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Premium Cosmetics Market Trends, Statistics, Forecast To 2033
Premium Cosmetics Market Trends
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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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Major Key Players of the Market:
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
Premium Cosmetics Market 2024 Key Insights:
• 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%.
• Soaring Demand For Natural Cosmetics Fuels Growth In The Premium Cosmetics Market
• Product Innovations Shaping The Landscape Of The Premium Cosmetics Market
• Asia-Pacific was the largest region in the premium cosmetics market share in 2023
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