Premium Cosmetics Market
Premium Cosmetics Market By Product Type (Skincare, Haircare, Makeup, Fragrance), By Distributional Channel (Offline, Online), By Region - Global Market Insights 2019 to 2029
Men’s Grooming and Digitalization are Key Drivers behind Growth of Premium Cosmetics Market
Rising levels of consumer awareness with regards to high quality, premium ingredients in cosmetics, and the relevant effects on skin and hair is a major influence in changing the consumer inclination from conventional mass-produced cosmetics products towards more premium alternatives.
Such new premium offerings are primarily aimed towards solving problems such as pigmentation, age spots, and acne, which will positively influence the growth of the global market.
The global premium cosmetics market is projected to grow at a healthy CAGR of ~7% during the forecast period (2019 - 2029). Europe holds the leading share in the market, followed closely behind by North America.
Collectively, both will witness a rock steady growth trajectory over the forecast period. East Asia on the other hand will witness robust growth on the back of large-scale untapped market potential. Further, the industry is also being influenced by the demand for proven high efficacy products and active ingredients, which is boosting the sales of such products.
Manufacturers are focusing their efforts on aspects such as pricing and product safety, to support the reputation of brand names. The market is also bolstered by wider product portfolios and increases in disposable incomes among populations in emerging economies.
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Digitalization Plays Key Role in Promoting Premium Cosmetics
The global premium cosmetics market is displaying strong growth, driven by high diversity in consumer preferences and innovations in the field. In recent times the market has been driven by the developments taking place in social media platforms, which is supported by the growth of urbanization, growth in beauty spending, rising life expectancy, and the rise of higher income classes.
Digitalization has become a major driver with a direct influence on the growth rate of the premium cosmetics market. The increased penetration of the internet and social media have become major mediums in terms of boosting brand awareness. Further, the influx of information on cosmetics online is also pushing up the demand for personalization, for the development of products to meet the individual needs and lifestyle, with professional services.
Such developments will also generate a number of lucrative opportunities for newer market entrants in the development of unique offerings. However, the widespread issue of counterfeit production is expected to continue plaguing the industry for the foreseeable future.
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Product Diversification in Premium Cosmetics Market Supports Demand
Most efforts of manufacturers in the premium cosmetics sector are focused towards skincare products, accounting 40%, followed by haircare and makeup offerings, all of which are displaying healthy rates of growth.
The high demand for anti-aging products, and long-lasting cosmetics is a major factor, sustaining the growth of the premium cosmetics market. In addition, changes in consumer preference are also resulting in an increasing production small sized packaging formats.
Manufacturers have also taken to diversification practices including gender neutral products, and offerings that are specifically aimed towards men, as they are gaining traction among men. Such factors are expected to generate new opportunities, specifically for brands producing men’s cosmetics.
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Oligopolistic Market Focuses on Asia Pacific
Major names in the premium cosmetics market include L’Oréal, Estee Lauder, Chanel, and Elizabeth Arden among others. The global market is largely oligopolistic. For most manufacturers, the focus at present is on the growing numbers in women workforce, rising economies, and the expanding middle class. Further, the growing demand for premium men’s cosmetics is also driving regional growth.
Major companies in the field are moving forward with a number of business strategies including tech innovation, new products, and mergers and acquisitions, in a bid to bolster geographical presence.
Global Premium Cosmetics Market: In-Depth Assessment on Key Segments
The global premium cosmetics market is segmented on the basis of product type, distribution channel and region.
By Product Type :
By Distributional Channel :
By Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
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