Premium Cosmetics Market Size Is Projected To Reach $199.2 Billion By 2025

The global premium cosmetics market size is expected to reach USD 199.2 billion by 2025, exhibiting a CAGR of 7.6% over the forecast period, according to a new report by Grand View Research, Inc. Growing awareness regarding ingredients in the beauty products and their effects on the body coupled with increasing demand for wellness beauty products is driving the market. Preference for premium cosmetics for problems such as age spots, acne, and pigmentation is expected to bode well for the market growth. Also, growing influence of the brands on social media is creating more awareness among consumers. This in turn is creating demand for premium cosmetics.

Rising consumer preference for premium cosmetics, owing to willingness to spend more on beauty products, especially across emerging countries is expected to drive the market growth. The consumer preference for imported and branded cosmetics is majorly driven by brand name, product safety, and price. A rise in women workforce and financial independence is expected to positively influence the market growth in the forthcoming years.

Trend of personalization is also supporting the demand of premium cosmetics among consumers. For instance, Face Gym, a European company, in 2017 launch the Make it Bar, where consumers can visit the studio and create their own face serums, suitable for their individual needs and lifestyle with the help from the professionals.

The makeup segment of the premium cosmetics market is estimated to witness the fastest growth over the forecast period. Availability of waterproof and sweat proof products manufactured especially for hot and humid climatic conditions, is also boosting the demand. Skincare is estimated to be the largest segment over the forecast period, owing to wide application for skin care. Consumers prefer face creams, sunscreens, and body lotions to reduce acne scars, freckles, age spots, and discoloration among other skin issues.

To boost the shopping experience and consumer interaction, premium cosmetic companies are upgrading their stores with advance technologies. Along with on-hand from beauty advisers, the companies are using Virtual Reality (VR) and Augmented Reality (AR) for better customer service. For instance, L’Oréal install interactive display in its Shanghai, Wuhan, and Changsha boutiques called as Magic Mirrors. Adoption of such technology also reduces the usage of sample products.

The market is oligopolistic in nature with the companies implementing various business strategy, such as mergers and acquisitions to diversify the product portfolio and to expand their geographical presence. For instance, in 2018, L’Oréal acquire Stylenanda, a makeup and fashion brand focused on millennials in South Korea and China; to extend its business in Hong Kong, Singapore, Malaysia, and Thailand. L’Oréal also acquire Pulp Riot, an American brand, operating in professional hair color segment with a strong influence on social media.

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Further key findings from the report suggest:

• Asia Pacific is estimated to be the largest and fastest growing market for premium cosmetics, majorly driven by high demand from China and Japan
• Offline is estimated to be the largest distribution channel in the forthcoming years, owing to technological advancements such as VR interaction and AR makeup trials in stores
• Online segment is projected to register the fastest CAGR of 9.4% over the forecast period, owing to the presence of multi brand e-retailers and companies direct-to-consumers strategy
• Some of the key players operating in the premium cosmetics market include Coty; Estée Lauder; L’Oréal; LVMH; Shiseido; Chanel; Dior beauty; Elizabeth Arden Inc.; KAO Corporation; and The Procter & Gamble Company (P&G)

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Grand View Research has segmented the global premium cosmetics market on the basis of products, distribution channel, and region:

Premium Cosmetics Product Outlook (Revenue, USD Billion, 2015 - 2025)

• Skincare
• Haircare
• Makeup
• Fragrance
• Others

Premium Cosmetics Distribution Channel Outlook (Revenue, USD Billion, 2015 - 2025)

• Online
• Offline

Premium Cosmetics Regional Outlook (Revenue, USD Billion, 2015 - 2025)

• North America
• U.S.
• Europe
• Germany
• U.K.
• Italy
• Asia Pacific
• China
• Japan
• Central & South America
• Brazil
• Middle East & Africa (MEA)

About Grand View Research        

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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