PUBLISHER: SkyQuest | PRODUCT CODE: 1213669
PUBLISHER: SkyQuest | PRODUCT CODE: 1213669
Global Premium Cosmetics Market is valued at USD 13.87 Billion in 2021, and it is anticipated to attain a value of USD 24.94 Billion by 2028, at a CAGR of 8.75 % over the forecast period (2022 - 2028).
The increase is linked to the rising popularity of natural cosmetics and wellness-related beauty products. It is projected that factors like rising brand recognition and the influence of high-end cosmetics thanks to social media would further fuel the demand for the product. Other key elements influencing product demand are women's increasing financial independence and men's increasing beauty consciousness.
Top-down and bottom-up approaches were used to estimate and validate the size of the Global premium cosmetics market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Segments covered in this report:
The global premium cosmetics market is segmented based on Distribution channel, Type and Region. Based on Distribution channel, it is categorized into: Hypermarkets/Supermarkets, Specialty Stores, Pharmacy and Drug Stores, Online Retail Stores, and Other Distribution Channels. Based on Type, it is categorized into: Skincare, Haircare, Makeup, and Fragrance. Based on region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Driver
Consumer demand for premium cosmetics is replacing conventional or mass-produced cosmetics as a result of growing knowledge of premium components and their favorable effects on the skin. The preference for high-end cosmetics for issues including age spots, acne, and pigmentation is anticipated to be positive for market expansion. Sales of products are also being boosted by the desire for products with active ingredients and verified efficacy. The brand name, product safety, and pricing are the main factors influencing consumer preference for imported and branded cosmetics. In the near future, market growth is predicted to be fueled by the availability of a wide variety of products and increased disposable income.
Restraint
The availability of fake cosmetics and rigorous government regulations on cosmetics are projected to hinder the growth of the global premium cosmetics market during the forecast period.
Market Trends
The growth of the premium cosmetics market is being aided by rising demand for anti-aging treatments and long-lasting makeup. Demand is also increasing as mini-sized cosmetic goods become more popular with consumers. One of the main development drivers for the industry is the rising demand for cosmetics from men. Additionally, there is an increasing trend towards product variety, with more males turning to luxury, gender-neutral cosmetics. The demand for high-end cosmetics made specifically for men is being supported by the expansion of the men's grooming sector. Additionally, it is projected that this element would open up expansion prospects for businesses that specialize in producing cosmetics for guys.