Premium Cosmetics Market Size, Share, Trends, Growth and Forecast 2028

Global Premium Cosmetics Market Size

The global Premium Cosmetics market accrued earnings worth approximately 120.2 (USD Billion) in 2020 and is set to gain proceeds of about 132.7 (USD Billion) by 2028, is set to record a CAGR of nearly 7.7% over the period from 2021 to 2028. The report offers an assessment and analysis of the Premium Cosmetics market on a global and regional level. The study offers a comprehensive assessment of the market competition, constraints, revenue estimates, opportunities, evolving trends, and industry-validated data. The report provides historical data from 2018 to 2020 along with a forecast from 2021 to 2028 based on revenue (USD Billion).

Premium Cosmetics Market: Outlook

Premium cosmetics are products that are utilized for improving facial appearance or facial glaze. Apart from this, need to improve texture and fragrance of body has resulted in escalating popularity of premium cosmetics. Additionally, these products are designed for applying on the body and face. Premium cosmetics are blend of chemical materials extracted from coconut oil or any other natural sources. Premium cosmetic products can include bronzer, eye shadow, blush, mascara, foundation, and lipstick.

Premium Cosmetics Market: Growth Drivers

Escalating awareness about anti-aging products & process will prop up growth of premium cosmetics market during forecast timeline. In addition to this, popularity of active cosmetic ingredients and proficient cosmetic items will drive market trends. Apart from this, growing customer inclination towards branded cosmetic items will create new growth avenues for premium cosmetics industry over projected timeframe. Apparently, surging consumer trend towards using miniature cosmetic items will embellish product penetration. Moreover, thriving men’s grooming sector is anticipated to promulgate premium cosmetics business expansion in upcoming years.

Furthermore, digitization is one of key factors that will favorably influence premium cosmetics industry over 2021-2028. Popularity and large-scale use of social media & internet has become major promotional tool for various cosmetic firms as it helps in reinforcing product positioning as well as creating brand awareness along with increasing brand equity of premium cosmetic products. Burgeoning demand for personalized products in cosmetics sector is evolving as a new trend among end-users due to easy availability of product information on various online digital channels such as internet and social networking sites.

This trend will result in cumulative expansion of premium cosmetics industry in the next couple of years. Innovation in packaging designs of cosmetic items will proliferate market size. With premium cosmetic items becoming a status symbol in affluent society, market for premium cosmetics is slated to gain traction over the projected timespan. Trend among old personal & baby boomers to look young, cheerful, & beautiful and necessity of addressing issues of acne and pigmentation will amplify value of premium cosmetics market in the ensuing years. Rise in per capita expenditure in developing countries will prompt industry expansion within next few years. Changes in lifestyles of consumers, shifting customer tastes & choices, and altering consumer buying behavior patterns/habits will leverage premium cosmetics market growth during prognostic period. Nevertheless, entry of counterfeit cosmetic & personal care items can act as barrier in growth path of premium cosmetics industry.

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Regional Landscape

Asia Pacific Premium Cosmetics Market To Record Fastest Growth During 2021-2028

Expansion of premium cosmetics industry in Asia Pacific over assessment period is due to rise in demand for premium cosmetic items in countries such as India and China. Rise in disposable income of middle-income groups and surge in women working population will magnify expansion of premium cosmetics business over forecast timeline. In addition to this, multinational brands are trying to expand their manufacturing base in developing countries of Asia and South East Asia due to massive demand for premium personal care items and preference towards buying branded products. This, in turn, will create huge competition among premium cosmetic product manufacturers & vendors as well as suppliers resulting in development of differentiated product offerings at lesser costs, thereby assisting premium cosmetics market explore untapped growth potential in the region.

Report Scope :

Competitive Landscape

With regional players entering the product manufacturing business, the market has become highly fragmented. Hence, players are trying to increase their profitability & market share through adoption of effective positioning strategies along with creating brand awareness & gaining competitive edge by establishing strong position in premium cosmetics business. Key players influencing growth & revenue of  premium cosmetics market include.

• LVMH
• Dior Beauty
• KAO Corporation
• Coty
• L’Oréal
• Estée Lauder
• Shiseido
• Chanel
• Elizabeth Arden Inc.
• and The Procter & Gamble Company (P&G).

The global Premium Cosmetics Market is segmented as follows:

By Product Type

• Skin Care
• Hair care
• Makeup
• Fragrance

By Distribution Channel

• Offline
• Online

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa