Thriving premium cosmetics market sees exponential growth, driven by innovation, luxury branding, and increasing consumer demand.
The global premium cosmetics market is projected to have a high-paced CAGR of 6.14% during the forecast period. The current valuation of the premium cosmetics market is US$ 116.23 Billion in 2023. The value of the premium cosmetics market is anticipated to reach a high of US$ 210.92 Billion by the year 2033.
Changing customer preference to move away from mass produced products and opted for premium cosmetics is the major reason why people are embracing that newly evolved market segment because more consumers nowadays are conscious of good quality brave ingredients used in the production process with lots of benefits attached on use.
Moreover, the increased consumption of personal care and beauty products for attractiveness reasons by millennials ad Generation Z in addition to placing orders on cosmetics when none are close locally due to smartphones as well as high Internet penetration there will also be a strong growth during the forecast period.
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Digitalization is one of the primary forces influencing the premium cosmetics market. The increasing prevalence of social media and the internet serves as an important medium for brand recognition. Personalization in cosmetics is a growing consumer trend, aided by the flood of information available online.
Through new ingredients, cutting-edge performance, and attractive packaging, key brands are focused on redefining luxury cosmetics. Key players are also dedicated to animal welfare, having created the vegan replacements for carmine, which is likely to generate market opportunities and expand the global premium cosmetics market size. Regulations on the manufacture and use of premium personal care products have been established by the European Commission Cosmetics Directive (ECCD) and various state government bodies. On the other hand, the China Food and Drug Administration (CFDA) does not permit the use of new unregistered ingredients.
Consumer preferences for imported and branded cosmetics are influenced mostly by brand name, product safety, and price. The availability of a diverse selection of products, together with increased disposable income, is expected to fuel the premium cosmetics market size in the foreseeable future. The increased demand for natural cosmetics is likely to drive the premium cosmetics industry ahead. People feel that natural ingredients are safer for both human health and the environment because chemicals like parabens, phthalates, and sodium lauryl sulfate have been linked to health hazards.
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However, the availability of counterfeit cosmetic products, as well as tight government regulations on cosmetics, are projected to impede the growth of the worldwide premium cosmetics market during the forecast period. Moreover, the high cost of premium cosmetic products may restrain the market.
Key Takeaway:
Competitive Landscape:
Through technological breakthroughs and numerous innovations, the global premium cosmetics market share is undergoing a transformative phase. The creativity that goes behind the development of premium cosmetics is expected to perpetually attract customers which provides immense opportunities for key providers to capitalize on such booming trends and introduce novel product lines. These factors are anticipated to expand the global premium cosmetics market size. The following companies are key leaders in the global market for premium cosmetics:
Key Segments Profiled in the Premium Cosmetics Market Survey
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market.
Feb 12, 2024