The global premium cosmetics market size 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.
The main factor driving the adoption of premium cosmetics is changing consumer preference away from conventional or mass-produced cosmetics and toward premium cosmetics due to increased public awareness regarding premium ingredients and their good benefits on the skin. In addition, the rising use of personal care and beauty products for visual appeal by millennials and Generation Z, as well as individuals checking and purchasing products online while on the go due to smartphones and rising Internet penetration, are expected to drive the premium cosmetics market share during the forecast period.
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.
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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.
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.
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Key Takeaway:
- During the forecast period, North America is expected to account for the largest share of the global premium cosmetics market. The market in this region is expected to rise owing to the growth of innovative technologies has resulted in the creation of AI-powered mobile applications. Furthermore, key companies are committed to redefining luxury cosmetics through innovative formulae, cutting-edge performance, and appealing packaging.
- The vitamin supplements market in the Asia Pacific is predicted to develop rapidly, particularly in South Korea and India, during the projected period. This is attributed to players in the premium cosmetics sector relying largely on digital marketing tactics and social media advertising. Furthermore, the companies use high-quality components rather than artificial or synthetic additives.
- Owing to the increasing usage of sunscreens and body lotions, as well as increased demand for skin-brightening goods, the “skincare” product type is expected to hold the greatest revenue, through the forecast period.
- As the usage of network access or Wi-Fi connectivity to purchase products is becoming more common., the “online” distribution channel type, accounts for a significant share and is the most preferred type.
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:
