The beauty industry is experiencing a surge in sales and innovation in makeup products, driving the growth of the color cosmetics business in 2023.
In the first quarter of the year, US prestige beauty industry sales increased by 16% to $6.6 billion, while the mass beauty market grew by 10% to $7 billion. Makeup is the fastest-growing category in both the prestige and mass markets, capturing close to one-third of total beauty sales revenue. Water-based foundations, matte-finish blush, and color-changing cheek tints are among the leading trends in facial cosmetics for the year.
Multitasking facial makeup products that offer a glamorous look are in high demand. Consumers are seeking beauty and skincare products that can serve multiple purposes, such as a blush that can also be used as a lip stain and eyeshadow. The “effortless polished” look is popular, emphasizing a refined appearance without heavy makeup. Blurring technologies and products are enabling consumers to achieve flawless looks without appearing overly made up.
The trend towards clean, glowing, and healthy skin is a top priority for beauty shoppers. The “clean girl” makeup trend focuses on enhancing features with natural-looking products and minimalism. Tinted moisturizers are particularly sought after. Brands like Ilia Beauty are promoting their bestselling Super Serum Skin Tint SPF 40, which offers skin-reviving properties and clinical results.
Water-based foundations are preferred by consumers with sensitive or oily skin. Brands that offer silicone-, water-, or oil-based foundations should educate consumers about the benefits and compatibility of these products with primers and moisturizers to avoid issues like separation or pilling. Water-based foundations have seen a 43.9% increase in searches compared to the previous year.
Clear blush is a rising trend, with consumers searching for fun ways to add color to their face. Clear blush reacts with the skin’s pH, resulting in natural, dewy, blushing cheeks. Videos of people using clear blush and similar color-changing or pH-based blushes often go viral on social media. Brands entering the clear blush space have opportunities to create captivating and educational content.
Matte makeup is experiencing a resurgence in popularity, with a growing trend on TikTok. This signals a potential shift away from the glow-getting aesthetic. Brands are encouraged to create modern matte products to cater to this returning trend.
Cosmetic companies are introducing new products to meet consumer demands. For example, Milk Makeup has launched Sculpt Sticks, creamy contour sticks that create subtle, natural-looking shadow effects. MAC Cosmetics has expanded its Studio Fix lineup with the Every-Wear All-Over Face Pen and Pro Set + Blur Weightless Loose Powders. Too Faced Cosmetics has introduced Born This Way – Skin Tint with SPF, a medium coverage foundation packed with beneficial ingredients. L’Oréal Paris has reformulated its True Match Super Blendable Foundation, offering a wide range of shades and precise skin matching.
Inclusivity and diversity are becoming increasingly important in the beauty industry. Brands are expected to provide comprehensive product ranges that cater to all skin tones. Makeup by Mario and Chantecaille are rising brands in the market, and the premium cosmetics industry is projected to reach $261 billion by 2033.
In conclusion, the beauty industry is witnessing significant growth in sales and product innovations, particularly in facial cosmetics. Water-based foundations, matte finishes, multitasking products, clean and glowing skin, and inclusivity are key trends shaping the market in 2023.