The global premium cosmetics market is predicted to grow at steady CAGR over the forecast period (2018 to 2022), according to a report available on Radiant Insights, Inc. Growing need for high quality cosmetic products among consumers to get aesthetic looks can propel demand for premium cosmetics. These premium cosmetic products can be made from synthetic, natural, and other specialty ingredients.
Increasing disposable income and growing population of working women are anticipated to impel growth of market. Rising concern regarding aesthetic looks among consumers globally can augment market expansion in the forthcoming years. Emergence of digitization and online shopping of cosmetics products from e-commerce platforms can drive product demand in near future. Such platforms are likely to allow consumers to compare various products before purchasing them. In addition, product reviews and ratings from other consumers can help fresh consumers in making better shopping decisions. Continual endorsements of premium cosmetics from renowned celebrities to gain traction among consumers can fuel market growth over the forecast period (2018 to 2022).
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Toc cater to rising demand for premium cosmetics, most companies are likely to invest in R&D activities to create new and innovative products. For instance, L’Oreal Paris recently launched new hair care range named Botanicals Fresh Care. This launch is likely to expand product portfolio of the company in premium hair care segment. The product is expected to include coconut and soy-based botanical complex that can protect hair without heaviness and greasiness. In addition, it is predicted to offer natural, gentle, and light touch to consumer’s hair. So, the environment-friendly products are expected to gain traction among eco-conscious consumers.
The premium cosmetics market can be segregated on the basis of product, distribution channel, and region. Based on product, the market can be categorized into fragrances, skincare products, hair care products, color cosmetics, sun care products, deodorants, baby care products, and bath products. Sun care products segment is expected to grow fast during the forecast period attributed to growing wellness and health trend among consumers.
Based on distribution channel, the market can be categorized into specialty retailers, store based supermarkets, convenience stores, and others. Store based supermarkets are estimated to dominate the market over the forecast period. Rising demand for one-stop shopping experience among consumers can fuel growth of segment in the forthcoming years.
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Regional segmentation includes Americas, Asia Pacific (APAC), and Europe, Middle East & Africa (EMEA). Americas dominated the market and accounted for largest market share in the past few years. It is predicted to grow at similar pace over the forecast period. Growth in working women population coupled with rising penetration of global brands can stimulate regional growth. In addition, growing demand for natural cosmetic products among consumers can augment growth of market in the region.
In Europe, the market is expected to witness significant growth during the forecast. Presence of key companies like L’Oreal in the region offering premium cosmetics can fuel market expansion. In addition, increasing per capita expenditure on personal appearance can further augment market growth in the forthcoming years. Skincare and bath products are expected to popular product categories in the region.
Asia Pacific is estimated to grow fast over the forecast period attributed to growth of urban population in China and India. Urbanization is projected to stimulate adoption of premium skincare and color cosmetics among consumers.
Some of the leading companies operating in premium cosmetics market are Estee Lauder, Coty, L’Oreal, LVMH, and Shiseido.
About Radiant Insights, Inc
Radiant Insights is a market research and consulting company offering syndicated research studies, customized reports, and consulting services. Our market research studies are designed to facilitate strategic decision making, on the basis of extensive and in-depth quantitative information, supported by extensive analysis and industry insights. Using a patented and robust research methodology, we publish exhaustive research reports covering a host of industries such as Technology, Chemicals, Materials, and Energy. Radiant Insights has a strong base of analysts, consultants and domain experts, with global experience helping us deliver excellence in all research projects we undertake.
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