The global premium beauty market is estimated to reach US$156.21 billion in 2023, growing at a CAGR of 6.94% for the period spanning from 2019 to 2023. The factors such as increasing female working population, rising middle class population, increasing millennials population and improving economy are expected to drive the market. However, growth of the industry will be challenged by high competition, stringent regulations and testing and ingredient requirement. A few notable trends include increasing focus on environmental sustainability, strong e-commerce growth, shift towards organic products, innovative packaging cosmetics and rising demand for multipurpose products.
The global premium beauty market is broadly segmented into four types, which are, skin care, hair care, fragrances and color cosmetics. Increasing demand for advanced products for skin care and hygiene helped skin care to remain at top position amongst all the segments. In the premium beauty market, skin care accounted for the highest share in 2018.
The fastest growing regional market is Asia-Pacific due to growing consciousness towards personal appearance in Asia-Pacific countries, such as China and Japan that have a major impact on the growth of the market. The U.S. and UK are highly established premium markets that contribute to significant shares in the global market. Rise in the premium brands along with the large customer base in the U.S. propelled the premium beauty market growth.
Scope of the report:
• The report provides a comprehensive analysis of the global premium beauty market, segmented into skin care, hair care, fragrances and color cosmetics products.
• The major regional markets have been analyzed, along with country coverage of the U.S., UK, Japan and China.
• The market dynamics such as growth drivers, market trends and challenges are analyzed in-depth.
• The competitive landscape of the market, along with the company profiles of leading players (L’Oreal S.A., LVMH, Estee Lauder Companies Inc., Beiersdorf AG, Coty Inc. and Procter & Gamble Company) are also presented in detail.
Key Target Audience:
• Beauty Products Manufacturers
• Raw Material Suppliers
• Consulting Firms
• Investment Banks
• Government Bodies & Regulating Authorities