Premium Cosmetics Market to Surpass 187.22 Billion by 2030 Drives Due to the Rising Obesity
SkyQuest projects that the premium cosmetics market will attain a value of USD 187.22 billion by 2030, with a CAGR of 6.14% over the forecast period (2023-2030). The premium cosmetics market is experiencing a surge in demand, primarily driven by the increasing consumer preference for natural and organic products. In response to this demand, premium cosmetics brands are reshaping their strategies to cater to consumer expectations by offering high-quality products at competitive prices.
Westford, USA, Aug. 09, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, social media has emerged as a powerful platform for obtaining information about new products and making informed purchasing decisions as consumer behaviour evolves. As a result, consumers are actively turning to social media channels to discover new products, gather product information, and gain insights into the best choices available. This trend has prompted significant players in the beauty industry, such as L’Oréal, to allocate substantial marketing resources towards leveraging social media influencers in the premium cosmetics market.
Browse in-depth TOC on “Premium Cosmetics Market”
- Pages – 165
- Tables – 67
- Figures – 75
The premium cosmetics market is experiencing a remarkable growth, attributed to the surging demand for wellness beauty products and natural cosmetics. Consumers increasingly seek products that promote their overall well-being while caring for the environment. Additionally, the rise of social media platforms has played a vital role in increasing brand recognition and the influence of premium cosmetics.
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Prominent Players in Premium Cosmetics Market
- L’Oreal
- Estee Lauder
- Shiseido
- Coty
- LVMH
- Unilever
- Procter & Gamble
- Chanel
- Kao Corporation
- Revlon
- AmorePacific
- Johnson & Johnson
- Beiersdorf AG
- Avon Products
- Mary Kay Inc.
- Clarins
- Oriflame
- Yves Rocher
- Colgate-Palmolive
- Henkel AG & Co. KGaA
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Online Distribution Channel is Expected to Dominate the Market Due to the Rise in the Internet Usage
Online distribution channel is projected to experience the fastest growth rate of 9.4% in the premium cosmetics market. This growth can be attributed to several key factors. Firstly, there has been a significant rise in internet usage worldwide, allowing consumers to browse and purchase products online conveniently. In addition, the accessibility and convenience offered by online shopping platforms have attracted many consumers to opt for online channels for their luxury cosmetics purchases.
The market in North America holds a significant position as the second-largest premium cosmetics market, and it is also experiencing a rapid growth. This growth can be attributed to the entertainment industry’s strong influence, which plays a prominent role in shaping beauty trends and consumer preferences. The allure of glamour and movies has captured the interest of consumers, driving the demand for premium cosmetics in the region.
Makeup Segment is Expected to Grow the Market Due to the Growing Consumer Demand for Organic Cosmetics
Makeup is anticipated to experience the fastest growth rate of 8.1% throughout the forecast period from 2023 to 2030 in the premium cosmetics market. This growth can be attributed to various factors driving the premium cosmetics market. Firstly, the growing consumer demand for organic and natural color cosmetics is driven by the desire to reduce skin infections and irritations.
Regional markets in the Asia Pacific are projected to remain the most significant and fastest-growing regional segment in the premium cosmetics market throughout the forecast period. The growth in this region can be primarily attributed to the rapid development of economies within Asia Pacific, such as China, India, and Southeast Asian countries.
A comprehensive analysis of the major players in the premium cosmetics market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
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Key Developments in Premium Cosmetics Market
- Chanel made a significant move in 2022 with the launch of N°1, a new beauty range that emphasizes naturality and sustainability. The renowned French Maison started the year by introducing a comprehensive line of skincare and makeup products that embody the principles of holistic beauty and eco-friendly practices. The entire range, from product formulation to packaging, has been meticulously developed to offer consumers a more natural and environmentally responsible beauty routine.
- Chanel expanded its Sublimage skincare line by introducing The L’Essence Fondamentale Yeux Eye Treatment in 2022. This innovative addition to the Sublimage range offers a comprehensive anti-ageing solution specifically designed for the delicate eye area.
Key Questions Answered in Premium Cosmetics Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
Related Reports in SkyQuest’s Library:
Global Microencapsulation Market
Global Natural Cosmetics Market
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