The global premium cosmetics market is valued at USD 199.2 billion by 2025, at a CAGR of 7.6%, according to the new report by Grand View Research, Inc. Growing demand for beauty products and rise in awareness is expected to supplement the market growth. Over the years, premium cosmetics have gained a huge popularity and consumer preference over traditional cosmetics products.
The general population is highly concerned with aging and acne conditions and herein cosmetics have a huge significance that helps the consumer resulting into positive effects. Additionally, rise in disposable income of consumers and changing lifestyle is also supplementing the market growth throughout the forecast period. Moreover, consumers in the emerging markets are much different that those from the developed markets. On the other hand, cosmetic producers have been facing the challenges of expansion in the emerging markets that relay a strong potential in the near future. The overall growth of global beauty industry is much higher in the off-shore markets.
In terms of consumer trend, consumers are becoming more aware about color cosmetics and skincare cosmetics. Hence, based on the availability of beauty products in the mass markets there have been much innovations adopted by major brands in the premium segment. For instance, long-lasting premium cosmetic products such as nail-polish, lipsticks, skincare moisturizers and lotion are perceived to have a good economic value.
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Covid-19 Effect:
The covid-19 outbreak has disrupted the world economy has bought major industries to a standstill. The operations within the manufacturing units were suspended in the second quarter of 2020 in the wake of covid-19. However, going forward with the process of unlock, nations are taking precautions to limit the spread of coronavirus. From this perspective, fashion industry is facing huge challenges as there has been multiple boundaries to function on a daily basis. Although, the restrictions, consumers are getting cosmetic services in the emerging markets. The recovery rate for cosmetic business is moderately high and is expected to remain moderate in the near future.
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Further Findings From the Report Suggest:
l Skincare and haircare segments are likely to remain highly preferred for consumers based on their diversity
l Offline channels are likely to remain popular based on retail supply chain and rise in consumer preference for brick and mortar retail units
l Online channels have gained a high momentum in the past few years attributing to the growing popularity of E-commerce channels and technological platforms. Use of AI and chatbox are some of the major advances for fashion
l Asia Pacific is expected to be the fast growing region for premium cosmetics as China and Japan are major markets based on high availability of consumers
Major Players:
l L’O’real
l LVMH
l Shiseido
l Chanel
l Elizabeth Arden Inc
l KAO Corporation
l Procter & Gamble Company (P&G)
l Estee Lauder
l Dior Beauty
l Coty
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