SEATTLE, May 12, 2020 (GLOBE NEWSWIRE) -- The global premium cosmetics market was valued at US$ 74,312.5 million in 2019, and is expected to exhibit a CAGR of 6.4% during the forecast period (2020-2027).
Premium cosmetics are cosmetics of superior quality and are gaining traction owing to the increasing consumer spending on personal care products. According to the International Trade Administration (ITA), in 2014, per capita spending on cosmetic products was US$ 139 in the U.S., US$ 171 in South Korea, and US$ 174 in Japan. Therefore, high per capita spending on premium personal care and cosmetic products is driving the growth of the market.
The global premium cosmetics market was valued at US$ 74,312.5 Mn in 2019, and is expected to reach US$ 92,959.5 Mn by the end of 2027, exhibiting a CAGR of 6.4% during the forecast period (2020 to 2027).
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Market Drivers:
The growing preference for premium cosmetics products over the past few years owing to the growing awareness about the benefits of premium cosmetic products is contributing to higher consumer demand. For instance, according to the International Trade Administration (ITA), U.S. Department of Commerce, the Indian Beauty and Personal Care (BPC) industry was valued at US$ 8 billion in 2016, and it is expected to exhibit a CAGR of 5 to 6% during 2017-2021.
Market Opportunities:
The increasing inclination of men towards premium grooming products is a major growth opportunity for market players operating in the premium cosmetics market, globally. The men’s grooming industry is booming due to changing perception of men towards grooming products and services. There is increasing awareness among men about premium beauty products such as skin care products, hair care products, and fragrances & perfumes among others. As a result, major market players are focusing on product diversification by launching gender-neutral and premium cosmetics for men. This is also expected to generate opportunities for the companies involved in mass production of cosmetics to launch new & premium cosmetics products for men.
Market Restraints:
Stringent government regulations on cosmetics can restrain the growth of the premium cosmetics market during the forecast period. Governments of countries all across the globe are imposing stringent regulations on cosmetic products, which is restraining growth of the premium cosmetics market. For instance, the U.S. Food and Drug Administration (FDA) is restricting the use of several essential ingredients in cosmetics under various regulations such as 21CFR700.15, 21CFR700.19, and 21CFR 700.11. The use of ingredients such as chemicals in personal care products is expected to hinder growth of the market.
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Key Takeaways:
Among regions, Asia Pacific accounted for the highest market share in the global premium cosmetics market in 2019 owing to the increasing consumer spending on cosmetic and personal care products in the region. For instance, as per the report published by the International Trade Administration in 2016 on Asia Personal Care & Cosmetic Market, in 2014, the per capita cosmetic spending in South Korea was US$ 171, and US$ 174 in Japan.
Market Trends
Key players are focusing on strategies such as mergers and acquisition for expanding their product portfolio and increasing their customer base by expanding their geographical presence. For instance, in October 2019, Coty Inc. and Matthew Studios partnered to launch a new line of Kingsman fragrances for men. Furthermore, in December 2019, Shiseido Company Ltd. started its new factory in Ōtawara City, Japan. The new manufacturing facility will produce medium-to-premium skin care products. The new facility will help the company to increase its production capacity.
Competitive Section:
- Avon Products Inc.
- Chanel S.A.
- Coty, Inc.
- KAO Corporation
- L'Oréal S.A.
- LVMH
- Oriflame Cosmetics Global SA
- Revlon, Inc.
- Shiseido Company Ltd.
- The Estée Lauder Companies Inc.
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Market Segmentation:
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
By Product Type
- Skin Care
- Hair Care
- Fragrances & Perfumes
- Sun Care
- Baby Care
- Others
By Distribution Channel
- Online
- Offline
Related Topics:
ASIA PACIFIC HALAL COSMETIC MARKET
Halal cosmetics are cosmetics that are free from products that are forbidden by the Islamic religion. Halal cosmetics are considered as one of the most key innovation for the Muslim population. These products are gaining huge demand especially across Muslim regions such as UAE, Indonesia, Malaysia, Saudi Arabia, and Turkey as these products are safe for Muslims as well as non-Muslim consumers.
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