Premium Cosmetics Market: Global Industry Analysis and Forecast (2023-2029)

Premium Cosmetics Market was valued at US$ 37.20 Bn. in 2022 and the total Premium Cosmetics revenue is expected to grow at 7.84 % from 2023 to 2029, reaching nearly US$ 63.10 Bn.
Market Overview:
Premium cosmetics products are booming thanks to the changing fashion trends globally. Premium cosmetics are made up of a variety of mixes, including chemical compounds and cosmetics that are naturally derived. Many of the cosmetics are chemically derived and serve a variety of functions. Long used as a beauty aid, makeup is now seeing significant growth as society places more and more emphasis on attractiveness and aesthetics.

Despite issues with international trade and unrest in the global economy, the market research company thinks that the premium cosmetics market's overall trend remains mostly optimistic. The need for high-efficacy goods, the financial situation of women, and men's increased awareness of aesthetics have all had an impact on the business strategies of luxury cosmetics businesses in recent years. Higher discretionary incomes for the middle class have also had an impact. Additionally, factors like improved brand recognition, digitalization, and consumer knowledge of premium components in cosmetics contribute to a favorable trend toward premium branded cosmetics.
Premium Cosmetics Market Report Scope:
This MMR report on global premium cosmetics market provides details of market share, new developments, and impact of domestic, product pipeline analysis, product approvals, product launches, and localized market players, changes in market regulations, analyses opportunities in terms of emerging revenue pockets, strategic decisions, geographic growths, and technological innovations in the premium cosmetics market.

Premium cosmetics market is segmented based on product, gender, distribution channel, and region. The growth of various segments helps report users in acquiring knowledge of the many growth factors anticipated to be prevalent during the market and develop different strategies to help identify core application areas and the gap in the target market. The MMR report on the premium cosmetics market also provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering more than 20 vendors.

A bottom-up approach has been used to estimation the market size. Key Players in the premium cosmetics market are identified through secondary research and their market revenues are determined through primary and secondary research. Some of the leading key players in the global premium cosmetics market include Amway Corp, Henkel AG and Co. KGaA, Kao Corp., LOreal SA, Oriflame Holding AG and Coty Inc.
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Outlook for Global Cosmetics Industry
As per the MMR report of Cosmetics Market is expected to grow at 5.25% through 2022 to 2029, reaching US$ 604 Bn by 2029. The personal care sector has developed over time and now accounts for a sizable portion of the global market. There are many enterprises in this very competitive market. Even smaller businesses now have access to a much larger audience thanks to social media and the internet. The competitiveness in the personal care industry has increased as a result.

The Ministry of Health & Family Welfare and other non-governmental organizations are working together to promote the use of ayurvedic goods around the world. About 7% of the Indian market for cosmeceuticals, cosmetics, and personal care goods are ayurvedic items. Ayurveda is becoming more well-known because to national initiatives aimed at boosting consumer knowledge. India is home to 45,000 different plant species, 15,000 of which are used medicinally, including 7,000 plants with ayurvedic use. Numerous organizations have been established, including the Ministry of Ayush and the Central Council of Indian Medicine.


Premium Cosmetics Market Dynamics:
Growing Awareness of Hygiene and Personal Care to Support Market Growth Prospects

Concerns about body and well-being are growing daily owing to a busy schedule, changes in eating habits, routine, and fluctuations in the sleep cycle. A person can look healthier and more appealing by using beauty items to improve the quality, clean, and beauty of their exterior body parts. These are some of the causes, then, of the booming product demand from both the young and old populations.

To increase sales, manufacturers are emphasizing the digitalization and personalization of cosmetic items. For instance, the L'Occitane Group introduced its new "Duolab" individualized skincare solution with an AI-powered countertop device in February 2020. When necessary, this device can diagnose a person's skin condition and then deliver a personalized face-care remedy in the form of freshly blended cream. In light of this, improved grooming awareness and technological improvements are anticipated to promote market growth in the near future.

As Digitalization Increases, Personalization is Still a Significant Aspect For Growth.

The development of high-end customized cosmetics remains a significant potential opportunity with the rise of digitalization and technical advancements like virtual makeup rooms. The need for personalization is driven by a variety of needs, such as skin sensitivity, online AI tool experimentation, and the need to establish a distinct identity. The need for personalization is increasing as a result of increased packaging industry innovation, which has made it possible to cater to customer desire for personal keepsakes and gift items. As local firms continue to encounter low entry barriers in the high-end cosmetics market, the trend of increasing demand for social media influencers remains a key to success. Moreover, the growing experimentation with conventional methods and consumer demand for natural products will probably spur the development of new niche markets for premium cosmetics.

Consumers' Changing Lifestyles and Increasing Purchasing Power Will Drive Market Growth

During the forecast period, factors including expanding urbanization, an increase in the number of working women, shifting lifestyles, and rising awareness of cleanliness and skin care are expected to fuel the growth of the premium beauty and personal care products market. The increased production of skincare and hair care products as a result of enhanced personal cleanliness and health awareness has increased the need for personal care ingredients, which is expected to support market growth.

Beauty Specialist Retailer Remain Key to Consumers in the Premium Cosmetics Market

The rising influx of social media, and subsequent consumer-driven trends remain at the heart of development in the premium cosmetics market. However, despite major changes across the industry, distribution remains firmly in the grip of specialized beauty retailors. The demand for premium-personalized service, information exchange sessions with experts, and high-quality marketing tools remain key opportunity for growth in the premium cosmetics market. The market also continues to witness demand for more attractive positioning with large displays, and comfortable furniture, more experienced customer service members among others.

Premium Cosmetics Market Challenges:

The availability of options in cosmetics - Many businesses are producing high-end cosmetics, and as a result, the market growth rate for these items is expected to slow down over the projection period.

The rising cost of high-end cosmetics - The development of high-end cosmetics with improved product quality and efficiency combined with their application led to an increase in the price of high-end cosmetics that ordinary consumers could not afford, which could pose a challenge to the market's expansion and possibly result in a decline in market growth rate with lower revenue share during the forecast period.
Premium Cosmetics Market Trends:
Growing the use of internet and social media have emerged as important platforms for raising brand awareness.

Consumer preference is evolving away from mass-produced cosmetics and toward more high-end options as a result of consumer understanding of high-quality, premium ingredients in cosmetics and their effects on skin and hair.

Millennials have greater interest in ethically sound and clean beauty. Natural, cleaner, and organic products are becoming more and more popular with consumers. Above all, among young consumers, skincare is rapidly gaining popularity. As a result, the market will experience favorable growth throughout the period of forecasting due to the rising demand for high-end skin care products.
Premium Cosmetics Market Segment Analysis:
Makeup segment is expected to witness significant growth during the forecast period:

Based on product, Makeup segment is expected to witness significant growth during the forecast period. This growth is attributed to growing demand for organic and natural color cosmetics to avoid skin infection and irritation. The advent of waterproof and sweatproof cosmetics designed specifically for hot, muggy weather is also increasing consumer demand for high-end cosmetics including lipsticks, nail polish, foundation, concealer, powder, and bronzers.

Female segment held the largest market share of nearly 65.7% in 2022:

Based on gender, the female segment held the largest market share of nearly 65.7% in 2022. The market for high-end cosmetics has grown as a result of increased female use of cosmetics, higher female application of cosmetics, and increased efficiency of cosmetic products with increased qualities. The projection period will see a rise in the demand for luxury cosmetics due to rising usage of sunscreen, body lotions, and other goods. The market for premium cosmetics is also expanded by men, with a notable market growth rate during the forecast period.
Premium Cosmetics Market Regional Insights:
APAC Premium Cosmetics market held largest revenue share in 2022

In 2022, APAC commanded the largest share of the Premium Cosmetics market. Developing nations' economies, the rise of women in the workforce, and rising middle-class discretionary income all contribute significantly to the expansion. The rising demand for high-end cosmetics from China and Japan is another important factor driving the growth. Due to the presence of numerous foreign players, China holds the biggest regional market share.

In 2022, North America was second-fastest-growing market for premium cosmetics. The entertainment sector's significant influence is credited with driving the rise. Consumer interest in glamour and movies, which is on the rise, is anticipated to fuel regional product demand. The regional market is expanding as a result of rising demand for high-end cosmetics for males.

Product Innovations:

The premium cosmetics sector has seen a rise in product advancements as a major trend. To obtain a competitive advantage, major businesses in the premium cosmetics industry are concentrating on product breakthroughs. For example, the first personalized eye cream pair, consisting of Personalized Day Eye Cream and Personalized Night Eye Cream, was introduced by US-based skin care product producer Proven Skincare in May 2022. Utilizing both big data and artificial intelligence (AI), a customized product has been created. The two formulations are created specifically for each person's skin type, lifestyle, and environmental factors.

Chanel debuted N°1, a new beauty line that values sustainability and natural ingredients, in January 2023. A complete line of skincare and makeup products built on eco-friendly and holistic beauty principles will be released by the French maison in 2023. Everything has been devised to offer a more eco-friendly and natural beauty routine, from product formulation to packaging.

The L'Essence Fondamentale Yeux Eye Treatment, a thorough eye region anti-aging product, was added to Chanel's Sublimage skincare range in April 2023.
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Premium Cosmetics Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 37.20 Bn.


Forecast Period 2023 to 2029 CAGR:
7.84%
Market Size in 2029:
US $ 63.10 Bn.


 Segments Covered:
by Nature
1. Natural and Organic
2. Conventional


by Product
1. Skin Care
2. Hair Care
3. Makeup
4. Fragrance
5. Others


by Gender
1. Male
2. Female
3. Unisex


by Distribution Channel
1. Supermarket and Hypermarket
2. Cosmetics Shops
3. Online
4. Others



Premium Cosmetics Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Premium Cosmetics Market Key Players
1. Amway Corp.
2. Beiersdorf Aktiengesellschaft
3. CHANEL Ltd.
4. Coty Inc.
5. Dambiro de
6. Groupe Clarins
7. Henkel AG and Co. KGaA
8. Johnson and Johnson
9. Kose Corp.
10. Loccitane International SA
11. LVMH Moet Hennessy Louis Vuitton SE
12. NUDE Beauty Brands
13. Oriflame Holding AG
14. Revlon Inc.
15. Shiseido Co. Ltd.
16. The Avon Co.
17. Unilever PLC
18. The Procter and Gamble Co.
19. Kao Corp.
20. LOreal SA
21. The Estee Lauder Co. Inc.

FAQs:

1. Which region has the largest share in Global Premium Cosmetics Market?
Ans. AAPC region held the highest share in 2021.

2. What is the growth rate of Global Premium Cosmetics Market?
Ans. The Global Premium Cosmetics Market is expected to grow at a CAGR of 7.84 % during forecast period 2022-2029

3. What is scope of the Global Premium Cosmetics Market report?
Ans. The Global Premium Cosmetics Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. What is the projected market size & growth rate of the Premium Cosmetics Market?
Ans. Global Premium Cosmetics Market is valued at USD 34.50 Billion in 2021, and it is anticipated to attain a value of USD 63.10 Billion by 2029, at a CAGR of 7.84% over the forecast period.

5. What segments are covered in the Premium Cosmetics Market report?
Ans. The segments covered are Nature, Product, Gender Distribution Channel and, Region.