Prestige Cosmetics Market Impact of COVID-19, Profit Margin Analysis and Challenges

The global prestige cosmetics market size is expected to reach USD 27.77 billion by 2028, registering a CAGR of 3.1% over the forecast period, according to a new report by Million Insights. Increasing consciousness about beauty and appearance has been the major factor responsible for the high demand for prestige cosmetics in the global market. Owing to the high product demand, various manufacturers are changing advertising strategies and product branding to accelerate their sales. Thus, the market is estimated to have a steady growth over the forecast period. Product innovations and technological advancements by key players will also contribute to market growth.

Prestige Cosmetics Market Report Highlights

• Asia Pacific is expected to register the fastest CAGR of 3.8% from 2021 to 2028 owing to the rising product demand in this region
• The decorative cosmetics product segment accounted for the largest revenue share of more than 61% in 2020 owing to the high demand
• The offline distribution channel segment led the global market in 2020 due to more sustainability offered by these offline stores than any other channel
• The luxury cosmetics product segment will register the fastest CAGR from 2021 to 2028 due to the growing adoption of these products

Key players are focusing on providing the best-quality products; thus, the luxury segment is expected to witness significant growth during the forecast period. Due to the COVID-19 pandemic, product sales dropped drastically. For example, according to Jon R. Moeller, who is vice chairman of P&G, the Japanese brand of prestige cosmetics, the sales were declined drastically in the third quarter of the year 2020. Hence, the financial status of various cosmetics sectors had been jeopardized due to the outbreak of COVID-19. The decorative cosmetics segment accounted for the largest revenue share of over 61% in 2020 owing to the increased demand.

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Decorative cosmetics are used to enhance the appearance. These products include nail polishes, foundation creams, lipsticks, pressed powders, mascaras, etc. Also, a growing number of celebrity endorsements and advertisements on various social media platforms has increased the demand for decorative cosmetics. The offline distribution channel segment dominated the market with the highest revenue share of more than 70% in 2020. The demand for prestige cosmetics is rising among customers due to the sustainability offered by these stores than any other channels.

The ease of hard cash transaction services and trustworthy relationships with domestic consumers are the other key factors that propel the segment growth. North America dominated the global market and accounted for more than 43% of the overall revenue share in 2020 due to the high product demand in the U.S and Canada. Increasing purchasing power of consumers in this region is another major factor boosting the market growth. In addition, a rising number of working individuals is also boosting the product demand in the region.

Newspaper Advertising Market Vertical Analysis & COVID-19 Impact Insights

The global newspaper advertising market size is expected to reach USD 19.3 billion by 2028, according to a new report by Million Insights. The market is expected to expand at a CAGR of -3.6% from 2021 to 2028. The growing rapid digitalization in emerging economies has experienced significant shrinkage in recent years and is likely to decline over the forecast period. The increasing acceptance of print advertising among the various industries in recent years to offer information about their company and products is expected to accelerate the market growth. Moreover, the rising effectiveness of newspaper advertising in developing countries due to the huge number of subscribers around the globe is driving the market.

Moreover, newspaper advertising is rapidly gaining popularity owing to having more engagement of customers and building brand awareness which in turn is accelerating the market growth. Furthermore, a lockdown situation has been observed during the COVID 19 pandemic, and it showed a negative impact on the market due to many advertisers slashed marketing budgets or paused advertising spending during this period. Moreover, the increasing spending on print advertising after the ease of several restrictions is expected to boost market growth over the forecast period.

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The weekly newspaper segment is expected to register the highest CAGR of -2.8% from 2021 to 2028. The rising investment in digital newspaper advertising by the various advertisers due to the high engagement of customers in the online platforms may hinder the growth of this segment. Furthermore, the increasing adoption of newspaper advertising for brand awareness and promotion of the various products through the newspapers has significantly accelerated the growth of this segment.

The FMCG segment is expected to witness a higher CAGR of -2.2% over the forecast period. The rising acceptance of smartphones and growing internet penetration rate across the globe is propelling market growth. This, in turn, is restraining the growth of the market over the forecast period. Moreover, the increasing spending on print advertising by various FMCG companies in recent years to bring awareness about the product and to build trust and credibility with customers globally are expected to boost market growth over the forecast period.

Asia Pacific dominated the market with a revenue share of more than 35.0% in 2020. The intense competition among the vendors of the print newspaper industry is hindering market growth. However, strict government regulation regarding print advertising is restraining market growth over the last few years.  The growing technological advancement in augmented printing and paper manufacturing is expected to accelerate the market growth. Moreover, the growing number of subscribers of print newspapers across the region has projected market growth over the forecast period.

Fish And Seafood Market Price Overview, Top Companies & COVID-19 Impact Insights

The global fish and seafood market size is expected to reach USD 576.0 billion by 2028, according to a new report by Million Insights. It is expected to expand at a CAGR of 3.3% from 2021 to 2028. The growing awareness regarding the health benefits, such as reducing the risk of chronic diseases and balancing hormone levels, is expected to accelerate the market growth over the forecast period.

The growing contract farming and various government policies regarding the production of fish and seafood across the globe are boosting the market growth. Moreover, rising per capita consumption and the growing consumer expenditure on fish and seafood products are some of the key factors behind the growth of this industry. However, changing climatic conditions like the acidity of water of oceans, oxygen level, and temperature could affect the cultivation of fish and seafood products, which may hinder the market growth.

The pandemic-induced lockdown across various regions had disturbed transportation and suspended the supply of fish and seafood products for a short duration. The supply chain is susceptible to being disrupted or stopped by the restrictions imposed due to the COVID-19 pandemic. In aquaculture, the unsold production of fish and seafood has resulted in increasing levels of live fish stocks. Furthermore, it has created higher costs for feeding and risks of fish mortalities.

The processed fish and seafood product segment is expected to expand at the fastest CAGR of 4.1% from 2021 to 2028. The rising production of value-added processed food products is boosting the demand for this segment in developed economies. Moreover, the growing health consciousness among the consumers has increased the demand for nutritious processed fish and seafood products as the consumption of fish products will reduce the risk of chronic diseases, which, in turn, is accelerating the market growth.

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The cured form segment is anticipated to exhibit the fastest growth rate of 4.6% from 2021 to 2028. Continuously changing lifestyles, coupled with the busy life schedules of consumers, are expected to accelerate the demand for cured products. Moreover, increasing preservation of fish and seafood to prevent excessive dehydration during storage and contamination with harmful bacteria is propelling the growth of this segment.

The online distribution channel segment is expected to register the fastest CAGR of 4.3% from 2021 to 2028. An upsurge in product sales through various company-owned websites and e-commerce platforms is expected to propel the segment growth over the forecast period. Moreover, the increasing usage of the internet and smartphones is accelerating the growth of this segment.

Asia Pacific captured the largest share of over 60.0% in 2020. The rising demand for protein-rich food products and growing awareness regarding the health benefits of consuming fish and seafood products are expected to accelerate the regional market growth. Moreover, the increasing consumption of fish and seafood products in developing countries like China, India, and Indonesia owing to consumers’ inclination towards a healthy lifestyle, changing dietary habits, and the rising disposable income will further boost the regional market growth.