Eye Shadow Market Is Estimated To Witness High Growth Owing To Growing Urbanization

The Eye Shadow Market is estimated to be valued at US$ 3.76 Bn in 2024 and is expected to exhibit a CAGR of 6.6% over the forecast period 2024- 2031, as highlighted in a new report published by Coherent Market Insights.

The eye shadow market is witnessing high growth owing to growing urbanization and rising disposable incomes in developing countries. Urbanization has increased exposure to modern beauty and cosmetic products through social media and marketing campaigns. Rising middle class population with increasing spending power on luxury beauty products is driving the market growth. Moreover, ongoing trends of makeup tutorials on social networking platforms have fueled the demand for various eye shadow products among young generation. Growing working woman population and rising awareness about latest makeup tips & techniques further propels the eye shadow market growth.

Key Market Trends:

The loose powder eye shadow segment accounts for the largest market share in the eye shadow market. Loose powder eye shadow allows easy blending and wide range of color payoff. Ability to create subtle as well as dramatic looks with loose powder eye shadow makes it a popular choice among customers. Rise in popularity of subtle, glowy and all-matte makeup trends have increased the sales of loose powder eye shadow. Liquid eye shadow is the fastest growing segment owing to rise in demand for long lasting and transfer-proof eye makeup products. Liquid eye shadows are easy to use and provide intense color payoff in a single application. Wide range of shades and latest formulas that are smudge resistant, crease resistant and waterproof in nature are the major factors fueling the growth of liquid eye shadow segment. More coverage can be found in the sample copy.

Powder Segment to Dominate the Eye Shadow Market

By product type, the powder segment is expected to hold the largest share in the eye shadow market during the forecast period. Powder eye shadows are highly pigmented and long-lasting. They come in a variety of finishes like matte, shimmer, and glitter. Powder eye shadows are the most popular and widely used type owing to their versatility and affordability. They can be easily blended and applied to create different eye makeup looks from subtle to dramatic. The wide availability and popularity of powder eye shadows will continue to drive the growth of this segment.

The cream/gel segment is projected to witness the highest CAGR during the forecast period. Cream and gel-based eye shadows are available in creamy and lightweight formulations. They glide smoothly on the eyelids and provide an intense pop of color. The moisturizing properties of cream eye shadows make them a suitable option for normal and dry skin types. The intense pigmentation and easy blendability features of cream formulas are increasing their popularity. Rising influence of Korean beauty trends focusing on dewy makeup looks will further fuel the demand for cream/gel eye shadows.

Key Market Takeaways

The global eye shadow market size was valued at USD 3.76 billion in 2024 and is expected to grow at a CAGR of 6.6% during the forecast period. The eye shadow market is anticipated to be driven by rising interest of millennial and Gen Z populations in self-expression through makeup looks. On the basis of product type, the powder segment holds the dominant position due to widespread availability and affordability. In terms of application, the crease/ contour segment generates maximum revenue.

Competitor Insights:

Chanel Inc

Coty, Inc

Recent Developments in Eye Shadow Market

In June 2023, Urban Decay unveiled their new Natural Eyeshadow Palette consisting of 12 shades made from plant-based ingredients like coconut oil, botanical extracts and vitamins. The palette received positive response from consumers for its blendable, buildable textures and wide range of neutral shades. Towards the end of June, Bobbi Brown also launched their Naturally Defined Eyeshadow palette featuring 8 shades made from ingredients like jojoba seed oil, murumuru seed butter and cupuaçu butter.

In July, Marc Jacobs launched their Glamsticks Eyeshadow Duo Sticks with smudgeable formulas in two complementary shades per stick. Later that month, MAC expanded their beloved Extra Dimension eyeshadow line with new multidimensional pigments encased in artfully designed compacts like the Star Trek Inspired Eyes palette. Full coverage of the report available here.