Press release
Premium Cosmetics Global Market Expected to Reach $214.36 Billion at a Surprising CAGR of 10.1% By 2028
Premium Cosmetics Global Market
The Business Research Company presents an extensive market research report on the Premium Cosmetics Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The premium cosmetics market size has grown rapidly in recent years. It will grow from $131.92 billion in 2023 to $145.64 billion in 2024 at a compound annual growth rate (CAGR) of 10.4%. The growth in the historic period can be attributed to changing consumer preferences, brand recognition and prestige, rise of influencer marketing, increased disposable income, luxury shopping experience.
The premium cosmetics market size is expected to see rapid growth in the next few years. It will grow to $214.36 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The growth in the forecast period can be attributed to emphasis on personalization, rising demand in emerging markets, growing interest in sustainable beauty, impact of social and environmental values, e-commerce dominance. Major trends in the forecast period include holistic beauty and wellness integration, focus on inclusivity and diverse representation, experiential retail and immersive brand spaces, elevated packaging design, limited edition and exclusivity strategies.
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Key Market Players:
Major companies operating in the premium cosmetics market report are Johnson & Johnson Services Inc., LVMH Moët Hennessy Louis Vuitton SE, The Procter & Gamble Company, Christian Dior SE, Unilever plc, L'Oréal S.A., Henkel AG & Co KGaA, KAO Corporation, Chanel S.A., The Estée Lauder Companies Inc., Amway Corporation, Shiseido Company Ltd., Natura & Co, Ralph Lauren Corporation, LG Household & Health Care Ltd., Coty Inc., Amorepacific Corporation, Mary Kay Inc., Avon Products Inc., Yves Rocher Spol. S.R.O., Kose Corporation, Beiersdorf AG, Revlon Inc., Oriflame Cosmetics Global SA, Elizabeth Arden Inc., Charlotte Tilbury Beauty Ltd., La Prairie Group AG, Groupe Clarins, Sisley Paris
Market Drivers:
The rising demand for natural cosmetics is expected to propel the growth of the premium cosmetics market going forward. Natural cosmetics are products that are made entirely from natural ingredients and contain only trace amounts of synthetic ingredients such as petrochemicals and parabens. As chemicals such as parabens, phthalates, and sodium lauryl sulfate are linked to health risks, people believe that natural compounds are safer for both human health and the environment. For example, according to the annual Organic Beauty and Wellbeing Market report, by Soil Association, in 2021, the sales of Soil Association-certified organic and natural beauty and wellbeing products in the UK grew by 15%, reaching €164 million (USD170 million). Therefore, the rising demand for natural cosmetics is driving the growth of the premium cosmetics market.
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https://www.thebusinessresearchcompany.com/report/premium-cosmetics-global-market-report
The premium cosmetics market covered in this report is segmented -
1) By Product Type: Skin Care, Hair Care, Fragrances and Perfumes, Sun Care, Baby Care, Other Product Types
2) By Nature: Natural and Organic, Conventional
3) By Gender: Male, Female, Unisex
4) By Distributional Channel: Offline, Online
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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