Premium Cosmetics Market Size, Share, Growth Analysis, By Product Type (Skin Care, Hair Care), By End Use (Men, Women), By Distribution Channel (Online, Offline), By Region - Industry Forecast 2024-2031

Global Premium Cosmetics Market size was valued at USD 119.3 billion in 2022 and is poised to grow from USD 128.25 billion in 2023 to USD 228.73 billion by 2031, growing at a CAGR of 7.5% during 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.