Premium Cosmetics Market Size, Share, Growth Analysis, By Type(Skincare, Haircare, Makeup, Fragrance), By Distribution(Hypermarkets/Supermarkets, Specialty Stores, Pharmacy, Drug Stores), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG30L2118 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|Tables:
67
|Figures:
75
Premium Cosmetics Market Insights
Premium Cosmetics Market size was valued at USD 104.32 billion in 2019 and is poised to grow from USD 116.2 billion in 2023 to USD 187.22 billion by 2031, growing at a CAGR of 6.14% in the forecast period (2024-2031).
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.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Skincare
Fastest Growth
Skincare
Growth Rate
ong>US Premium Cosmetics Market is poised to grow CAGR
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Premium Cosmetics Market Segmental Analysis
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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Premium Cosmetics Market Regional Insights
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.
- Largest
- Fastest
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Premium Cosmetics Market Dynamics
Premium Cosmetics Market Driver
Shift in consumer preference and growing awareness for premium products to boost the market growth
- Consumer preference has shifted from traditional or mass-produced cosmetics to premium cosmetics as there has been growing awareness for premium ingredients and their beneficial effects on the skin. Furthermore, consumers are becoming increasingly concerned about various skin care issues such as acne, age spots, and pigmentation, which is pushing the adoption of high-end skin care cosmetics.
- The ageing population with an increasing need to prevent the indications of ageing are predicted to drive up demand for anti-aging cosmetic products. These cosmetics are made using a variety of ingredients, including resveratrol and carotenes. These cosmetic antioxidant capabilities protect the skin from premature ageing and gives critical nutrients to the skin.
Premium Cosmetics Market Restraint
Availability of alternatives and limited consumerism to impede the market growth
- During the forecast period, the global market is likely to be hampered by the availability of counterfeit cosmetics and strict government regulations on ingredients used for cosmetics.
- For premium cosmetics tends to target elite consumers which limits is potential customer base
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Premium Cosmetics Market Competitive Landscape
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
- L'Oreal
- Estee Lauder
- Shiseido
- Coty
- LVMH
- Unilever
- Procter & Gamble
- Chanel
- Kao Corporation
- Revlon
- AmorePacific
- Johnson & Johnson
- Beiersdorf AG
- Avon Products
- Mary Kay Inc.
- Clarins
- Oriflame
- Yves Rocher
- Colgate-Palmolive
- Henkel AG & Co. KGaA
Premium Cosmetics Market Recent Developments
- In January 2022, Chanel launched N°1, a new beauty range that embraces naturality and sustainability. The French maison is kicking off 2022 with a whole line of skincare and makeup products based on holistic beauty and eco-friendly practices. Everything, from product formulation to packaging has been developed to provide a more natural and environmentally responsible beauty routine.
- In April 2022, The L'Essence Fondamentale Yeux Eye Treatment, a comprehensive anti-aging solution for the eye area, has been added to Chanel's Sublimage skincare line.
Premium Cosmetics Key Market Trends
- Rise in consumer awareness: Consumer awareness for high-quality, premium components in cosmetics and their impact on skin and hair is a crucial factor in shifting consumer preferences toward premium alternatives.
- Growing inclination towards premium products in millennials: Clean and ethical beauty is of higher interest to millennials. Consumers are turning to products that are natural, clean, and organic. Above all, skincare is gaining immense popularity in young consumers. Hence, increased demand for premium skin care products will show positive market growth in the forecast period.
- Increased penetration of internet and social media: The increased penetration of internet and social media have become major mediums in terms of boosting brand awareness. Further, the influx of information on cosmetics online is also pushing up the demand for personalization, for the development of products to meet the individual needs and lifestyle, with professional services.
Premium Cosmetics Market SkyQuest Analysis
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.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 104.32 billion |
| Market size value in 2031 | USD 187.22 billion |
| Growth Rate | 6.14% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| 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) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Premium Cosmetics Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Premium Cosmetics Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the 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 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.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Premium Cosmetics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Premium Cosmetics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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