The Premium Beauty and Personal Care Products Industry Is Poised to Flourish at A 4.62% CAGR During 2022 To 2032

In FY 2021, the premium beauty and personal care products market reached a valuation of US$ 474.7 Billion, and is likely to register a Y-o-Y growth rate of 4.0% in 2022, closing at US$ 496.63 Billion. Furthermore, across the 2022-2032 period of assessment, growth is expected to accelerate at a whopping 4.62% CAGR, reaching US$ 780.16 Billion. The trend of people taking care of their health and bodies has become more prominent with increasing focus on preventive healthcare in the wake of rising number diseases. Rise in demand for luxury products can directly be linked to the influence of social media and rising interest of people in such products in lieu of following social celebs.
The increasing awareness of customers about their appearance is another factor that is boosting the market expansion. Millennials are increasingly using beauty and personal care items such as skin care, color cosmetics, and hair care as part of their regular grooming routine. The emergence of cosmetics with natural, non-toxic, and organic components has also aided market expansion.

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How will the Growth of Premium Beauty and Personal Care Products Market grow across the U.S?
As per Fact.MR, the US Premium Beauty and Personal Care Products Market is slated to flourish at a CAGR of 4.4% until 2032. The premium beauty and personal care products market in the US has witnessed positive growth, attributed to the higher spending power of the populace, coupled with increased demand for luxury and premium products.Additionally, an increasing number of beauty product stores in the country is another major factor that is flourishing the market's growth during the forecast period. For instance, in February 2020, Sephora, one of the largest cosmetic chains in the U.S., announced its expansion plans, including opening about 100 new stores across the North American region 2020.
Factors such as the demand for premium beauty and personal care products is also expected to increase the market growth, as the nation sees a rise in the prevalence of skin diseases. Additionally, changing trends of beauty and to look young and delay the visible aging signs are fueling demand for premium products that promise to do these in a very effective way. The U.S. will by far remain the largest market in the North American region for premium beauty and personal care products.

Key Segments Covered in the Premium Beauty and Personal Care Products Industry Survey

By Product Type :
• Premium Skincare
• Premium Fragrances
• Premium Colour Cosmetics
• Premium Haircare
• Others
By Sales Channel :
• Hypermarkets/Super Markets
• Retail Chains
• e-Commerce
• Others
By Region :
• North America
• Latin America
• Europe
• APEJ
• Japan
• Middle East & Africa

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Premium Beauty and Personal Care Products Market- Competitive Landscape

Prominent players in the Premium Beauty and Personal Care Products Industry are taking advantage of the rapidly increasing demand for the Premium Beauty and Personal Care Products in various applications. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale vendors. Some prominent market developments are as follows:
• In May 2022, Estée Lauder with Shoppers Stop opened an exclusive SS Beauty Store in Mumbai. With this establishment, the two companies have strengthened their partnership in India. The SS beauty store will offer only Estée Lauder brands like MAC Cosmetics, Clinique, Bobbi Brown, Jo Malone, Estee Lauder, Smashbox and Tom Ford.
• In March 2022, Colgate-Palmolive Company launched a new toothpaste, which is Visible White O2, this is an innovative whitening toothpaste that works from the inside out to lighten the stains. Its advanced formula releases millions of warm oxygen bubbles into the mouth.
• In January 2022, Procter & Gamble acquired luxury skincare brand Tula, which would bolster the company's prestige brand portfolio. Tula is a clean skincare brand powered by probiotic extracts and superfoods. As part of the acquisition agreement, P&G Beauty will support the Tula team to drive brand growth and support expansion and innovation.
• In December 2021, L'Oréal signed an agreement to acquire an American skincare company, Youth to the People. This company is California based Skincare Company.

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Key companies Profiled:
• Revlon Inc.
• Mary Kay
• Shiseido Company Limited
• Procter and Gamble Co.
• Avon Products
• Beiersdorf AG
• Kao Corporation
• Estée Lauder Companies Inc.
• Loreal Group
• Unilever

Premium Beauty and Personal Care Products Market players such as Asa Beauty, Nature's Tattva, Tribe Concepts, mCaffeine, Nykaa, mCaffeine, Vilvah Store, Believe, Plum, Smytten, RENEE Cosmetics, Earth Rhythm, CureSkin, TULA, Jeunesse, Typology, Proven, True Botanicals, Kopari, Minimalist, Tatcha, Sallve, Maude, Hims, Purplle. Mamaearth, Birchbox, Beleza na Web, Function of Beauty, and Harry's, among others, are adopting various marketing strategies such as new product launches, geographical expansion, merger and acquisitions, partnerships and collaboration to identify the interest of potential buyers and create a larger customer base

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This release was published on openPR.