Global Premium Cosmetics Market is expected to Showcase Rampant Growth Over 2027
Market Overview:
Rising sale of premium
cosmetics is driven majorly by developing economy and rising disposable income.
Product recall created among the consumers based on product promotions by
famous celebrities is influencing the growth of this market positively. Premium
cosmetics show instant results on the skin and show comparatively less side
effects, which is one of the major factors driving this market. The production
and the consumption of premium cosmetics is high in North America and is projected
to increase at a positive growth rate in various countries of Europe and Asia
Pacific over the given forecast period.
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Market Forecast:
The global premium
cosmetics market share is expected to grow at a higher growth rate supported by
positive influencing of the fashion sector on this market. Technological strides
are resulting in improved product quality, which is also adding fuel to the
growth of this market. Increasing demand for specialty effective ingredients
containing cosmetics is further projected to increase the sale of the product.
All these factors will
contribute to the estimated CAGR of 3.5% of premium cosmetics market during the
forecast period 2017-2023.
Competitive Analysis:
The key players in the
premium cosmetics
market are
- Coty, Inc. (U.S.)
- Estée Lauder Companies Inc. (U.S.)
- Chanel S.A. (France)
- L'Oréal S.A. (France)
- LVMH Moët Hennessy Louis Vuitton SE (France)
- Shiseido Co.,Ltd. (Japan)
- Kao Corporation (Japan)
Premium cosmetics
manufacturers across various regions are following the strategy of product
innovations and increased focus on R & D to penetrate the global market and
to meet the growing demand for the product. Enhancement of the product quality
and increasing production of vegan and organic products will further attract
the consumers to choose from various available options from premium cosmetics.
In North America, the U.S. dominates premium cosmetics market and exports the
product to various other countries, which include Canada, the U.K., China,
Australia, and others.
Downstream Analysis:
On the basis of type,
skin care based premium cosmetics dominates the market based on high consumer
end demand for skin based products. However, changing cosmetics trends and
increasing promotions for cosmetics and personal care products for babies will
affect the sale of baby care cosmetics positively. Furthermore, based on the
category, conventional premium cosmetics dominates the market owing to high
production capacity and less consumers’ awareness about other available
substitutes.
Additionally, store
based sale of premium cosmetics dominates the distribution channel owning to
consumers’ preferred shopping experience.
Market Segmentation:
Global Premium
Cosmetics Market is segmented by Type, Category, Distribution Channel and
Region.
Regional Analysis:
The global premium
cosmetics market is segmented into North America, Europe, Asia Pacific, and
rest of the world (RoW). North America holds a major market share followed by
Europe. High demand for premium cosmetics from the developed countries of these
regions is contributing to the positive growth of the premium cosmetics market.
The U.S., China, the U.K., Germany and Singapore are the major importers of
premium cosmetics. Developed trading channels and high demand for healthy food
are also driving the growth of the market in these countries.
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Researchers are Studying Covid19 and its Impact on Various Industry Verticals
and wherever required we will be considering Covid19 Footprints for Better
Analysis of Market and Industries. Cordially get in Touch for More Details.
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