New cream foundation formulas reinvigorate category growth
The global cream foundation market is forecast to grow at a CAGR (compound annual growth rate) of 5% until 2020, thanks to targeted marketing efforts and new, lighter formulations with organic ingredients.
The findings come from research company Technavio’s report, Global Foundation Cream Market 2016-2020. It cites drivers including a shift in buying behaviours from planned to impulse purchasing, a growing demand for multi-functional products, and calls from consumers for mainstream brands to use more natural and organic ingredients.
One of the key reasons Technavio predicts the cream foundation category will continue to grow at a healthy rate is because of targeted, sophisticated marketing efforts by make-up brands. Companies have capitalised on the “selfie” generation with products promising to give “high definition” or “photo ready” skin, and market them as such with sales promotion activities that promote impulse buying rather than planned purchase, says the report.
Demand from dermatologists and healthy skin-savvy consumers to develop foundations that don’t clog pores and allow the skin to breathe has resulted in lighter formulations with enhanced benefits. A product like Clarins’ Skin Illusion Natural Radiance Foundation SPF15 aims to give a natural glow with light-reflecting pigments along with sun protection, for example.
Adding to the growing category value is the price of foundations that use organic ingredients coupled with the increasing number of consumers who want organic beauty products, as they often not as concerned about price, says Technavio.