During the forecast period, the global premium cosmetics market is estimated to lead with a CAGR of 6.14% in the global market. Registering a revenue valued at US$ 116.23 Billion in 2023, it is expected to cross US$ 210.92 Billion by 2033.
- Increasing Demand Due to Fashion Trends:
- The demand for premium cosmetics is on the rise globally, driven by evolving fashion trends.
- Growth in Consumer Awareness:
- There has been a significant increase in consumer awareness regarding cosmetics, leading to a shift from mass-produced to luxury products.
- Greater Accessibility:
- Premium cosmetics are becoming more accessible to consumers, contributing to the market growth, particularly with rising disposable incomes.
- Digitization and Commercialization:
- The increasing digitization and commercialization of premium cosmetics through various media channels have fueled market expansion.
- Enhanced Online Access:
- Greater online access to research and purchase premium cosmetics has further boosted market demand and growth rates.
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Digitalization is one of the primary forces influencing the premium cosmetics market. The increasing prevalence of social media and the internet serves as an important medium for brand recognition. Personalization in cosmetics is a growing consumer trend, aided by the flood of information available online.
Through new ingredients, cutting-edge performance, and attractive packaging, key brands are focused on redefining luxury cosmetics. Key players are also dedicated to animal welfare, having created the vegan replacements for carmine, which is likely to generate market opportunities and expand the global premium cosmetics market size. Regulations on the manufacture and use of premium personal care products have been established by the European Commission Cosmetics Directive (ECCD) and various state government bodies. On the other hand, the China Food and Drug Administration (CFDA) does not permit the use of new unregistered ingredients.
Consumer preferences for imported and branded cosmetics are influenced mostly by brand name, product safety, and price. The availability of a diverse selection of products, together with increased disposable income, is expected to fuel the premium cosmetics market size in the foreseeable future. The increased demand for natural cosmetics is likely to drive the premium cosmetics industry ahead. People feel that natural ingredients are safer for both human health and the environment because chemicals like parabens, phthalates, and sodium lauryl sulfate have been linked to health hazards.
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However, the availability of counterfeit cosmetic products, as well as tight government regulations on cosmetics, are projected to impede the growth of the worldwide premium cosmetics market during the forecast period. Moreover, the high cost of premium cosmetic products may restrain the market.
Key Takeaway:
- During the forecast period, North America is expected to account for the largest share of the global premium cosmetics market. The market in this region is expected to rise owing to the growth of innovative technologies has resulted in the creation of AI-powered mobile applications. Furthermore, key companies are committed to redefining luxury cosmetics through innovative formulae, cutting-edge performance, and appealing packaging.
- The vitamin supplements market in the Asia Pacific is predicted to develop rapidly, particularly in South Korea and India, during the projected period. This is attributed to players in the premium cosmetics sector relying largely on digital marketing tactics and social media advertising. Furthermore, the companies use high-quality components rather than artificial or synthetic additives.
- Owing to the increasing usage of sunscreens and body lotions, as well as increased demand for skin-brightening goods, the “skincare” product type is expected to hold the greatest revenue, through the forecast period.
- As the usage of network access or Wi-Fi connectivity to purchase products is becoming more common., the “online” distribution channel type, accounts for a significant share and is the most preferred type.
Competitive Landscape:
Through technological breakthroughs and numerous innovations, the global premium cosmetics market share is undergoing a transformative phase. The creativity that goes behind the development of premium cosmetics is expected to perpetually attract customers which provides immense opportunities for key providers to capitalize on such booming trends and introduce novel product lines. These factors are anticipated to expand the global premium cosmetics market size. The following companies are key leaders in the global market for premium cosmetics:
- Oriflame Holding AG
- Yves Rocher International
- Avon Products
- The Procter & Gamble Company
- Elizabeth Arden Inc.
- Dior Beauty
- Chanel Beauty
- Shiseido
- L’Oreal
- Estée Lauder
- Coty
- The Unilever Group
- Maesa Ecommerce Inc.
- Bare Essentials
- King Kylie LLC
- Christian Dior
- Anastasia Beverly Hills Inc.
- Stila Styles
- Huda Beauty
- MAC Cosmetics
- Sugar Cosmetics
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Key Segments Profiled in the Premium Cosmetics Market Survey
By Product:
- Fragrance
- Makeup
- Haircare
- Skincare
- Others
By Nature:
- Natural & Organic
- Conventional
By Gender:
- Male
- Female
- Gender-Neutral
By Distribution Channel:
- Online
- Offline
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa(MEA)
- Europe
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
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