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Premium Cosmetics Market Worth USD 199.2 Billion by 2025 | CAGR : 7.6% | Grand View Research, Inc.

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Premium Cosmetics Market Worth USD 199.2 Billion by 2025 | CAGR : 7.6% | Grand View Research, Inc.

October 23
12:26 2020
Premium Cosmetics Market Worth USD 199.2 Billion by 2025 | CAGR : 7.6% | Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to a new report by Grand View Research, Inc., The global premium cosmetics market size was valued at USD 119.3 billion in 2018 and is expected to expand at a CAGR of 7.6% from 2019 to 2025. The growth is attributed to the growing demand for wellness beauty products and natural cosmetics.

The global premium cosmetics market is expected to value at USD 199.2 billion by 2025, expanding at a CAGR of 7.6% during the forecast period. Rise in awareness for premium ingredients for wellness and beauty products stand pivotal for product demand. In addition, consumer preference and willingness to spend highly on beauty products is anticipated to drive the market growth. Consumers are appreciative of innovative products that is further encouraging manufacturers to produce user friendly products on a large scale.

In terms of consumer trends, personalization has remained popular owing to the wide application of wellness products that comply with individual needs and lifestyle. Moreover, social media and other platforms have a huge impact on consumer mind. Apart, retail markets are well performing segments driven by consumer awareness. Technological adoption such as virtual reality and personal assistant have been shaping consumer trends. For instance, L’oreal makes use of interactive displays for consumers under the tag of Magic Mirrors wherein the technological adoption is expected to lessen the use of sample products

Companies are adopting robust business strategies to expand and diversify their portfolio and geographical presence. Many companies such as L’oreal and Garnier are spreading their base across markets in Asia Pacific. Other American brands such as Revlon, and Avon are anticipated to capture a high consumer share within Asia Pacific.

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Covid-19 Effect:

The cosmetics industry has suffered amid the imposed lockdown in the first quarter of 2019. This has led towards shift in consumer preference for buying online products over retail counters. Consumers are now demanding more reliable products that are free from any viral contamination. As economies resume in various countries hygiene practices are been followed with utmost care to ensure zero contamination during the packaging. Many brands are pursuing robust practices to improve and strengthen the supply chain.

U.S. premium cosmetics market size, by product, 2015 - 2025 (USD Billion)

Further Findings From the Report Suggest:

l  Skincare is expected to be one of the large growing segments attributing to the high demand and larger revenue share as compared with other segments

l  Online distribution channels are expected to register high growth attributing to the presence of key players and high competitiveness among them

l  Offline distribution channel is expected to lead with a high market share attributing to the technological progress

Asia Pacific is anticipated to have a high impact on the regional market owing to the fast growing markets for premium cosmetics in China, Japan and India

Rising consumer preference for premium cosmetics, owing to a 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’s workforce and financial independence is expected to positively influence the market growth in the forthcoming years.

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

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The makeup segment of the premium cosmetics market is estimated to witness the fastest growth over the forecast period. The 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 the wide application for skincare. Consumers prefer facial 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 advanced technologies. Along with on-hand assistance from beauty advisers, the companies are using Virtual Reality (VR) and Augmented Reality (AR) for better customer service. For instance, L’Oréal installed interactive displays in its Shanghai, Wuhan, and Changsha boutiques called as Magic Mirrors. The adoption of such technology also reduces the usage of sample products.

The major market players include Coty; Estée Lauder; L’Oréal; LVMH; Shiseido; Chanel; Dior Beauty; Elizabeth Arden Inc.; KAO Corporation; and The Procter & Gamble Company (P&G). The market is oligopolistic in nature with the influence of a few major companies. The companies implement various strategies, such as new product launches, technological innovation, and mergers and acquisitions, to diversify the product offering and expand their geographical presence.

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Major Players:

l  Coty

l  Estee Lauder

l  L’Oreal

l  Shiseido

l  Elizabeth Arden Inc

l  KAO Corporation

l  The Procter & Gamble Co

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

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

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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Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
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City: San Francisco
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