PUBLISHER: Acute Market Reports | PRODUCT CODE: 1594792
PUBLISHER: Acute Market Reports | PRODUCT CODE: 1594792
The setting spray market is a segment within the cosmetics industry focused on the production and sale of setting sprays, which are cosmetic products designed to preserve applied makeup for extended periods. Setting sprays are formulated to prevent makeup from smudging, fading, or settling into fine lines, typically applied after makeup as a finishing touch. These sprays work by creating a protective layer over makeup, helping to maintain its appearance and longevity. Setting spray market is estimated to grow at a CAGR of 7.4% from 2024 to 2032. The popularity of setting sprays has grown significantly as consumers seek ways to enhance the durability of their makeup, especially in climates or situations where makeup is prone to wear off quickly. This market has expanded to include a variety of setting spray products catering to different skin types and makeup needs, such as mattifying sprays for oily skin, hydrating sprays for dry skin, and long-lasting formulas for extended wear.
Driver: Growing Demand for Long-Lasting Makeup
A significant driver for the setting spray market is the increasing consumer demand for long-lasting makeup. In today's fast-paced lifestyle, consumers seek products that can keep their makeup intact and fresh-looking for extended periods, whether for daily wear or special occasions. The influence of social media and the prevalence of high-definition photography have further heightened the desire for a flawless makeup finish that lasts throughout the day. Setting sprays have gained popularity as a solution, offering a convenient way to extend the longevity of makeup. They are particularly favored in climates or during events where makeup is prone to smudging or fading, underscoring their versatility and effectiveness.
Opportunity: Innovation and Added Benefits
An emerging opportunity within the setting spray market lies in product innovation, particularly the integration of added benefits. Manufacturers are now infusing setting sprays with skincare ingredients, offering not only makeup longevity but also skin-nourishing properties. There's a growing trend towards setting sprays that include hydrating agents, antioxidants, and even sun protection, appealing to consumers who are conscious about skincare. This innovation extends the functionality of setting sprays from mere makeup fixatives to multi-benefit products, aligning with the broader beauty industry trend towards multifunctional cosmetics.
Restraint: Market Saturation and Intense Competition
A major restraint in the market is the intense competition and market saturation. The beauty and cosmetics industry is highly competitive, with numerous brands offering a variety of setting sprays. Standing out in a crowded market is a challenge, particularly for new or smaller brands. The saturation of products can also lead to consumer overwhelm, making it difficult for any single product to gain significant market traction.
Challenge: Balancing Efficacy with Safety
A critical challenge facing the setting spray market is balancing product efficacy with safety and skin health concerns. Consumers demand setting sprays that are effective in keeping makeup in place without causing skin irritation or harm. Formulating products that are gentle yet effective, especially for consumers with sensitive skin, requires meticulous ingredient selection and testing. Navigating this balance is key for brands to maintain consumer trust and loyalty in a market where product safety is increasingly scrutinized.
Market Segmentation by Type
In the setting spray market, segmentation by type includes Oil-control Setting Spray, Waterproof Setting Spray, Hydrating Setting Spray, Radiant/Dewy Setting Spray, Matte Setting Spray, and Others. The Hydrating Setting Spray segment is projected to exhibit the highest Compound Annual Growth Rate (CAGR) from 2024 to 2032. This growth is driven by the increasing consumer demand for products that not only set makeup but also offer skin hydration benefits, especially appealing to those with dry skin types. The trend towards skincare-infused cosmetics, providing both aesthetic and skin health benefits, fuels the demand for hydrating setting sprays. Despite the rapid growth of the Hydrating Setting Spray segment, in 2023, the highest revenue was generated by the Matte Setting Spray segment. Matte setting sprays are popular for their ability to provide a long-lasting, shine-free finish, making them a go-to product for consumers in humid climates or those with oily skin types. Their widespread popularity and the demand for a flawless matte finish contribute to their leading position in market revenue.
Market Segmentation by Distribution Channel
Regarding market segmentation by distribution channel, the categories include Supermarket and Hypermarkets, Specialty Retail Stores, Pharmacy & Drugstore, Online, and Offline. The Online distribution channel is anticipated to witness the highest CAGR from 2024 to 2032, driven by the convenience, wide range of product choices, and the increasing penetration of e-commerce platforms in the beauty and cosmetics sector. Consumers are increasingly turning to online shopping for beauty products, attracted by the ease of access to a variety of brands and the availability of customer reviews and ratings. However, in 2023, the highest revenue was observed in Specialty Retail Stores. These stores are preferred by consumers for their curated selection of beauty products, the availability of expert advice, and the opportunity to try products before purchasing, thereby contributing significantly to market revenue in this segment.
Market Segmentation by Region
In the setting spray market, geographic segmentation shows diverse growth trends across various regions. The Asia-Pacific region is projected to exhibit the highest Compound Annual Growth Rate (CAGR) from 2024 to 2032, driven by the growing beauty and personal care industry, rising consumer spending, and the influence of beauty trends, particularly in countries like South Korea, Japan, and China. This region's strong emphasis on beauty and makeup, along with the increasing adoption of Western beauty trends and the rise of local brands, contributes significantly to the market's growth. In contrast, in 2023, the highest revenue was generated in North America, with the United States leading the market. This dominance is attributed to the established presence of major cosmetic brands, high consumer spending on beauty and personal care products, and the strong influence of social media and beauty influencers in shaping consumer preferences.
Competitive Trends
Regarding competitive trends and key players in the market, 2023 saw companies such as Rare Beauty, e.l.f Cosmetics, Inc., Urban Decay, Swiss Beauty, L'Oreal, Sugar Cosmetics, Lakme Cosmetics (Unilever), Faces Canada, Charlotte Tillbury Cosmetics, and Anastasia Beverly Hills leading the market. These companies maintained their market dominance through innovation, a strong focus on quality, and effective marketing strategies. L'Oreal and Estee Lauder have been at the forefront of product development, introducing setting sprays with various finishes and skincare benefits to cater to diverse consumer needs. Urban Decay, known for its iconic setting sprays, emphasized product formulation and long-lasting makeup performance. From 2024 to 2032, these players are expected to continue focusing on product innovation, catering to evolving consumer preferences, and expanding their presence in emerging markets. Their strategies will likely include leveraging digital marketing and social media platforms to reach a broader audience, investing in research and development to introduce new and improved products, and responding to the growing demand for clean and sustainable beauty products. The combined revenue of these companies in 2023 reflects their significant role in the market, and their ongoing strategies are anticipated to significantly influence market dynamics over the forecast period. This competitive landscape underscores a market driven by the need for innovative and high-quality setting sprays, and the strategic positioning of key players in response to changing beauty trends and consumer demands.
Historical & Forecast Period
This study report represents an analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends & technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. The key data points that enable the estimation of Setting Spray market are as follows:
Research and development budgets of manufacturers and government spending
Revenues of key companies in the market segment
Number of end users & consumption volume, price, and value.
Geographical revenues generated by countries considered in the report
Micro and macro environment factors that are currently influencing the Setting Spray market and their expected impact during the forecast period.
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top-down and bottom-up approach for validation of market estimation assures logical, methodical, and mathematical consistency of the quantitative data.
Market Segmentation
Type
End-use
Distribution Channel
Region Segment (2022-2032; US$ Million)
North America
U.S.
Canada
Rest of North America
UK and European Union
UK
Germany
Spain
Italy
France
Rest of Europe
Asia Pacific
China
Japan
India
Australia
South Korea
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East and Africa
GCC
Africa
Rest of Middle East and Africa
Key questions answered in this report
What are the key micro and macro environmental factors that are impacting the growth of Setting Spray market?
What are the key investment pockets concerning product segments and geographies currently and during the forecast period?
Estimated forecast and market projections up to 2032.
Which segment accounts for the fastest CAGR during the forecast period?
Which market segment holds a larger market share and why?
Are low and middle-income economies investing in the Setting Spray market?
Which is the largest regional market for Setting Spray market?
What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
Which are the key trends driving Setting Spray market growth?
Who are the key competitors and what are their key strategies to enhance their market presence in the Setting Spray market worldwide?
FIG. 10Market Positioning of Key Setting Spray Market Players, 2023
FIG. 11Global Setting Spray Market - Tier Analysis - Percentage of Revenues by Tier Level, 2023 Versus 2032