Rising application of Makeup
Rapid economic development coupled with the rising disposable income increases the demand for the cosmetics products. This is further expected to drive the makeup remover market. Moreover, increasing female working population coupled with large application of makeup fuel the market growth of the global makeup remover market. Additionally, high demand for makeup among the men population on the account of increasing participation in plays, shows, parties and other events.
Cost Effective and Convenient
Latest advancements in packaging industry had made the makeup removers suitable for carrying. Additionally, cost effective and convenient packaging is expected to support the demand for makeup remover during the forecast period.
Currently the global makeup remover market is observing significant growth on account of increasing number of working women population coupled with the increasing usage of the makeup. Additionally, increasing demand from male and teen population on the account of increasing application of makeup products. This is also driving the market growth of the global makeup remover market.
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According to Cosmetics Europe, the percentage of male and females preferring make up in Europe in the year 2017. There are 65% of females and 15% of males that prefer makeup in Europe region. However, rest of Population have neutral opinion about makeup. The increased application of makeup is expected to escalate the makeup remover market during the forecast period. Makeup remover market is anticipated to record a CAGR of 8.2% over the forecast period. The makeup remover market is expected to reach a value of USD 2.8 billion at the end of the forecast period.
Among the distribution channels, the offline segment is expected to observe the highest growth owing to easy availability. On the basis of application type, eye makeup remover is projected to experience the highest growth owing to its large application on a daily basis.
Rising consumer awareness regarding the harmful chemicals
The makeup removers are made of chemicals which can harm the skin by causing rashes and irritation. Thus, it is expected to inhibit the growth of makeup remover market globally.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Anil Kumar, Ipsheeta Dash