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
Disclaimer: This ongoing market research study is a meticulously planned activity where a broad array of factors and aspects that shape the marketing environment and industry are taken into account. However, keeping in mind the constantly changing nature of business dynamics and changing strategic intents, we are always actively making iterations and modifications in our approaches. As always, we are ready to tailor our insights and guidance to suit your requirements. Engage with us to know what more is there for your CXOs.