Press release
Premium Cosmetics Market 2021: Business Prospects, Demand and Product Scope, Forthcoming Developments and Future Investments to 2024
The global premium cosmetics market is likely to touch USD 16.8 billion at a 3.9% CAGR between 2019-2024, as per the latest Market Research Future (MRFR) report. Premium cosmetics are made with specialty ingredients such as pearl extracts, microalgae, plant extracts, and essential oils. Some of the different types of premium cosmetics include foundation, face powder, contouring products, eyeliners, mascara, eyeshadow, lip balm, lipsticks, and others.
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Numerous factors are adding to the global premium cosmetics market growth. These factors, according to the recent MRFR report, include the growing demand for natural cosmetics and wellness beauty products, increasing brand recognition, social media influence, increasing beauty consciousness, growing number of working women, and increasing awareness about the positive effects of premium ingredients on the skin. Additional factors adding market growth include the wide availability of premium products for pigmentation, acne, and age spots, and preference for branded and imported cosmetics. Personalization and customization of skincare products and fragrances are also adding to the global premium cosmetics market growth.
On the other hand, the availability of counterfeit products may limit the global premium cosmetics market growth over the forecast period.
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Market Segmentation
The MRFR report provides an inclusive segmental analysis of the global premium cosmetics market based on product type and distribution channel.
By product type, the global premium cosmetics market is segmented into face products, eye products, and lip products. Face products are again segmented into contouring products, face powder, foundation, and others. Eye products are again segmented into eyeliners, mascara, eyeshadow, and others. Lip products are again segmented into lip balm, lipsticks, and others. Of these, face products will lead the market during the forecast period and grow at the highest CAGR.
By distribution channel, the premium cosmetics market is segmented into non-store-based and store-based. Store-based is again segmented into specialty stores, supermarkets and hypermarkets, and others. Of these, the store-based segment will dominate the market during the forecast period.
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Regional Analysis
By region, the global premium cosmetics market report covers the recent trends and growth opportunities across North America, Europe, the Asia Pacific (APAC), and the Middle East and Africa (MEA). Of these, North America will lead the market during the forecast period for the growing interest in glamour, demand for organic and natural cosmetics, and the growing beauty & personal care industry. The US is the key contributor in the region.
The global premium cosmetics market in the Asia Pacific is predicted to grow at the fastest pace over the forecast period for increasing skin concerns, the launch of innovative products, rising disposable income, increasing women workforce, and increasing demand for such cosmetics in Japan and China. China is a key contributor in the region for the presence of key market players.
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Key Players
Eminent players profiled in the premium cosmetics market report include The Unilever Group (UK), Maesa Ecommerce Inc (US), Bare Escentuals, Inc. (US), King Kylie, LLC (US), Anastasia Beverly Hills Inc. (US), Kosé Corporation (Japan), Stila Styles, LLC (US), Huda Beauty FZ-LLC (UAE), Louis Vuitton (France), LVMH Moët Hennessy, Charlotte Tilbury Beauty Inc. (UK), Christian Dior SE (France), Shiseido Company (Japan), The Estée Lauder Companies Inc. (US), and L'Oréal S.A. (France). Industry players have used strategies such as acquisitions, partnerships, and product launches to stay ahead in the competition.
Industry News
February 2020: Wondergloss Beauty has launched its latest lip formulation, Balm Addict, in three different flavors- rose, coconut, and cherry. The all-vegan lip balm contains shea butter, sunflower seed oil, rosehip, palm fruit, jojoba, coconut, olive oil, vitamin E, and Stevia for sweetness. This lip balm will offer a glossy finish and provide a smooth feel.
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Market Research Future (MRFR) is a world-renowned market research company that offers a wide range of services, complete with accurate and precise analysis about diverse markets, sub-markets, and target consumers. Our approach is a combination of extensive information and multiple data sources that help provide an exhaustive comprehension about the latest major developments to the client, in addition to future events and what measures and decisions to take on the basis of the same.
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