Published Date: 31-Jan-2020
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According to a new report Global Premium Cosmetics Market, published by KBV Research, The Global Premium Cosmetics Market size is expected to reach $194 billion by 2025, rising at a market growth of 7.5% CAGR during the forecast period. The increased awareness of premium ingredients and their significant impact on the skin is changing consumer preference from conventional or mass-produced cosmetics to premium cosmetics. The preference for premium cosmetics for concerns like acne, age spots, and pigmentation is anticipated to work well for market growth.
Offline distribution channel held the largest market share in 2018 and over the forecast period this channel sub-segment is expected to hold a dominant share. The online distribution channel is expected to record a significant growth rate during the forecast period. Extensive internet usage, awareness of the benefits of online product comparison before purchasing, and the presence of a variety of products, are some of the key factors driving premium cosmetics online sales.
The skin care sub-segment held the largest market share in 2018 and is expected to continue to dominate, fueled by high consumption in the Asia Pacific region. Consumers prefer products like sunscreens, face creams, and body lotions to reduce acne scars, freckles, age spots, and discoloration. The makeup segment is predicted to grow at 7.8% CAGR during the forecast period. Market growth has been associated with the growing demand for organic and natural color cosmetics to prevent skin infection and irritation.
The Asia Pacific is expected to remain the segment with the highest and fastest growth over the forecast period. Growth is fueled by developing economies, growing women's workforce, and rising middle-class disposable incomes. North America is the second-largest premium cosmetic market, and also the fastest-growing region. The growth is attributable to the industry's massive influence on entertainment. Increasing customer interest in glamor and movies is anticipated to drive regional demand for the product. Additionally, The Europe market is expected to witness a CAGR of 6.8% during (2019 - 2025).
Structural Insights: https://www.kbvresearch.com/premium-cosmetics-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of L'Oreal Group, Kao Corporation, Shiseido Company, Limited, Estee Lauder Companies, Inc., LVMH SE (Christian Dior), Revlon, Inc. (MacAndrews & Forbes), The Procter and Gamble Company, Coty, Inc. (JAB Cosmetics B.V.), Ralph Lauren Corporation, and Chanel S.A.
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