Premium Cosmetics Market: Introduction
- Premium cosmetics are a category of products used to change or improve the look of the face, or the texture or fragrance of the body. Premium cosmetics are usually combinations of chemical compounds that come from natural sources; they may also be artificial, synthetic, or halal.
Key Drivers of the Global Premium Cosmetics Market
- The global premium cosmetic market is driven by various factors such as increasing availability of customized products, their ease of use, lifestyle changes, and growing number of beauty shops which are estimated to increase the demand for premium cosmetics during the forecast period. Moreover, rising awareness about premium ingredients and their positive impact on the skin is moving consumer choice from mass or traditionally produced cosmetics to premium cosmetics.
- Rising use of personal care and beauty products by the younger generation for visual appeal, and individuals checking and purchasing products online while on the move due to smartphones and rising Internet penetration is projected to be an opportunity to boost the premium cosmetics market during the forecast period.
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Market in Asia Pacific to Expand Rapidly
- In terms of geography, the global premium cosmetics market can be divided into five regions North America (NA), Europe (EU), Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SA)
- North America country-level analysis features the U.S., Canada, and Rest of North America. Analysis and forecast of the premium cosmetics market in Europe includes markets across the U.K., Germany, France, and Rest of Europe. Similarly, Asia Pacific includes India, China, Japan, and Rest of Asia Pacific. Middle East & Africa includes the premium cosmetics market analysis and forecast of GCC countries, South Africa, and Rest of Middle East & Africa. The South America premium cosmetics market is segmented into Brazil, and Rest of South America.
- Europe captured the largest market share due to awareness about personal care, presence of well-established players, and preference for online shopping.
- The premium cosmetics market in Asia Pacific is projected to expand rapidly during the forecast period. The growth is mainly driven by a rising women oriented workforce, emerging economies, and increasing disposable income of the middle-class population. Japan and China are seeing high demand for premium cosmetics within the region.
Key Players Operating in the Global Market
The premium cosmetics market is consolidated owing to the strong presence of established key players globally who are focusing on strengthening their distribution channels in organized retailing to increase sales revenue. Moreover, beauty bloggers and vloggers provide an effective channel to expand consumer reach. Manufacturers provide free samples to these bloggers who post product reviews on their social media channels. Furthermore, manufacturers are collaborating with farmers to source ingredients for the products directly from them. This increases the product’s attractiveness to the consumer.
In March 2020, Simon (a global leader in premier shopping, dining, entertainment, and mixed-use destinations) announced that The Cosmetics Company will join the store line-up at St. Louis Premium Outlets.
In July 2019, HUL’s Lakmé emphasized on innovations and new product launches to drive growth. The trend to launch premium beauty products is on the rise and the company seeks to expand its portfolio that traditionally served value-seeking shoppers.
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A few of the key players operating in the global premium cosmetics market are:
- Beiersdorf AG
- Clinique Laboratories, LLC.
- Coty Inc.
- Dior Beauty
- Elizabeth Arden Inc.
- L'Oréal SA
- Sephora USA, Inc.
- The Estée Lauder Co. Inc.
- The Procter and Gamble Co.
Global Premium Cosmetics Market: Research Scope
Global Premium Cosmetics Market, by Type
- Skin Care
- Gels & Lotions
- Massage Oils
- Facial Masks
- Scrubs & Exfoliants
- Others (Wipes, Talcum Powder, etc.)
- Hair Care
- Hair Oil
- Hair Color
- Others (Hair Serum, Hair Brush & Comb, etc.)
- Bath & Shower
- Shower Gels & Body Wash
- Face wash
- Others (Bath Salts, Bubble Bath, etc.)
- Color Cosmetics
- Base Makeup (Foundation, Concealer, Bronzer, etc.)
- Face (Blush, Highlighter, etc.)
- Lips (Lip Tint, Lipstick, etc.)
- Eyes (Eye Shadow, Liners, etc.)
- Nail (Nail Paint, Nail Care, etc.)
- Others (Body art, body glitters, etc.)
- Massage & Relaxation
- Others (Shaving Preparations, Suntan Care, etc.)
Global Premium Cosmetics Market, by Content
Global Premium Cosmetics Market, by Gender
Global Premium Cosmetics Market, by Application
Global Premium Cosmetics Market, by Distribution Channel
- E-commerce Portal
- Company Owned Portal
- Large Format Stores
- Specialty Stores
- Independent Retailers
Global Premium Cosmetics Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.