Global Premium Cosmetics Market Overview
The Global Premium Cosmetics Market was valued around at US $120 Billion in the year 2019, and is projected to reach $XX Billion by the year 2026, growing at a CAGR of 6.8% during the forecast period.
The report covers the detailed analysis of the Global Premium Cosmetics industry with the classifications of the market on the basis of Product, Distribution Channel, and region. Analysis of past market dynamics from 2016 to 2019 is given in the report, which will help readers to benchmark the past trends with current market scenarios with the key player's contribution in it.
Top Global Premium Cosmetics Manufacturers
The report has profiled ten major companies in the market from different regions, across the Globe. Further, the report has considered all the followers, and new entrants with investors while analyzing the market and estimating the size of the same. The manufacturing environment in each region is different and focus is given on the regional impact on the cost of manufacturing, supply chain, availability of raw materials, labor cost, availability of advanced technology, trusted vendors are analyzed and the report has come up with recommendations for a future hot spot in Asia Pacific.
Top Key Players in the Global Market for Premium Cosmetics
• Coty
• Estee Lauder
• Loreal
• LVMH
• Shiseido
• Chanel
• Dior Beauty
• Elizabeth Arden Inc
• KAO Corporation
• The Procter & Gamble Company
Global Premium Cosmetics Market Dynamics
Growing awareness regarding premium ingredients and their positive effect on the skin is shifting consumer preference from traditional or mass-produced cosmetics to premium cosmetics. Preference for premium cosmetics for problems such as age spots, acne, and pigmentation is expected to bode well for market growth. Also, the demand for active ingredients and substantiated efficacy products is boosting product sales.
The consumer preference for imported and branded cosmetics is majorly driven by brand name, product safety, and price. The availability of a wide range of products along with rising disposable income is anticipated to drive the market growth in the near future. Increasing demand for anti-aging products and long-lasting makeup is supporting the premium cosmetics market growth. Rising consumer preference for mini-sized cosmetic products is also boosting demand. Growing demand for cosmetics from men is also acting as one of the major growth drivers for the market.
Also, growing product diversification such as gender-neutral and premium cosmetics for men is gaining more traction. The growth of the men’s grooming industry is also supporting the demand for premium cosmetics dedicated to men. This factor is also anticipated to create growth opportunities for brands specifically manufacturing men’s cosmetics. Digitalization is one of the major drivers with a direct impact on the growth of the premium cosmetics market. Growing penetration of social media and the internet acts as a major channel for brand awareness. Demand for personalization in cosmetics is an emerging trend among consumers, supported by the influx of information available online.
For instance, Face Gym, a European company, in 2017 launched the Make it Bar, where consumers can visit the studio and create their own face serums, suitable for their individual needs and lifestyle with the help of professionals. Innovation is expected to create growth opportunities for new entrants. However, the presence of counterfeit products is acting as a major hindrance to growth.
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Scope of the Global Premium Cosmetics Market: Inquire before buying
The Global market for Premium Cosmetics is studied under two major segments and further into sub-segments to forecast the market size by value.
Global Premium Cosmetics Market, by Product
On the basis of product, the Premium Cosmetics market is classified into –
• Skincare
• Haircare
• Makeup
• Fragrance
• Others
The Unflavored Premium Cosmetics is expected to account for a larger market share, as compared to the flavored Premium Cosmetics over the forecast period.
Global Premium Cosmetics Market by Product
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Makeup is projected to register the fastest CAGR of 8.1% over the forecast period. The market growth is attributed to increasing demand for organic and natural color cosmetics to avoid skin infection and irritation. The availability of waterproof and sweat proof products manufactured particularly for hot and humid weather conditions is also boosting the demand for premium makeup products, such as lipsticks, nail paints, foundations, concealers, powders, and bronzers.
Global Premium Cosmetics Market, by Distribution Channel
In the terms of Distribution Channel, the Premium Cosmetics market has been divided into –
• Online
• Offline
The Online Distribution channel accounted for the largest market share, as compared to the offline distribution channel for Premium Cosmetics.
The online distribution channel is projected to register the fastest CAGR of 9.4% over the forecast period. Rising internet usage, awareness regarding the advantages of online comparison of products before purchase, and availability of a variety of products are some of the major factors driving the online sales of premium cosmetics.
The concentration of premium brands is high in developed economies, such as the U.S., China, Japan, and the U.K. Growing penetration of premium cosmetics in developing countries along with an increasing preference for online shopping is supporting the growth. Multi-brand e-retailers are increasing the sales of premium cosmetics owing to their discounts strategy, home delivery, and easy return policy. The availability of premium, authentic brands, and a variety of products are boosting online sales.
Global Premium Cosmetics Market by Channel
Regional Analysis of Global Premium Cosmetics Market
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
Asia Pacific is expected to account for the largest market share in the Global Premium Cosmetics Market during the forecast period.
Asia Pacific is estimated to remain the largest and fastest-growing regional segment over the forecast period. The growth is majorly driven by developing economies, the increasing women workforce, and the rising disposable income of the middle-class population. The growth is also majorly driven by the high demand for premium cosmetics from China and Japan. China accounts for the largest regional market share owing to the presence of a large number of foreign players.
North America is the second-largest market for premium cosmetics and also the second-fastest-growing in 2018. The growth is attributed to the strong influence of the entertainment industry. The growing interest of consumers in glamor and movies is expected to drive the regional product demand. Growing demand for men’s premium cosmetics is supporting regional market growth. Rising demand for natural and organic cosmetics is anticipated to further fuel the regional market. The U.S. is the largest regional market and is projected to witness a 7.9% CAGR over the forecasted period.
Global Premium Cosmetics Market by Region
The objective of the report is to present a comprehensive analysis of the Global Premium Cosmetics Market to the stakeholders in the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants.
PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding the Global Premium Cosmetics Market dynamics, structure by analyzing the market segments and projects the Global Premium Cosmetics Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Global Premium Cosmetics Market make the report investor’s guide.
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