The global premium cosmetics market size is expected to register a revenue of USD 199.2 Billion by the end of 2025, according to a new report by Million Insights. It is expected to grow with a CAGR of 7.6% throughout 2019 to 2025. This growth can be attributed to rising awareness among the millennial population regarding the usage of wellness and beauty products. Moreover, increasing brand and product awareness among men and women across the globe is expected to drive the market growth in the upcoming years.
Top Companies:
The market for premium cosmetics includes key players such as L’Oréal; Coty; Shiseido; Estée Lauder; LVMH; Dior Beauty; KAO Corporation; Elizabeth Arden Inc.; and Chanel. These players are constantly engaged in product development and innovation to boost the sales of their products. Moreover, a variety of marketing strategies and product launches are being implemented by these players to penetrate deeper into the emerging markets.
For example, Stylenanda has been acquired by L’Oréal in 2018 to expand its brand awareness across countries like Singapore, Hong Kong, Thailand, and Singapore. This acquisition also helped in creating brand awareness among the millennial population. In addition, Pulp Rio has been acquired by L’Oréal to increase its global presence.
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Growth Drivers:
Rising awareness about the usage of natural, organic, and premium ingredients has created a shifting trend towards the consumption of premium cosmetic products rather than mass-produced cosmetics. Moreover, various benefits like reduction of acne, pigmentation, and age spots can be achieved with such products. Thus, the demand for these products is anticipated to boost during the forecasted years, 2019 to 2025.
Increasing demand for makeup accessories that can last long and anti-aging products are expected to drive market growth in the upcoming years. Moreover, consumers prefer using mini-sized products that can serve the purpose of the trial. In addition, the emerging concept of gender neutrality has paved the way for the consumption of these products even among men.
Product Outlook:
- Skincare
- Haircare
- Makeup
- Fragrance
The makeup segment is expected to witness a CAGR of 8.1% during the forecast period, 2019 to 2025 owing to the need for reduction of skin irritation and infections by using natural and organic color cosmetics. The skincare product segment held the highest share across the global market in 2018 due to its benefits like reduction in freckles, acne scars, discoloration, and age spots.
Distribution Channel Outlook:
- Offline
- Online
The online distribution channel segment is expected to witness significant growth with a CAGR of 9.4% from 2019 to 2025 due to rising influence of internet, smartphones and e-commerce platforms among the millennial population. Moreover, the offline distribution channel segment held the highest share in 2018 owing to increasing number of retail stores, supermarkets, hypermarkets across the globe.
Regional Insights:
In 2018, the Asia Pacific region held the highest share across the global premium cosmetics market. The region is also anticipated to register the highest CAGR during the forecasted years, 2019 to 2025. This growth can be attributed to several factors like rising women workforce and boosting disposable income among the working population across countries like Japan and China. Moreover, the presence of major players across China has helped it in becoming the largest market for such products.
North America can be considered as the second largest market for premium cosmetics. This can be attributed to the rising inclination of consumers towards the fashion and personal care industry. Moreover, rising demand for premium cosmetic products among men is expected to drive the market in this region. Furthermore, the increasing trend for the usage of natural and organic ingredients is expected to drive market growth across countries like the U.S. and Canada.
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