Foundation creams: Key market research findings
- Shift in buying patterns drives market growth
- Europe dominates the market geographically
- Key vendors – Avon, L’Oréal, Estée Lauder, and P&G
Technavio’s market research analysts predict the global foundation cream market to grow at a CAGR of almost 5% between 2016 and 2020. The growth of this market can be accredited to the shift in buying patterns. Consumers are increasingly transitioning towards impulse purchasing from planned purchasing, facilitated by the increase in discretionary spending. Impulse buying behavior is also triggered by the easy availability of debit cards and credit cards. During 2015, Europe dominated the global foundation cream market by accounting for about 41% of the overall market share. In this region, the increased spending on makeup compared to any other region is expected to fuel growth in the foundation cream market in Europe during the forecast period.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Vendors in the market are launching foundation creams for different skin types to cater to the rise in the demand. Many high-quality foundations are now available in the market in various colors, tones, textures and formulas. Besides, application developers are designing apps that help consumers identify their skin type and select suitable makeup product. These apps help consumers identify the best-suited product by scanning and analyzing the consumer’s skin with the help of the camera,” says Brijesh Kumar Choubey, Lead Analyst, Consumer & Retail, Technavio Research.
The rising demand for multi-functional products in the market is another major factor that will impel the prospects for growth during the estimated period. Several consumers or dermatologists do not consider foundation creams to be a healthy product for the skin as it clogs pores. As a result, cosmetic companies are developing innovative foundation creams that act as a moisturizer, sunscreen, and foundation. Developments in light optimization technology and pigmentation are enabling manufacturers to combine such diverse functions to produce an all-in-one product.
The key vendors in the global foundation market include Avon, L’Oréal, Estée Lauder, and P&G. There are numerous well-established players in the global foundation cream market as most of the cosmetic companies also cater to the makeup industry. Besides the international vendors like Estée Lauder and L’Oréal, numerous local players operate in this market. The market is highly competitive, with the players competing to gain a greater market share. Intense competition, increasing number of products, and frequent changes in consumer preferences constitute significant risks for market vendors. The international vendors are likely to grow inorganically by acquiring regional or local players and increase their market presence.
A more detailed analysis is available in the Technavio report, Global Foundation Cream Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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