As per a revised research study on the global premium beauty and personal care products market, the industry is slated to experience expansion at a CAGR of approximately 6% over the decade and top a valuation of US$ 100 Bn by 2031. Analysts at Fact.MR have studied the marketplace in detail and created a detailed assessment of the various factors that influence market growth potential, and predict North America and Europe to remain lucrative regional markets.
As per the study, demand for premium beauty and personal care products is expected to increase over the next ten years owing to rising awareness for personal health and hygiene and rising disposable income of the general population.
|Global Market Value (2021)||US$ 100 Bn|
|Forecasted Market CAGR||6% (2021-2031)|
|North America and Europe Market Share||60%|
|Share of Online Sales||40%|
Demand Analysis of Premium Beauty and Personal Care Products from 2016 to 2020 Vs Market Outlook for 2021 to 2031
The consumerist environment has vastly changed over the past decade, and so have trends in purchasing and selling. Owing to poor eating habits and prevalence of sedentary lifestyle, the past decade saw a major rise in awareness for a healthy lifestyle.
The trend of people taking care of their health and bodies has become more prominent with increasing focus on preventive healthcare in the wake of rising number diseases. Rise in demand for luxury products can directly be linked to the influence of social media and rising interest of people in such products in lieu of following social celebs.
Rising beauty consciousness among men and increasing financial independence of women are also expected to influence demand for premium skin care products. Demand is expected to rise at a robust CAGR of around 6% over the decade. Premium beauty and personal care product brands are striving to create more sustainable products to cater to growing demand for organic and eco-friendly products all over the globe.
Why are Sales of Premium Beauty and Personal Care Products Increasing Steadily?
Sales of premium beauty and personal care products are expected to increase over the next ten years. Awareness about premium ingredients and their proven effectiveness on the skin are expected to favor the premium beauty and personal care products market.
Premium beauty and personal care products for women are expected to account for majority of sales in the industry, but sales of premium beauty and personal care products for men are also expected to grow as beauty consciousness among men rises.
Among the various types of premium beauty and personal care products, demand for premium adult sun care items is expected to be most prominent. Awareness about the adverse effects of sunlight and many other skin problems caused due to it have led many to adopt a good sun protection routine. Demand for high SPF products that are premium and not harmful to the skin has increased substantially, and the trend is expected to be carried through the decade.
What Does the Report Reveal About the Premium Women's Grooming Products Market?
Women are major consumers of premium beauty and personal care products. Most products in the beauty industry are made with women consumers in mind. Premium skincare products hold a majority share in the premium women’s grooming products industry. Premium haircare market share is the second largest in the industry.
Skincare products, hair care, makeup, and hygiene products are major items in the industry. Premium makeup products have gained massive popularity via social media, and innovative marketing strategies have given sales of premium colour cosmetics a great push like never before.
Having a pleasant smelling presence is important and foul body odours such as perspiration and sweat are considered to be socially off-putting. Demand for premium fragrances is particularly increasing due to the premium and exclusive nature of these products that are considered as a status symbol in these modern times.
The premium men's grooming products market is relatively very small in comparison to the market for women. Premium products are gaining popularity and are expected to expand their market share in the global beauty and personal care products market.
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What is the Regional Analysis of Premium Beauty and Personal Care Products?
North America and Europe account for more than half of the global premium beauty and personal care products market share. The premium beauty and personal care products market size of these regions is expected to see substantial increase as new product launches and increasing demand aids market potential over the decade.
In terms of demand, fastest growth is expected to be seen in the APAC region owing to rising disposable income and increasing preference for premium products in the personal and beauty domain.
MEA is also seeing an increase in demand for premium products as the general population becomes more conscious about personal care and beauty. Top premium beauty and personal care products are expected to see major increase in demand and sales in all emerging economies, as per this industry survey.
Why is the U.S. Premium Beauty and Personal Care Products Market in the Eye of Manufacturers?
The U.S. is a very lucrative market for beauty and personal care products due to the high spending potential of its population. Demand for premium beauty and personal care products is also expected to increase as the nation sees a rise in the prevalence of skin diseases.
Changing trends of beauty and to look young and delay the visible aging signs are fueling demand for premium products that promise to do these in a very effective way. The U.S. will by far remain the largest market in the North American region for premium beauty and personal care products.
What is the Scope of Premium Beauty and Personal Care Product Sales in China?
Demand for premium beauty products in China is seeing a major boost and is expected to expand at the highest CAGR in the APAC region. Demand in the nation is driven by factors such as rising popularity of premium products, increasing focus on skincare, rising disposable income of the middle-class population, and presence of large market players in China.
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Which Sales Channel is Expected to Bring in Majority of Revenue from Premium Beauty and Personal Care Products?
Increase in popularity of e-Commerce, especially with the onset of the COVID-19 pandemic, has largely changed buying and selling trends. The millennial population’s preference towards online purchasing has given impetus to the online sales of numerous products.
Online sales of premium beauty and personal care products have also followed a similar trend, and offers from online retailers have made it very affordable for consumers. Sales through online channels are expected to increase the fastest over the coming ten years.
Impact of COVID-19
The COVID-19 pandemic disrupted the global supply chain and manufacturing activity for a brief period of time. Lockdown restrictions caused a major drop in sales due to prevailing pandemic restrictions and inaccessibility of non-essential products.
Now, as the pandemic subsides, and restrictions are lifted, sales via channels such as convenience stores, supermarkets, and hypermarkets are expected to increase. However, sales of premium beauty and personal care products via online and e-Commerce channels are expected to surge in the post pandemic era.
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Manufacturers are focusing on super premium beauty and personal care products as their popularity and demand is increasing all over the globe.
- No7 Beauty Company, a new beauty business, recently launched its famous Pure Retinol Collection. The product is aimed at consumers who want gentle and effective products.
- In September 2021, The Ordinary, a renowned name in the cosmetics and skincare industry, made three products available in-store at Sephora Europe outlets. These bestselling products were only available online until now, and with this move, they will be available to European customers easily in Sephora stores.
- Jupiter Capital, a private equity, recently announced its plan to foray into the beauty and wellness market. Products will be launched under the name Niraamaya Life, and will be India-inspired luxury wellness and leisure products.
Premium Beauty and Personal Care Products Industry Report Scope
|Historical Data Available for||2016-2020|
|Market Analysis||Units for Volume and US$ Mn for Value|
|Key Regions Covered||
|Key Countries Covered||
|Key Market Segments Covered||
|Key Companies Profiled||
|Pricing||Available upon Request|
Key Segments Covered in Premium Beauty and Personal Care Products Industry Survey:
By Product Type:
- Premium Skincare
- Premium Fragrances
- Premium Colour Cosmetics
- Premium Haircare
By Sales Channel:
- Hypermarkets/Super Markets
- Retail Chains
- FAQs -
Over the decade, the market for premium beauty and personal care products is anticipated to progress at a robust CAGR of 6%.
Rising disposable income, increasing prevalence of skin diseases and allergies, and growing awareness for skincare and personal care are some prominent trends in the market.
The market China is anticipated to progress at a high CAGR in the APAC region.
The U.S. is estimated to be the most lucrative market in the North American region by far.
The premium skincare segment is anticipated to hold a dominant market share in terms of sales as well as revenue.
Europe and North America collectively account for nearly 60% of global market share.
Revlon Inc., Mary Kay, Shiseido Company Limited, Procter and Gamble Co., Avon Products, Beiersdorf AG, Kao Corporation, Loreal Group, and the Estée Lauder Companies Inc. are some of the top companies profiled in this research report.
Demand for premium men’s grooming products is expected to see steady increase over the decade as beauty consciousness and awareness among men increases.
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