Rising female participation in the global workforce, as well as the impact of digital marketing on consumers by social media influencers, is fueling significant growth in the global make-up base market.
This is according to a new report by Grand View Research, Inc., which predicts that the size of the market will reach $18 billion by 2025, expanding at a CAGR (Compound Annual Growth Rate) of 5.8%.
Also fueling growth in the sector is rising awareness about physical appearance, coupled with increasing purchasing power in developing countries.
Manufacturers of make-up base are, according to Grand View, placing an emphasis on digital marketing by collaborating with social media platforms and social influencers.
The report found that foundation dominated the make-up base market in 2018, accounting for more than 40% share of the total revenue. It reads: “A wide range of shades available in liquid, cream, cake and stick forms has been expanding the consumer base of the industry. The popularity of the cushion foundation has been increasing significantly over the world owing to its time saving and easy to use features.
“A shifting inclination towards natural cosmetics among millennial women is expected to prompt the industry participants to opt for product innovation.”