Premium Beauty and Personal Care Products Market Anticipates US$ 780.16 Billion Valuation by 2032, Driven by 4.62% CAGR

The Premium Beauty and Personal Care Products Market was valued at US$ 474.7 billion in FY 2021. It is projected to increase at a 4.0% annual pace in 2022 and close at US$ 496.63 billion. Moreover, growth is predicted to pick up speed at an astounding 4.62% CAGR during the evaluation period of 2022-2032 and reach US$ 780.16 billion.

With increased attention being paid to preventative healthcare in the aftermath of an increase in diseases, the trend of people taking better care of their bodies and health has gained prominence. The impact of social media and people's growing interest in luxury goods rather than social media celebrities are directly related to the rise in demand for these goods.

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The growing trend of utilizing night skin repair creams, sun care products, refreshing fragrances, and hair colors is poised to drive demand for premium beauty care and personal care products. For instance, the 'Sun Safe Behavior Survey 2018' by the Canadian Dermatology Association revealed that the usage of sunscreen throughout the year increased from 17% in 2015 to 26% in 2018 in Canada.

Increasing health consciousness serves as a significant factor propelling market growth, alongside the expansion of e-commerce which offers international accessibility and a wide range of choices. Additionally, the demand for halal cosmetics, particularly from Middle Eastern countries, is expected to fuel the luxury cosmetics market's growth in the forecast period.

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

Rising consumer awareness regarding appearance further boosts market expansion, with millennials integrating beauty and personal care items into their grooming routines. The emergence of cosmetics featuring natural, non-toxic, and organic ingredients has also contributed to market growth.

The introduction of new beauty and personal care products in Germany is set to bolster market growth. According to Fact.MR's projections, the Premium Beauty and Personal Care Products Market in Germany is anticipated to achieve a 4.3% value CAGR from 2022 to 2032. The presence of leading players in the beauty & personal care industry, such as Beiersdorf AG, coupled with factors like the increasing number of beauty salons and the growing population of millennials and generation Z, is expected to drive demand for various cosmetic products.

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For example, The German Cosmetic, Toiletry, Perfumery, and Detergent Association's Annual Report 2018-2019 indicated that between 2013 and 2018, the skin & face care products market witnessed an average annual growth of 2.7%, while the decorative cosmetics market grew by about 4.1% annually in Germany.

Key Takeaways from the Market Study:

- From 2017-2021, the Premium Beauty and Personal Care Products market recorded a CAGR of 2.4%
- In FY 2021, the market reached a valuation of US$ 474.7 Billion
- A Y-o-Y growth rate of 4.0% is projected for 2022
- The premium skincare segment is expected to dominate the market, with a 4.5% value CAGR
- The US market is forecasted to expand at a 4.4% CAGR for premium beauty and personal care products
- Germany's market is expected to grow at a 4.3% CAGR in terms of premium beauty and personal care products sales.

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 players.

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

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

In conclusion, the Premium Beauty and Personal Care Products Market is experiencing robust growth driven by various factors such as the increasing trend of using premium skincare products, rising health consciousness among consumers, and the expansion of e-commerce platforms facilitating international accessibility. Additionally, the demand for halal cosmetics, coupled with the emergence of products featuring natural and organic ingredients, further contributes to market expansion.

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This release was published on openPR.