The global premium cosmetics market is expected to grow at a 7.6% CAGR in 2025 compare to 2019

 



Premium cosmetics manufacturers have focused on innovative ingredients to meet every aspect of beauty wellness through a natural alliance of art and craftsmanship, led by creativity, virtuosity, and product quality.

Preference for high-end cosmetics for issues such as age spots, acne, and pigmentation is expected to boost the market growth. In addition, the demand for active ingredients and products with proven efficacy is driving up product sales. Consumer preferences for imported and branded cosmetics are influenced primarily by brand name, product safety, and price.

The premium cosmetics market is growing due to the rising demand for anti-aging products and long-lasting makeup. Consumer demand for mini-sized cosmetic products is also increasing. Men's increasing demand for cosmetics is also one of the market's major growth drivers. In addition, product diversification, such as gender-neutral and premium cosmetics for men, is increasing. Digitalization is one of the major drivers influencing the premium cosmetics market's growth. The increasing penetration of social media and the internet serves as a significant channel for brand awareness. Personalization in cosmetics is a growing consumer trend, aided by the flood of information available online.

Makeup is expected to grow at the fastest rate of 8.1 percent during the forecast period. The growing demand for organic and natural color cosmetics to avoid skin infection and irritation is driving the market growth. The availability of waterproof and sweatproof products designed specifically for hot and humid weather conditions is also increasing demand for high-end makeup items such as lipsticks, nail polishes, foundations, concealers, powders, and bronzers.

Premium cosmetics have been identified as one of the major categories in the global analysis of the top luxury goods. In 2016, luxury cosmetics accounted for 13.9 percent of global luxury goods revenue. In comparison to 2015, global sales of premium cosmetics increased by 13.4 percent in FY2016. The reason for the sales increase is the high demand for developing economies.


Premium cosmetics categorized by-products


Premium brand concentration is high in developed economies such as the United States, China, Japan, and the United Kingdom. The growing penetration of premium cosmetics in developing countries, as well as a preference for online shopping, is driving growth. Because of their discount strategy, home delivery, and simple return policies, multi-brand e-retailers are increasing sales of premium cosmetics.

The global premium cosmetics market was worth USD 119.3 billion in 2018 and is expected to grow at a 7.6 percent CAGR from 2019 to 2025. Major players in the Middle East region are eager to expand their business operations into Central Asia and Africa. Cosmetic companies in the UAE are eager to expand into high-demand and consumer markets around the world. Sales growth rates in developing countries such as India, China, and Brazil are higher than in developed countries.

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