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The Premium Cosmetics Market Registered US$ XX Mn in 2019 and it is Estimated to Reach More Than US$ 19.25 Bn by 2028, Likely to Grow with a CAGR of 4.5% During the Forecast Period.
The global premium cosmetics market has shown rapid growth for the last few years and is anticipated to grow rapidly in the coming years. Some of the major factors driving the growth of the global market include altering fashion trends, rising demand for premium skincare products, and growing awareness regarding benefits associated with premium cosmetic products.
The Benefits Offered By The Premium Cosmetics Has Led To The Growth Of The Premium Cosmetics Market
The rising awareness regarding the benefits associated with premium cosmetics is driving the growth of the global market. Prevalence of premium cosmetics for various skin related issues such as pigmentation, spot, and acne are expected to favor the growth of the global market. Moreover, the rise in per capita income in developing countries has a major contribution to the growing sale of these products.
The companies operating in the market are highly focused on the development of innovative products to cater to the rising demand from consumers across the globe. For instance, in November 2019 Veritas Farms, Inc, announced the launch of its product line for premium cosmetics, branded as Veritas Beauty. In March 2019, Hermes announced that they will launch luxury products to new categories of makeup and skincare. The launch is planned in 2020. This is anticipated to create ample opportunities for the growth of the global premium cosmetics market in the coming years. Furthermore, the growing internet and social media penetration act as a major contributor to the growth of the premium cosmetics market.
Makeup Segment Dominates the Global Premium Cosmetics Market
On the basis of product, the makeup segment is anticipated to dominate the global market. The segment is projected to maintain its dominance over the forecast period by growing at the fastest CAGR of 5.7 %. The growth can be credited to the rising demand for natural color and organic cosmetics to minimize the risk of skin irritation and infection. The availability of water and dirt proof makeup products such as foundations, concealers, lipsticks, bronzers, eye-shadow, and many others that are suitable for humid and hot weather is expected to boost the demand for premium makeup products.
Furthermore, the skin care segment accounted for significant market share and is expected to show impressive growth in the coming years. This is mainly due to the rising prevalence of premium skincare products such as sunscreen, face cream, body cream, lotions, etc. to reduce age spots, wrinkles, acne, and scars.
Online Distribution Channels is Expected to be the Dominant Segment
By distribution channel, the online segment is expected to show the highest growth rate during the forecast period. This is mainly due to rising internet penetration, discounts offered by online retailers, and availability of huge variation of products. The e-commerce channels are adopting strategies like easy return policies and home delivery to increase their customer base which is expected to boost the growth of the segment.
The Offline distribution channel segment dominates the global market by holding a larger market share in 2019. The dominance of the segment can be attributed to exclusive makeup trials offered by stores and consumer’s trust in terms of product authenticity.
North America Dominates the Global Market, Holding 33.45% Share in 2019
The Asia Pacific dominated the global market and is expected to maintain its dominance over the forecast period. China and Japan are the largest markets for premium cosmetics in the Asia Pacific region. Some of the factors driving the growth of the region includes rising women workforce, an increase in per capita income, and developing economies. The presence of major players boosts the growth of the premium cosmetic market in China.
North America is the second-largest market in the premium cosmetics market, by holding a significant market share in 2019. The U.S. is the largest market for premium cosmetics in North America. Rising social media and internet penetration, the strong influence of the entertainment industry, and inclination towards glamor are supporting the growth of the market in North America.
Continuous research to achieve perfect sensitivity is the strategy adopted by the players present in this market. The global Premium Cosmetics market is consolidated with the dominance of 4 – 5 players, accounting for 80 % share cumulatively. Rest 20 % is held by other regional players.
Some of the prominent companies operating in global Premium Cosmetics market include Coty, The Procter & Gamble Company (P&G), Estée Lauder, KAO Corporation, L’Oréal, Elizabeth Arden Inc., LVMH, Dior Beauty, Shiseido, and Chanel.
Global Premium Cosmetics Market by Type
- Conventional Products
Global Premium Cosmetics Market by Product Type
Global Premium Cosmetics Market by Distribution Channel
- Speciality Stores
Global Premium Cosmetics Market by End-User
Global Premium Cosmetics Market by Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America