While makeup remains the largest category in the U.S. prestige market, its sales grew 5% in the first half of 2024, slower than the other categories tracked in a recent Circana report. At the same time, a September 2024 Spate report notes that, between August 2021 and May 2024, makeup Google searches and TikTok content have dropped by 7.7%.
Yet, while overall growth is slow, several key segments are expanding—notably lip and cheek products, setting sprays, and other select categories.
At the same time, emerging trends, including hybrid/multifunctional products, new gestures enabled by packaging, clean formulations and more are opening new avenues for growth.
Here’s our full breakdown, encompassing market dynamics, recent innovations from turnkey and contract manufacturers, and packaging experts. Let’s get started.