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

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