The global prestige cosmetics and fragrances market size is estimated to reach USD 100.9 billion by 2028, according to a new report by Million Insights. The market is expected to expand at a CAGR of 4.3% from 2021 to 2028. The pivotal factor that contributing to the growth of the market includes the growing trend towards personal care and grooming across the globe. Additionally, the significant brand recognition and growing popularity of prestige cosmetics & fragrances products due to the rising adoption of social networking platforms is further projected to create ample opportunity to market in the near future.
The market experienced a decline in revenue due to the covid-19 pandemic as government-imposed lockdowns and restrictions across the globe. The outbreak and global spread of COVID-19 have significantly disrupted the company’s operating environment, including retail stores, manufacturing, and distribution. This impacted the sales of prestige cosmetics and fragrance products through the offline channel due to lockdown. However, the market is projected to recover in the future and witness strong growth due to resumed activities including trade, and manufacturing across the globe.
The prestige skin care segment is forecast to witness the highest CAGR of 4.7% from 2021 to 2028. The rising awareness regarding prestige skincare products and their positive effect on the skin is further act as a driving factor during the forecast period. Additionally, growing financial freedom among women and beauty perception among men are other significant factors contributing to the skincare products demand over the forecast period.
Offline distribution channel contributed to a larger market share of around 70% in 2020. The major factor that contributed to the major share of the segment includes the high fondness of customers towards offline retail stores for cosmetics and fragrances products. Moreover, the easy availability of cosmetics and fragrance products in brick-and-mortar retail stores, including specialty-multi retailers, department stores, upscale perfumeries and pharmacies, and prestige salons and spas supported the expansion of revenue through the offline channel segment.
In Asia Pacific, the market is expected to witness the highest CAGR of 4.8% from 2021 to 2028. China, Japan, and India are positively contributing to the growth of the market. The major factors that propel the market growth include the growing consumer spending on beauty products and the increasing trend of premium cosmetics & fragrances products among celebrities. Moreover, the significant growth in the per capita income in emerging countries such as China, India, and others further supporting to the growth of the market during the forecast period.
The report “Prestige Cosmetics And Fragrances Market Size, Share & Trends Analysis Report By Product, By Distribution Channel (Online, Offline), By Region (North America, Europe, APAC, CSA, MEA), And Segment Forecasts, 2021 - 2028” is available now to Million Insights.
Million Insights has segmented the global prestige cosmetics & fragrances market based on product, distribution channel, and region: