually available for customers to purchase along with other makeup and personal care products in Korea, Japan, the EU, and North America. However, they are sold separately in China. This slightly puts Chinese manufacturers on the back foot when it comes to sales as the scenario amounts to low market penetration. Nonetheless, they have realized this marketing disadvantage and already started to work on it. With that being said, Chinese OEMs are chosen by global market leaders to manufacture their products.
Global Makeup Tools Market: Vendor Landscape
Players operating in developed countries prefer investing in underdeveloped regions since the downstream consumption generally follows economies showing rapid growth, of which BRICS could be a good example. The demand for makeup tools could increase in underdeveloped regions due to their quick economic growth and population increase. People are looking to improve their living standards because of the global economic recovery.
In order to ensure growth and development in the global makeup tools market, players are taking to inter-companies cooperation and merger and acquisition.
Major players are expected to collect a stronger share of high-end markets as they provide impeccable after-sales service, show better technical performance, and offer a wide variety of products. On the other hand, small players struggle with their low diversity of products and poor manufacturing, which lead to less number of applications to cash in on. Nevertheless, they enjoy the price advantage in the global makeup tools market.
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