The global premium cosmetics market is set to grow at a healthy CAGR of 7% during 2019 – 2029, according to the latest research intelligence report compiled by Fact.MR. Leading brands in the premium cosmetics market are bolstering their investments in optimization of pricing strategies and product safety standards in a bid to enhance brand image.
“Increasing consumer spending on exclusive and superior quality products along with an accelerated internet retailing impetus, drives the growth of premium cosmetics market across the globe,” says the Fact.MR report.
Skincare products hold the largest market share of 41%, with rising levels of consumption through the forecast period. Online distribution channels to display faster growth rates than offline channels at 8% CAGR.
Makeup and fragrance products to become the fastest growing segments on the back of sweat and waterproof characteristics. Asia Pacific regional markets to account for the largest and fastest growing regions, owing to demand from emerging economies, particularly China and Japan.
Key Driving Factors
Rising levels of consumer awareness about product quality features, premium ingredients to bolster revenue instreams. Demand for proven products of higher efficacy and active ingredients to influence consumption. Frequent product innovations and high diversity in consumer preference contribute to growth.
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Key Market Restraints
Limited range of product preservatives, restrain product manufacturing processes. Exit of the United Kingdom from the EU to increase uncertainty and instability for the market in Europe.
The global premium cosmetics market is largely oligopolistic. While industry leaders continue to maintain their strategic focus on the growing numbers of working women, the rising middle class, and better economies, premium men’s cosmetics will also be their priority in the coming years. New launches that meet the parameters of comfort and affordability will be an important strategic move of key market players.
Manufacturers are also anticipated to focus on tech innovations, and mergers and acquisitions. The report has profiled some of the major players in global premium cosmetics market, which include but are not limited to, L’Oréal S.A., LVMH, Estee Lauder, Chanel S.A., Coty Inc., Shiseido, The Procter & Gamble Company, and KAO Corporation.
About the Report
This 250+ pages study provides detailed forecast data on the premium cosmetics market. The key categories covered in the report include product type (skincare, haircare, makeup, and fragrance), distribution channel (offline and online), and 25+ countries in key regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa)