Premium Cosmetics Market is segmented By Type(Skincare products, Fragrance, Color cosmetics, Haircare products, Suncare products, Deodorants, Baby care products, Bath products), By Source(Chemical, Organic, Others), By Gender(Men, Women, Children), By Application(Individual, Commercial) By Distribution Channel (Offline Distribution Channel, Online Distribution Channel), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031.
Premium Cosmetics Market Size
The Global Premium Cosmetics Market reached USD 88,035.5 million in 2022 and is projected to witness lucrative growth by reaching up to USD 161,620.4 million by 2031. The market is expected to exhibit a CAGR of 7.8% during the forecast period (2024-2031). Premium cosmetics are made up of a variety of mixes, including chemical compounds and cosmetics that are naturally derived.
Many of the cosmetics are chemically derived and serve a variety of functions. Cosmetics are mostly used for self-care in order to improve one's appearance while also increasing skincare benefits such as skin protection and skin cleansing.
The application of makeup, such as concealing, shaping eyebrows, lip color, application of eyelashes, eye lens, blusher, eye shadow, and many more. With the use of premium cosmetics, can enhance one's appearance and make one look younger than they did previously, which contributes to altering a person's appearance by enhancing their appearance. These factors are increasing the demand for cosmetics, which in turn, is driving the premium cosmetics market growth.
Market Summary
| Metrics | Details |
| CAGR | 7.8% |
| Size Available for Years | 2022-2031 |
| Forecast Period | 2024-2031 |
| Data Availability | Value (USD ) |
| Segments Covered | Type, Source, Gender, Application, Distribution Channel, and Region |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle East & Africa |
| Fastest Growing Region | Asia-Pacific |
| Largest Region | North America |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Type Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Market Dynamics
The Demand For Anti-Aging Products Is Significantly Increasing, Which Is Driving The Premium Cosmetics Market Growth.
Skin aging is characterized by a continuous deterioration in the skin's functional capacity as a result of modifications to the function and general fitness of several internal organs. Skin aging has been rising along with the increase in the world's elderly population. For instance, the U.S. Census Bureau estimates that over 54 million persons in the nation are 65 or older, constituting around 16.5% of the population.
The demand for anti-aging products is rising owing to the growing geriatric population across the globe, which has increased the market share of the premium cosmetics sector and created enormous potential opportunities for premium cosmetic products throughout the forecast period of 2023-2030.
Market Expansion Is Hampered By High Prices Of Premium Cosmetics.
The main factor limiting the premium cosmetics market growth is the high cost of them. According to the research gate study, most women spend an incredible USD 234 on cosmetics each year. Additionally, that is based on a conservative estimate, considering consumers of "premium" products like Chantecaille mascara, which costs USD 100, Nars lipstick USD 40, and Benefit highlighter USD 50.
The research reveals that just 15% of the cost of the finished goods is dedicated to the ingredients. The rest is used for marketing, branding, and glossy appeal. Therefore, a small number of leading companies are controlling the high-end cosmetics market because of significant investment, which limits the options for consumers to compare price charts and means that only those in the upper middle class can afford the product.
Market Segment Analysis
The global premium cosmetics market is segmented based on type, source, gender, application, distribution channel, and region.
Rising Demand For Skincare Premium Cosmetics Is Expected To Drive The Type Segment Growth
The global premium cosmetics market has been segmented by type into skincare products, fragrance, color cosmetics, hair care products, sun care products, deodorants, baby care products, and others. The skincare segment held the largest premium cosmetics market share of about 38.4% in 2022 in the premium cosmetics market analysis report.
The growth of the skincare segment is owing to the escalating demand for face creams and body lotions across the globe. The continous skincare product developments has increased the benefits of premium cosmetics while reducing their negative side effects. Improvements in acne, wrinkles, dry skin, scars, pigmentation, and ageing spots have also helped to increase demand for skin-brightening products and increased use of sunscreen and body lotion.
Source: DataM Intelligence Analysis (2023)
Market Geographical Share
Increasing Customer’s Demand For Premium Cosmetics in North America.
The North America premium cosmetics market held the largest market share of about 38.5% in 2022 in the premium cosmetics market analysis. The North American premium cosmetics market will continue to grow in the next years owing to customers' growing concern about their skin health.
The premium cosmetics market growth is due to the existence of key players and rising demand for high-end cosmetics and skincare that prevents aging. The use of personalized product formulas to match each individual's skin's specific demands and traits has emerged as a major market trend, which has in turn fueled a rise in the sales of high-end cosmetics in the region.
Source: DataM Intelligence Analysis (2023)
Premium Cosmetics Companies
The major global players in the market include CHANEL, Coty, Estée Lauder, L’Oréal, LVMH, Shiseido Company, Limited, Kosé Corporation, Kanebo Cosmetic, Kao Corporation, and Revlon, Inc.
COVID-19 Impact on Market
Global Recession/Ukraine-Russia War/COVID-19, and Artificial Intelligence Impact Analysis:
Covid-19 Impact:
The premium cosmetics sector has suffered greatly as a result of the exceptional COVID-19 epidemic. The unexpected entrance of the deadly virus has had detrimental consequences on the cosmetics business, which in turn has hampered the expansion of the luxury product category.The industry has constructively reacted to the crisis by switching to making hand sanitizers and cleaning supplies as well as offering free beautification services to frontline response personnel.
The key players in the sector must maintain the financial side of the firm. Despite the fact that the COVID-19 pandemic will have a much greater financial impact on businesses than any recession, there are signs that the beauty sector may once again be comparatively healthy during the period of 2024-2025.
Global Recession Impact:
Over the past two years, prices have increased significantly because of the high inflation rates in developed economies around the world. It is anticipated that the aggregate purchasing power will considerably affect developing economies and is thought to be non-beneficial in many ways, including the lessened consumer buying of premium cosmetics.
Key Developments
- In February 2021, Renee Cosmetics, an Indian cosmetics company, expanded its product line into the skincare market with the release of premium face oils. A glass-glow oil for pre-makeup and a texture-fix oil for post-makeup have both been introduced by the firm.
- In April 2022, to democratize the beauty market, Superdrug, a U.K.-based health and beauty retailer, developed a health and beauty marketplace that has featured hundreds of premium beauty products. It also provides a platform for more sustainable, gender-neutral, and black-owned businesses.
- In March 2023, Shiseido Asia Pacific, based in Japan, expanded its brand presence in India by joining forces with Global SS Beauty Brands, a Shoppers Stop subsidiary, in a strategic distribution partnership arrangement. In the second half of 2023, Shiseido Group will use the relationship to launch NARS Cosmetics in India's most important cities. NARS is a global cosmetics company with its headquarters in New York.
Why Purchase the Report?
- To visualize the global premium cosmetics market segmentation based on type, source, gender, application, distribution channel, and region, as well as understand key commercial assets and players.
- Identify commercial opportunities in the market by analyzing trends and co-development.
- Excel data sheet with numerous data points of premium cosmetics market-level with all segments.
- The PDF report consists of cogently put-together market analysis after exhaustive qualitative interviews and in-depth market study.
- Product mapping is available as Excel consists of key products of all the major market players.
The global premium cosmetics market report would provide approximately 93 tables, 109 figures and 190 Pages.
Target Audience 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
