The global premium cosmetics market size is expected to register a revenue of USD 199.2 Billion by the end of 2025, according to a new report by Million Insights. It is expected to grow with a CAGR of 7.6% throughout 2019 to 2025. This growth can be attributed to rising awareness among the millennial population regarding the usage of wellness and beauty products. Moreover, increasing brand and product awareness among men and women across the globe is expected to drive the market growth in the upcoming years.
The makeup segment is expected to witness a CAGR of 8.1% during the forecast period, 2019 to 2025 owing to the need for reduction of skin irritation and infections by using natural and organic color cosmetics. The skincare product segment held the highest share across the global market in 2018 due to its benefits like reduction in freckles, acne scars, discoloration, and age spots.
The online distribution channel segment is expected to witness significant growth with a CAGR of 9.4% from 2019 to 2025 due to rising influence of internet, smartphones and e-commerce platforms among the millennial population. Moreover, the offline distribution channel segment held the highest share in 2018 owing to increasing number of retail stores, supermarkets, hypermarkets across the globe.
Asia Pacific is anticipated to witness the highest share across the global market in 2018 owing to rising disposable income among the working population coupled with the increasing women workforce across countries like China and India. North America held the second-highest share across the global premium cosmetics market. This can be associated with rising demand for premium cosmetic products among men across this region.
The key players in this market are Shiseido; Estée Lauder; L’Oréal; Coty; LVMH; Dior Beauty; and KAO Corporation. They are engaged in innovation and product development to gain a competitive advantage over other key players. Moreover, they are adopting various marketing strategies like acquisitions and mergers of the local manufacturers to improve their presence across the emerging markets in the upcoming years.
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Further key findings from the report suggest:
• The makeup product segment is anticipated to register the highest growth with a CAGR of 8.1% during the forecast period.
• The online channel of distribution is anticipated to register significant growth with a CAGR of9.4% in the upcoming years.
• Asia Pacific is expected to hold the largest share across the global premium cosmetics market due to increasing demand across countries like China, India, and Japan.
• The key players in this market are L’Oréal; Coty; Shiseido; Estée Lauder; LVMH; Dior Beauty; and KAO Corporation.
Million Insights has segmented the global premium cosmetics market on the basis of product, distribution channel, and region:
Premium Cosmetics Product Outlook (Revenue, USD Billion, 2015 - 2025)
Premium Cosmetics Distribution Channel Outlook (Revenue, USD Billion, 2015 - 2025)
Premium Cosmetics Regional Outlook (Revenue, USD Billion, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa