Pune India, Feb. 02, 2023 (GLOBE NEWSWIRE) — The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the premium cosmetics market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the premium cosmetics market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the product, distribution channel, and region. Apart from this, the key driving factors, restraints, potential growth opportunities, and market challenges are also discussed in the below paragraphs.
The significant players operating in the global premium cosmetics market are Avon Products Inc., Shiseido Company Ltd., Coty, Inc., Chanel S.A., KAO Corporation, Oriflame Cosmetics Global SA, L’Oréal S.A., LVMH, Revlon, Inc., and The Estée Lauder Companies Inc. . among other. To achieve a substantial market share in the worldwide premium cosmetics market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Cosmetics are substances or materials that are used to alter or improve the texture, fragrance, or look of the face or body. Many cosmetics can be used on both the face and the body. They are often mixtures of chemicals derived from organic (like coconut oil) or infrequently synthetic sources. Makeup, also known as cosmetics applied to the face to enhance appearance, comprises items like lipstick, eye shadow, foundation, mascara, blush, and bronzer among others. Additionally, a segment of the cosmetics business known as premium cosmetics is far more expensive than ordinary cosmetics and has the power to enhance or change the texture, scent, and appearance of the face. High-end cosmetics typically contain natural ingredients, while they can also contain synthetic, man-made, or halal chemicals. The rise in demand for natural cosmetics and beauty products that promote wellness is responsible for the growth. The demand for the product is anticipated to increase as a result of factors like growing brand recognition and the influence of high-end cosmetics brought about by social media. The rising financial independence of women and the rise in male beauty consciousness are additional significant factors affecting product demand. As consumers become more aware of premium ingredients and their advantageous benefits on the skin, they are replacing traditional or mass-produced cosmetics in demand.
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Scope of Premium Cosmetics Market Report
|Market Share Unit||USD Million|
|Segments Covered||Product, Distribution Channel, and Regions|
|Regions Covered||North America, Europe, Asia-Pacific, South America, and Middle-East and Africa|
|Major Players||Coty, Estée Lauder, L’Oréal, LVMH, Shiseido, Chanel, Dior Beauty, Elizabeth Arden Inc., KAO Corporation, and The Procter & Gamble Company (P&G).. among other|
The skincare segment is expected to be the fastest-growing segment in 2022.
The product segment is skincare, color cosmetics, fragrance, haircare, suncare, baby care, deodorants, and bath. The skincare segment is expected to witness the highest growth rate during the forecast period. Customers favour products including face creams, sunscreens, and body lotions to decrease acne scars, freckles, age spots, and discoloration. The increase is likely to be further fueled by the significant demand for skin-brightening cosmetics. The rising consumer awareness of and readiness to pay more for high-end cosmetics items is also increasing the demand for skincare products.
The online segment is expected to be the fastest-growing segment in 2022.
The distribution channel segment is offline and online. The major depressive disorder segment is expected to witness the highest growth rate during the forecast period. One of the main factors affecting the online sales of high-end cosmetics is the availability of a wide selection of products, rising internet usage, and awareness of the advantages of online product comparison before purchase. Premium brands are concentrated heavily in wealthy countries including the United States, China, Japan, and the United Kingdom. A growing preference for online shopping and a rise in the use of high-end cosmetics in developing countries are both contributing to the expansion. High-end cosmetics sales are increasing as a result of multi-brand online retailers’ discounts strategy, home delivery, and straightforward return policy. Because there are more premium, authentic brands and products available online, sales are rising.
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the premium cosmetics include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
- The North America region witnessed a major share. Due to the emergence of large corporations and the increase in demand for luxury skincare and cosmetics that combat ageing One significant market trend that has contributed to an increase in the sales of high-end cosmetics in the region is the use of customised product formulae to address the unique needs and characteristics of each individual’s skin.
Germany’s premium cosmetics market size was valued at USD 0.75 million in 2022 and is expected to reach USD 1.19 million by 2030, at a CAGR of 6% from 2023 to 2030. The rising consumer interest in glamour and movies is expected to drive regional product demand. The demand for upscale cosmetics for men is growing, which is driving growth in the local industry.
China’s premium cosmetics market size was valued at USD 0.78 million in 2022 and is expected to reach USD 1.26 million by 2030, at a CAGR of 6.2% from 2023 to 2030. Due to the growing millennial population. The market is also predicted to grow over the course of the forecast period as a result of consumers’ increased knowledge of cosmetics products like facial makeup, hairstyling, and colouring solutions.
India’s premium cosmetics market size was valued at USD 0.60 million in 2022 and is expected to reach USD 0.96 million by 2030, at a CAGR of 6.1% from 2023 to 2030. The demand for multipurpose products encourages innovation as budget-conscious consumers select solutions that provide hydration and skin protection.
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of the premium cosmetics market is mainly driven by the rise in awareness.
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