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.
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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.
This taxonomy and the detailed ToC prepared are confidential and intended exclusively for the individual or entity with whom it is being shared. Reading, disseminating, distributing, or copying this to any party other than addressee(s) is unauthorized and prohibited.
Global Premium Cosmetics Market – Scope Of The Report
The following report provides forecast and analysis of the global premium cosmetics market along with the historical data of 2014, estimated data 2019 and forecast data up to 2029 in terms of revenue (US$ Mn), according to a Fact.MR study. The research propounds critical trends that are currently influencing growth within the global premium cosmetics market along with several macro-economic indicators.
This newly published and insightful report on premium cosmetics sheds light on key dynamics, and their impact on the overall value chain from suppliers to end-users, which are expected to transform the future of the global premium cosmetics market.
The report also comprises the study of current issues with end users and opportunities for premium cosmetics. It also contains value chain analysis, including the key market participants.
To provide users of this report with a comprehensive view of the market, we have included a detailed competitive analysis about the key players involved in the market and strategic overviews.
The dashboard included in the report provides a detailed comparison of premium cosmetics manufacturers on parameters such as total revenue, product offerings, and key strategies. A list of key companies operating in the premium cosmetics market provided in the report adds to the credibility of this exhaustive research study.
Country-specific assessment on demand for premium cosmetics has been provided for each regional market, along with the market size valuation and forecast price point assessment, price index and impact analysis of key regional and country-wise dynamics, which were obtained through quotes from numerous premium cosmetics manufacturers, experts, and suppliers.
Y-o-Y growth projections have also been offered on all regional markets incorporated in the report. Moreover, future trends, growth prospects, and other possibilities related to the market have been answered in the report.
The report provides company-level market share analysis, which has been derived on the basis of the company’s annual sales and segmental revenue in all the target end-use industries.
The market has been forecasted based on constant currency rates. The report provides detailed competitive and company profiles of key participants operating in the global market. Some of the major competitors operating in the premium cosmetics market are L’Oréal, LVMH, Estée Lauder, Coty and others.
Global Premium Cosmetics Market: Research Methodology
A number of primary and secondary sources were consulted during the course of the study. Secondary sources include Factiva, Morningstar and Hoovers, and company annual reports and publications. Comprehensive interviews have been conducted by our analysts, and the intelligence and insights obtained have been used for validating the information gained through secondary research.
The report also includes a description of assumptions and acronyms utilized for research purposes. Data gathered has been validated using the triangulation method to offer useful quantitative and qualitative insights in the premium cosmetics market.
A short market viewpoint offered in the report elucidates the macro-economic aspects that influence the growth of the premium cosmetics market, which includes global GDP growth rate, various industries growth rate, such as beauty industry, haircare, skincare and others.
This report serves as an authentic resource of intelligence on the premium cosmetics market, enabling the readers to take fact-based decisions on the future direction of their businesses.
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
What are the sources of secondary research?
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
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