Yes, cosmetic products have an expiration date. Liquid powder cream (foundation) generally lasts 12 months, mascara and brush up to 3 months. Lip products will generally last for about two years, but may start to deteriorate earlier if used frequently. 

As time goes on, the chemical composition of the ingredients in the products starts to break down gradually. This may cause the product to not spread evenly on the skin. Application lifespan is also affected. 

Many products expire even if you do not open them or use them only once. So if you have a new powder cream in the drawer that you have not used in 5 years, unfortunately it is probably not worth using anymore.

What happens when you use expired products?

Repeated use of expired cosmetics (especially brush and powder cream) can cause infection. Your skin may become irritated, itchy, red, swollen, or have small red bumps that look like acne.

Makeup experts, however, have two main items that you should never use expired: Powder cream and eyeshadow! Both of these products, when opened, are exposed to air, thus allowing bacteria to enter. Over time, more and more bacteria enter.

Even mascara is suggested to be repurchased after 3 months, even by regulatory agencies.

Another important thing is to keep your makeup brushes clean. 

Stored makeup in the bathroom is especially dangerous

To extend the life of your makeup, proper storage is key. While it may make sense to keep cosmetics in the bathroom, storing products there may not be the best idea. Wet steam from showers can create mold, especially on older products.

Source: The Healthy