“Real beauty is to be true to oneself.”

This saying perfectly applies to the sentiment of the beauty industry today.  Your customers are breaking the norms and embracing themselves! In response to these demands, several brands have updated their strategies and have reimagined their entire product range.  As a result, the demand for thoughtful and innovative cosmetics has helped this industry boom in recent years. As of 2021, the premium cosmetics market size is valued at USD 135.5 million and is estimated grow at a 3.5%CAGR in the years to come.

From consumers opting for more natural products to men contributing significantly to the growth of the global premium cosmetics industry, a few trends have emerged that will shape product innovation in the future.

Have you started looking into these trends? If not, read ahead to know the prominent trends in the global premium cosmetics market.  

1. STAR INGREDIENTS ON THE RISE IN THE GLOBAL PREMIUM COSMETICS MARKET

We’ve all seen the advertisements where a soothing feminine voiceover highlight the star ingredients present in the cosmetic. It didn’t just give the advertisement a trustworthy feel but also created an image in the mind of the consumer associating the ingredient with the benefit.

Back your claims with research and development, and you have a working formula to make your product trustworthy. Many of these natural “star” ingredients currently being infused in beauty products have proven effective. Hyaluronic acid, a popular ingredient in skin-rejuvenating serums, contains a thousand times its weight in water. This ingredient makes for an excellent moisturizing agent. 

There’s also a list of premium and rare ingredients like red Camellia flower and dead sea algae, which show promising results in the cosmetic application. These trends rose during the lockdown as a part of the clean and mindful living ideologies. Consumer sentiments surfacing in the premium cosmetics market show:

i.   Shift towards clean, side-effect free ingredients

ii.  Preference for natural ingredients

iii. Preference for personalized products, including ingredients suited to the consumer’s skin/hair/likes/dislikes, and more

iv. Demand for innovative formulas and result-oriented products

2. PRODUCT FUNCTIONS AFFECTING SALES IN THE PREMIUM COSMETICS INDUSTRY

Climate change is real! Changing weather conditions and lifestyles have facilitated the demand for better products. The back-to-office situation and increasing summer heat require products that can help reduce skin damage and ageing. Brands have developed products keeping in mind the essential functions they need to fulfil. Top functions that the global premium cosmetics industry is currently targeting include:  

i.                 Everyday Hydration:

Skin hydration and moisture retention are essential to keep away skin problems. We all know what happens when our face serum runs out. Moisture is also required in hair and body care products. Pertaining to this trend, many products have entered the market that mainly focuses on moisturization and hydration.     

ii.               UV Protection:

Not going out in the sun is not an option, and just sunscreen is not enough. Along with protecting their skin from the sun, customers also want products to heal their damaged skin. Wherein, ingredients like AHAs, vitamin C and Niacinamide counter pigmentation, tanning, uneven skin, and dark spots are finding their ways in a range of make-up products like foundations and skin creams.  

iii.             Skin and Blood Purification

Antioxidants remove impurities from the body and the same is also applicable in the premium cosmetics industry. Oxidative stress builds up in the skin and needs to be cleansed with antioxidants for refreshed and younger-looking skin. 

iv.             Sensitive Skin Maintenance

Globally, 60–70% of women and 50–60% of men report having sensitive skin. That is approximately 65% of your customers! Such a demand has given rise to the trend of personalised products, especially in premium and high-end cosmetics.

v.               Anti-Ageing

The current market is all about the young and the radical. It means that customers want to look youthful and retain their young sculpted skin for a longer time. Anti-ageing creams, serums, and night creams are gaining popularity in the present market. Even make-up products have ingredients that include anti-ageing agents like tea extracts and retinoids. 

3. CONSUMER INCLINATION IN THE PREMIUM COSMETICS PRODUCTS MARKET

You’ve mastered the product but still don’t see the results of your efforts in sales? Maybe you’ve have misread the sentiments currently dominating the premium cosmetics products market. The initiative includes keeping the plant healthy and creating an inclusive culture. Following are three prominent sentiments:

i.              Inclination Towards Sustainable Products:

From the product’s ingredients to its packaging, consumers are favoring the brands that have a heart for the planet. Where brands like Hana Organics are taking efforts to minimize waste by introducing customizable make-up pallets, brands like Clio are using PCR (post-consumer recycled) plastics in their packaging.

ii.               Rise in the Demand for Men’s Cosmetics

Men are breaking the barriers and embracing the new world! This trend is followed by significant surge in the number of men’s skin and hair care brands stepping into the make-up segment. Another huge category is the global LGBTQI population that embraces cosmetics for physical and sentimental factors. These two categories have opened up a new array of opportunities in the global premium cosmetics market. 

iii.             Convenience is the King For Online Shopping

Online shopping is the best way for acquiring the desired product from anywhere in the world. If you are available for the consumer 24/7, there is a high chance of a conversion. The online premium cosmetics market is growing with brands establishing their digital presence and competing for rank in the search engines. 

iv.             Functional Cosmetics are the Need of the 9-5 

Functional cosmetics include make-up products that last longer. Such products are popular among the office-going and working population.  The premium cosmetics products market targets a huge chunk of these customers. This segment also demands high innovation, as products need to take care of the skin if they are applied for longer. They need to be free from side-effect and accustomed to sensitive skin. 

Creating products that your customers would love requires knowing them from the inside out. This requires data that can help you understand their habits, likes, dislikes and more. SkyQuest’s reports make it easy to improve your market knowledge by providing comprehensive, yet easy to use the data. Access this intricate report on the global premium cosmetics market by SkyQuest and get actionable insights!

SkyQuest provides market insights that fuel your growth. Our insights are a base for you to innovate and understand the needs of your consumers. Reach your goals with data that will give you deep-rooted insights into your industry.