Report ID: SQMIG30L2118 | Region: Global | Published Date: November, 2022 | Pages: 165 | Tables: 67 | Figures: 75
Premium Cosmetics Market size was valued at USD 104.32 billion in 2021 and is poised to grow from USD 116.2 billion in 2022 to USD 187.22 billion by 2030, growing at a CAGR of 6.14% in the forecast period (2023-2030).
The market size for premium cosmetics is expected to account for a larger growth in the forthcoming years as the need to look and feel better is high in the population. Moreover, consumer spending trends indicate that a lot of users spend high on grooming, stylish haircut, waxing, and facials. While, premium cosmetics cover a broad range of products such as makeup, haircare, and fragrance. These products are often associate with the leading brands that hold a high reputable presence in the fashion and cosmetic industry. The market growth for these products is mainly rising due to the increased awareness about premium ingredients and their positive impact on skin. Consumers' preferences are shifting from traditional or mass-produced cosmetics to premium cosmetics. These are in high demand to cure age spots, acne, hyperpigmentation, and other skin concerns.
The demand for active, healthy ingredients and substantiated product efficacy is projected to increase the product sales and drive the market growth further. Premium, authentic marks and diversity of items are increasing online sales while 85% of the market presently holds offline that enables clients to test cosmetics as demo samples.
US Premium Cosmetics Market is poised to grow at a sustainable CAGR for the next forecast year.
ong>US Premium Cosmetics Market is poised to grow at a sustainable CAGR for the next forecast year.% CAGR
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Premium cosmetics market is segmented based on distribution channel, type and region. Based on distribution channel, premium cosmetics market is categorized into: hypermarkets/supermarkets, specialty stores, pharmacy and drug stores, online retail stores, and other distribution channels. Based on type, premium cosmetics market is categorized into: skincare, haircare, makeup, and fragrance. Based on regional segmentation, the premium cosmetics market is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Premium Cosmetics Market Analysis by Type
Makeup is expected to grow at the fastest rate of 8.1% throughout the forecast period (2023-2030). The growing demand for organic and natural color cosmetics to reduce skin infection and irritation is driving the premium cosmetics market growth. The availability of waterproof and sweatproof products designed specifically for hot and humid weather conditions is also increasing demand for high-end beauty items such as nail polishes, lipsticks, foundations, concealers, powders, and bronzers.
Premium Cosmetics Market Analysis by Distribution Channel
In the forecast period (2023-2030), the online distribution channel is expected to grow at the fastest rate of 9.4%. Rising internet usage, knowledge of the benefits of online product comparison before purchase, and the availability of a wide range of items are some of the primary drivers boosting luxury cosmetics online sales. The concentration of premium brands is strong in developed economies such as the United States, China, Japan, and the United Kingdom. The growing penetration of luxury cosmetics in emerging nations, along with an increased preference for online buying, is fuelling premium cosmetics market growth.
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During the projected period (2023-2030), Asia Pacific is expected to continue to be the fastest-growing geographical market. The growth is driven mostly by in urban areas with an increase in female workforce, and the rise in middle-class disposable income. The rising demand for luxury cosmetics in China and Japan is also driving growth. Due to the presence of a high number of international corporations, China accounts for largest share in the regional premium cosmetics market.
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Premium Cosmetics Market Driver
Shift in consumer preference and growing awareness for premium products to boost the market growth
Premium Cosmetics Market Restraint
Availability of alternatives and limited consumerism to impede the market growth
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The premium cosmetics market is consolidated in nature with the presence of a few major companies dominating the market. The key players are implementing various strategies, such as new product launches, technological innovation, and mergers and acquisitions, to diversify the product offering and expand their geographical presence.
Premium Cosmetics Market Top Players Company Profiles
Premium Cosmetics Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
The global beauty and personal care market has been expanding at a rapid pace. Rising demand for men's grooming goods, continuously increasing beauty product marketing across online platforms, and developments in the prestige cosmetics business to attract more clients willing to pay higher prices for higher-quality products. Consumer awareness of high-quality, premium components in cosmetics and their impact on skin and hair is a crucial factor in shifting consumer preferences away from mass-produced cosmetics and toward more premium alternatives.
|Growth Rate||ong>US Premium Cosmetics Market is poised to grow at a sustainable CAGR for the next forecast year.%|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Premium Cosmetics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Premium Cosmetics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Premium Cosmetics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Premium Cosmetics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
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