Market Overview
- The Global Premium Cosmetics Market is expected to grow at a CAGR of 5% during the forecasting period (2020-2027).
- With altering fashion trends and a rise in demand for natural and organic beauty products coupled with increasing consciousness of consumers about the appearance, the market is expected to witness significant over the forecast period.
- Cosmetics are substances or products used to enhance or alter the appearance of the face or fragrance and texture of the body. Many cosmetics are designed for use of applying to the face and body. They are generally mixtures of chemical compounds derived from natural sources (such as coconut oil) or maybe synthetic or artificial. Cosmetics that are applied to the face to enhance one's appearance may be called makeup which include lipstick, mascara, eye shadow, foundation, blush, and bronzer, among other products.
- The report covers all the major trends and drivers playing a vital role in the growth of the global Premium Cosmetics market. The market has been segmented by product, by distribution channel, and by region.
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Market Dynamics
- Global Premium Cosmetics market is primarily driven due to increase in anti-aging awareness campaigns and rising disposable income coupled with growing aging population. Moreover, growing consciousness among both the young and old consumers regarding their physical appearance has fostered the demand for premium cosmetics products. From last five years, market has witnessed growth in demand for men’s specific premium cosmetics products as well.
- Another major factor fueling growth in anti-aging products market is increasing internet penetration in developed countries. India accounted for 461.35 million internet users in 2017.
- In addition, growing awareness about natural and organic products will fuel the growth in the premium cosmetics market. Consumers are becoming more concerned to avoid parabens as an ingredient from their skincare products. With the growth of organic products, synthetic compounds like propylparaben and butylparaben are not considered to be safe to be used.
- However, the availability of counterfeit products and regulations related to packaging and labeling of beauty and personal care products might hamper the growth of the market during the forecast period.
Market Segmentation Analysis
- By the Distribution channel, the global Premium Cosmetics market is segmented into the offline distribution channels and online distribution channels. In 2018, offline distribution accounted for a market share of ~90% in the global premium cosmetics market. Retail stores including supermarkets, exclusive brand outlets, and specialty stores amongst others are the major distribution channels, with online channels gaining popularity among consumers. The online distribution channel is expected to witness double-digit growth during the forecast period.
- By product, the global Premium Cosmetics market is segmented into skincare products, fragrance, color cosmetics, hair care products, sun care products, deodorants, baby care products, and bath products. In 2018, Premium skin care products segment accounted for the majority share in the market owing to escalating demand for face creams and body lotions across the globe is expected to have a positive impact on the market over the forecast period. In addition, rise in disposable incomes over the past decade coupled with the growth in global economies, changing lifestyles, rising demands of skin and sun care products due to varying climatic conditions encourages the growth of the market for cosmetics. A shift of preference towards natural and organic beauty products, particularly in U.S. and European countries, fosters the growth of the cosmetics market. In 2018, Unilever agreed to acquire 75% of Italian personal care business Equilibra.
Market Geographical Analysis
- By geography, the global Premium Cosmetics Market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA).
- In 2018, North America accounted for the majority share in the global Premium Cosmetics Market owing to the presence of a major players and growing demand for premium makeup and anti-aging skincare products. Understanding the unique needs and characteristics of one's skin and using personalized product formulations to match those requirements has become a crucial trend in the market which, in turn, has propelled the growth in sales of premium cosmetics in the region.
- In APAC, countries- like China, India, Indonesia, and Vietnam present considerable growth opportunities for the market players, primarily due to the growing millennial population. Furthermore, high awareness regarding cosmetics products, such as facial makeup and hair styling and coloring products, is expected to drive the market’s growth in the near future. The demand for multifunctional products is driving innovation, as price-conscious consumers are opting for products that provide both hydration and skin protection.
Market Competitive Trends
- Global Premium Cosmetics Market is a concentrated market with the major share held by key players in the market. The market is quite competitive and to gain competitive advantage, the major Premium Cosmetics manufacturers adopt several strategies such as M&A, joint ventures, contracts, and agreements to help them sustain the market’s competitive environment.
- The major players include CHANEL, Coty, Estée Lauder, L’Oréal, LVMH, Shiseido, Kosé, Kanebo Cosmetics, Kao Corporation, Avon Products, Inc., Revlon, Inc., and among others.
- In 2018, L’Oréal announced the signing of an agreement to acquire Logocos Naturkosmetik AG, the German beauty company which pioneered natural cosmetics with the brand Logona and other brands such as Sante. All the company’s brands are vegan, and bio certified with a range of products using their own plant extracts and natural ingredients derived from organic farming.
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Market Overview:Rising sale of premium cosmetics is driven majorly by developing economy and rising disposable income.
Product recall created among the consumers based on product promotions by famous celebrities is influencing the growth of this market positively.
Premium cosmetics show instant results on the skin and show comparatively less side effects, which is one of the major factors driving this market.
The production and the consumption of premium cosmetics is high in North America and is projected to increase at a positive growth rate in various countries of Europe and Asia Pacific over the given forecast period.Access Report Details @ https://www.marketresearchfuture.com/reports/premium-cosmetics-market-4435Market Forecast:The global premium cosmetics market share is expected to grow at a higher growth rate supported by positive influencing of the fashion sector on this market.
Increasing demand for specialty effective ingredients containing cosmetics is further projected to increase the sale of the product.All these factors will contribute to the estimated CAGR of 3.5% of premium cosmetics market during the forecast period 2017-2023.Competitive Analysis:The key players in the premium cosmetics market areCoty, Inc. (U.S.)Estée Lauder Companies Inc. (U.S.)Chanel S.A. (France)L'Oréal S.A. (France)LVMH Moët Hennessy Louis Vuitton SE (France)Shiseido Co.,Ltd.
(Japan)Kao Corporation (Japan)Premium cosmetics manufacturers across various regions are following the strategy of product innovations and increased focus on R & D to penetrate the global market and to meet the growing demand for the product.
The global premium cosmetics market is expected to grow at a CAGR of ~ 7 % by the end of the forecast period (2019-2029).
Despite issues in global trade and worldwide economic uncertainties, the overall trajectory for the premium cosmetics market is largely positive.
In the past few years, premium cosmetics brands have made substantial shifts in business strategy, which has been influenced by a number of factors including higher disposable incomes for the middle class, demand for high efficacy products, finances for women, and consciousness about aesthetics among men.Some of the key players mentioned in the research report are The Procter & Gamble Company (P)Oriflame Holding A.G.Revlon Inc.Avon Products Inc.OthersThe new report on the global premium cosmetics market gives estimations of the size of the international market and the overall size and share of key regional segments during the historical assessment period of 2014-2018.
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.
