Press release
Premium Cosmetics Market 2024-2033: Latest Trends, Recent Developments, Growth Strategy And Major Players
Premium Cosmetics Market
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.
Market Overview -
Premium cosmetics refer to cosmetics made of organic and high-quality components and are sold at a greater price than their drugstore counterparts. Companies are replacing synthetic chemicals with natural components in response to consumer demand as well as a move toward more environmentally friendly raw materials. They help to improve our mood, enhance our appearance and boost our self-esteem.
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Soaring Demand For Natural Cosmetics Fuels Growth In The Premium Cosmetics Market
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.
Competitive Landscape -
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
Product Innovations Shaping The Landscape Of The Premium Cosmetics Market
Product innovations have emerged as the key trend gaining popularity in the premium cosmetics market. Major companies operating in the premium cosmetics sector are focused on product innovations to gain a competitive advantage. For instance, in May 2022, Proven Skincare, a US-based developer of skin care products, launched its first personalized eye cream duo, which includes Personalized Day Eye Cream and Personalized Night Eye Cream. A personalized product has been formed by combining Artificial Intelligence (AI) and big data. The two formulations are custom-made to work for each individual's skin type and lifestyle, as well as environmental conditions.
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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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