US: 1.646.568.9797 (24x5)
UK: 44.330.808.0580 (24x5)
Worldwide: 91.703.051.960 (24x7)
Industry Insights, Market Size, CAGR, High-Level Analysis: Global Premium Cosmetics MarketThe global premium cosmetics market size was valued at USD 119.3 billion in 2018 and is expected to expand at a CAGR of 7.6% from 2019 to 2025. The growth is attributed to growing demand for wellness beauty products and natural cosmetics. Factors such as increasing brand recognition and influence of premium cosmetics with the help of social media are anticipated to further fuel the product demand. Rising financial independence among women and beauty consciousness among men are other significant factors contributing to the product demand. 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 the market growth. Also, demand of active ingredients and substantiated efficacy products is boosting the product sales. The consumer preference for imported and branded cosmetics is majorly driven by brand name, product safety, and price. Availability of a wide range of products along with rising disposable income is anticipated to drive the market growth in 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 the demand. Growing demand of 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. Growth of the mens grooming industry is also supporting the demand for premium cosmetics dedicated for men. This factor is also anticipated to create growth opportunities for the brands specifically manufacturing mens cosmetics. Digitalization is one of the major drivers with direct impact on the growth of the premium cosmetics market. Growing penetration of social media and internet acts as a major channel for brand awareness. Demand for personalization in cosmetics is emerging trend among consumers, supported by influx of information available online. For instance, For instance, Face Gym, a European company, in 2017 launch 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 from the professionals. Innovation is expected to create growth opportunity for the new entrants. However, presence of counterfeit products is acting as a major hindrance for the growth.
Product Insights of Global Premium Cosmetics MarketMakeup 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. 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. Skincare held the largest market share in 2018 and is projected to continue leading over the forecast period, driven by high consumption in Asia Pacific. Consumers prefer products, such as face creams, sunscreens, and body lotions to reduce acne scars, freckles, age spots, and discoloration. High demand for skin brightening products is expected to further fuel the growth. Also, rising awareness and willingness of consumers to spend more on premium beauty products is boosting the demand for skincare products.
Distribution Channel InsightsThe 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 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 U.S., China, Japan, and U.K. Growing penetration of premium cosmetics in developing countries along with 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. Availability of premium, authentic brands, and variety of products is boosting the online sales. Offline distribution channel held the largest market share in 2018 and is estimated to remain dominant over the forecasted period. Virtual Reality (VR) interaction and Augmented Reality (AR) Makeup trial in stores are among some of the initiatives expected to drive the segment growth. This helps consumers understand the application and effects of the products before buying them. In-store digital technology to enhance the consumer experience is also expected to support the segment growth. Professional and specialty stores are the major drivers for the sales of premium cosmetics. Availability of a wide range of products and consumer trust in terms of product authenticity are the other factors fueling the segment growth. Many players sell the products only through pharmacies. For instance, Vichy, a brand of LOreal, offer skincare, body care, Makeup, and anti-aging products through pharmacies.
Regional Insights of Global Premium Cosmetics MarketAsia Pacific is estimated to remain the largest and fastest growing segment over the forecast period. The growth is majorly driven by developing economies, increasing women workforce, and rising disposable income of middle-class population The growth is also majorly driven by 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 cosmetic and also the second fastest growing in 2018. The growth is attributed to the strong influence of entertainment industry. Growing interest of consumers in glamor and movies is expected to drive the regional product demand. Growing demand for mens premium cosmetics is supporting the regional market growth. Rising demand for natural and organic cosmetics is anticipated to further fuel the regional market. U.S. is the largest regional market and is projected to witness a 7.9% CAGR over the forecasted period.
Premium Cosmetics Market Share InsightsThe major market players include Coty; Estee Lauder; LOreal; LVMH; Shiseido; Chanel; Dior Beauty; Elizabeth Arden Inc.; KAO Corporation; and The Procter & Gamble Company (P&G). The market is oligopolistic in nature with influence of a few major companies. The companies implement various strategies, such as new product launches, technological innovation, and mergers and acquisitions to diversify the product offering and to expand their geographical presence. For instance, in 2018, LOreal acquire Stylenanda, a Makeup and fashion brand focused on millennials in South Korea and China to extend its business in Hong Kong, Singapore, Malaysia, and Thailand. The acquisition will help the company focus on the product offerings focused on millennials. In the same year LOreal acquired Pulp Rio, an American brand, operating in professional hair color segment with a strong social media presence.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Global Premium Cosmetics Market Research ReportThis report forecasts revenue growth at global, regional, and country levels and provides an analysis on the latest industry trends and opportunities in each of the sub-segments from 2015 to 2025. For the purpose of this study, this market research report has segmented the global premium cosmetics market report on the basis of product, distribution channel, and region:
Product Outlook (Revenue, USD Billion, 2019 - 2030)
Distribution Channel Outlook (Revenue, USD Billion, 2019 - 2030)
Table of Contents Chapter 1. Methodology and Scope 1.1. Market Segmentation & Scope 1.2. Market Definition 1.3. Information Procurement 1.3.1. Purchased Database 1.3.2. GVR’s Internal Database 1.3.3. Secondary Sources & Third-Party Perspectives 1.3.4. Primary Research 1.4. Information Analysis 1.4.1. Data Analysis Models 1.5. Market Formulation & Data Visualization 1.6. Data Validatio | read more...