Waldencast SPAC
COLOR COSMETICS: A LARGE, DYNAMIC MARKET
MILK MAKEUP HAS SIGNIFICANT HEADROOM AND IS WELL POSITIONED TO WIN
$47M
2021 Net Revenue
Milk
MAKEUP
$28BN
Premium color
cosmetics
2021
$66BN
Color
cosmetics
2021
$92BN
Global makeup
opportunity by 2025
MAKEUP IS BACK & BOOMING
+23%
Y/Y growth in 2021 for U.S. make-up sales¹
NATURAL MAKEUP: A KEY CATEGORY DRIVER
+15%
2021-2026 CAGR for global natural cosmetics
market size²
90%
of U.S. women that are using cosmetics reported
applying makeup with skin care benefits¹
Source: Euromonitor International; Beauty & Personal Care, 2022ed, retail value sales, current prices,
2021 fixed ex rates; ¹2021 NPD US Prestige Beauty report by the NPD Group; 2 TechNavio, "Global
Natural Cosmetics Market 2022-2026"
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