Makeup sales have been hard hit by global lockdowns and restrictions on socialising and events, as consumers have had less need to put on a public face.
But Fortune Business Insights estimates that as the world returns to normal, the demand for colour cosmetics will resume its upward trajectory.
According to the data tracker, the global colour cosmetic market is predicted to reach US$91.78 billion by 2027 – a CAGR of 3.6 per cent.
The company profiled such leading players as L’Oréal, Estee Lauder, Coty, Avon and Shiseido.
As economies start to recover, Fortune Business Insights predicts that disposable income in developed and emerging markets will increase and the makeup category will be bolstered by the growing demand for naturally-based formulas and the ongoing shift to online sales.
Another key trigger for the worldwide cosmetics market, says WGSN, the leading trend and analytics firm, will be the increasing availability of personalised colour cosmetics.
A growing number of companies, such as L’Oréal and P&G, are working on precision-applied foundation and colour-matched lipstick, for example.
In the not-too-distant future, consumers will be offered the chance to print their own makeup to order, adds WGSN.
The New York-based beauty tech firm, Mink, has already developed a 3D makeup printer that can instantly transform any image into wearable makeup, printed onto a sheet, and it will be first-to-market over the next 6 months.