5 Insights on Future of Premium Beauty & Personal Care Products during 2017-2022
Published : 29 Jul 2017 Industry: Consumer Goods
Personal care and beauty products with premium price tags often attract the eyes of high-spending consumers. Their production entails higher procurement of upgraded materials, improved manufacturing abilities, and effective usability. Manufacturers of premium beauty & personal care products are also observing key health trends among global consumer demographics to improve their offerings. With rising cross-industry penetration of mass communication and media & entertainment businesses, the global demand for premium beauty & personal care products is slated to gain traction.
The Fact.MR report on global premium beauty & personal care products market studies the expansion of the market till date, and assesses its future prospects during the forecast period, 2017-2022. According to the report, the global market for premium beauty & personal care products will reach US$ 111 Bn valuation by the end of 2017. However, with a growing preference to organic cosmetics, manufacturers are likely to divest their capital while exploring this “all-green” dimension of premium beauty & personal care products.
Key Report Highlights
- Premium beauty & personal care products are likely to be extravagant for common consumers, but high-spending consumers in countries such as the US and Canada will continue to promising customer demographics in the global market. In the report, the premium beauty & personal care products market in North America is projected to dominate the global market.
- Manufacturers of premium beauty & personal care products, however, are reluctant to set up their production bases in North America. For reasons namely, low wage costs, easy raw material availability, and lenient manufacturing laws, key players in the global premium beauty & personal care products market are expanding their manufacturing presence across the Asia-Pacific excluding Japan (APEJ) region. By the end of 2017, over 20% of the global market revenues are likely to come from sales recorded in the APEJ region.
- Europe’s premium beauty & personal care products market is also expected to grow steadily, and will bring in US$ 36 Bn towards the end of the forecast period.
- The report stresses the high demand for premium skin care products across the globe. With changing climatic conditions and rising exposure to televised media platforms, consumers will be drawn towards adopting premium skin care in their daily routines. With an approximate one-third revenue share, premium skin care products will procure over US$ 45 Bn in global revenues by the end of 2022.
- Sales of premium beauty & personal care products through e-commerce websites is slated to gain traction towards the latter half of the forecast period. However, hypermarkets/supermarkets will be observed as the largest channel for sales of premium beauty & personal care products in the global market.
Loreal Group, Procter And Gamble, Beiersdorf AG, Avon, Unilever, The Estée Lauder Companies Inc., Shiseido, Kao Corporation, Revlon, and Mary Kay are companies profiled in the report as key players of the global premium beauty & personal care products market.