Press release
Premium Cosmetics Market Growth Accelerates: Strategic Forecast Predicts $235.04 Billion by 2029
Premium Cosmetics Market
Premium Cosmetics Market Size Growth Forecast: What to Expect by 2025?
The high-end cosmetics industry has experienced robust growth in the past few years. By 2025, it is projected to expand from its 2024 value of $142.9 billion to reach $156.9 billion, with an anticipated compound annual growth rate (CAGR) of 9.8%. The notable growth seen in previous years can be credited to evolving consumer tastes, increased brand awareness and prestige, a rise in influencer marketing, growing disposable income, and a lavish shopping experience.
How Will the Premium Cosmetics Market Size Evolve and Grow by 2029?
The market size of high-end cosmetics is predicted to experience a swift expansion in the coming years, reaching a value of $235.04 billion in 2029 with a compound annual growth rate (CAGR) of 10.6%. The upward trajectory in the projection period can be credited to factors such as focus on individuality, increased demand in burgeoning markets, growing interest towards environmentally-friendly beauty, the influence of social and environmental aspects, and the dominance of online shopping. Key trends during the projected period encompass the amalgamation of beauty and wellness, emphasis on inclusivity and broad representation, interactive retail and engaging brand environments, refined packaging designs, and strategies revolving around limited edition and exclusivity.
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What Drivers Are Propelling the Growth of Premium Cosmetics Market Forward?
The premium cosmetics market is predicted to grow due to the increasing demand for natural cosmetics. These natural cosmetics, made entirely of natural ingredients with only minimal synthetic components like parabens and petrochemicals, are considered safer for health and environment due to their absence of harmful chemicals such as parabens, phthalates, and sodium lauryl sulfate. For example, the India Brand Equity Foundation, based in India, reported in December 2023 that the global cosmetics industry is growing at a 4.3% CAGR, and is expected to hit $450 billion by 2025. Thus, the booming demand for natural cosmetics is set to fuel the expansion of the premium cosmetics market.
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Which Emerging Trends Are Transforming the Premium Cosmetics Market in 2025?
The primary trend gaining traction in the premium cosmetics market is the emergence of product innovations. Major players in the sector of premium cosmetics are honing in on product innovations to establish a competitive edge. For instance, Proven Skincare, an American skincare product developer, in May 2022, debuted its first pair of personalized eye creams. This includes a Personalized Day Eye Cream and a Personalized Night Eye Cream. They leveraged Artificial Intelligence (AI) and big data to create these customized products. The duo of creams are specifically designed to complement each individual's skin type, lifestyle, and environmental conditions.
What Are the Key Segments in the Premium Cosmetics Market?
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
Subsegments:
1) By Skin Care: Moisturizers, Anti-Aging Products, Serums, Eye Creams
2) By Hair Care: Shampoos, Conditioners, Hair Masks, Hair Styling Products
3) By Fragrances And Perfumes: Eau De Parfum, Eau De Toilette, Body Sprays, Solid Perfumes
4) By Sun Care: Sunscreens, After-Sun Care, Tanning Products
5) By Baby Care: Baby Lotions, Baby Shampoos, Baby Oils, Diaper Rash Creams
6) By Other Product Types: Makeup, Nail Care Products, Beauty Supplements
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Who Are the Key Players Shaping the Premium Cosmetics Market's Competitive Landscape?
Major companies operating in the premium cosmetics market include 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, Charlotte Tilbury Beauty Ltd., La Prairie Group AG, Groupe Clarins, Sisley Paris
What Geographic Markets Are Powering Growth in the Premium Cosmetics Market?
Asia-Pacific was the largest region in the premium cosmetics market share in 2024. Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the premium cosmetics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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