USD 44.2 Billion Growth in Premium Cosmetics Market from 2019 to 2024: By Distribution Channel, Product, and Geography | Market Size, Share & Trends Analysis Report
NEW YORK, Dec. 16, 2021 /PRNewswire/ --
Premium Cosmetics Market Facts at a Glance-
NEW YORK, Dec. 16, 2021 /PRNewswire/ --
Premium Cosmetics Market Facts at a Glance-
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According to the recent market study by Technavio, the Premium Cosmetics Market Share in Personal Products Industry is expected to increase by USD 44.2 billion from 2019 to 2024, with an accelerated CAGR of 6%. The report provides a detailed analysis of drivers & opportunities, top winning strategies, competitive scenario, future market trends, market size & estimations, and major investment pockets.
APAC will register the highest growth rate of 36% among the other regions. China and Japan are the key markets for premium cosmetics. Moreover, market growth in APAC will be faster than the growth of the market in other regions.
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Vendor Insights-
The premium cosmetics market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
Amway Corp. - In September 2019, the company launched Signature Select Personalized Serum under its brand Artistry, which allows the combination of up to three different serums in a single product.
L'Oréal SA - In January 2020, the company's Technology Incubator launched Perso, the world's first AI-powered device for skincare and cosmetics.
Revlon Inc. - In September 2018, the company announced the launch of American Crew ACUMEN, a complete collection of high-performance formulations for shower, shave, care, and style, that target the grooming needs of today's man
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Regional Market Outlook
The premium cosmetics market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
China and Japan are the key markets for premium cosmetics in APAC. Market growth in this region will be faster than the growth of the market in other regions.
Download our FREE sample report for more key highlights on the regional market share of most of the above-mentioned countries.
Latest Drivers & Trends Driving the Market-
Selected professional skincare product manufacturers provide innovative, professional treatments to their customers, followed by giving them premium products that are costlier than regular skincare products. Consumers are more aware of skincare concerns like aging spots, acne, and pigmentation and hence, are ready to pay for premium skincare products. With rising disposable income, consumers do not mind spending more on premium products, which has led to increased demand for premium cosmetics, especially skincare products. Advancements in technology have increased the number of advanced and value-added, anti-aging products in the market, thereby playing a vital role in the growth of the global premium cosmetics market.
The global premium cosmetics market demands regular innovations, as customers are always on the lookout for innovative products that offer an optimal level of usage. Globally, customers seek premium cosmetics that address multiple concerns such as skincare, haircare, and baby care within a minimal time span. Vendors are focusing on expanding their existing product lines by introducing new premium cosmetics as per customer requirements. With the rising disposable income worldwide, consumers have the financial freedom to spend more on non-essential items like premium cosmetics. This factor is expected to drive the market significantly during the forecast period.
Find additional information about various other market Drivers & Trends mentioned in our FREE sample report.
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Premium Cosmetics Market Scope |
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Report Coverage |
Details |
Page number |
120 |
Base year |
2019 |
Forecast period |
2020-2024 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6% |
Market growth 2020-2024 |
$ 44.2 billion |
Market structure |
Fragmented |
YoY growth (%) |
14.25 |
Regional analysis |
APAC, Europe, MEA, North America, and South America |
Performing market contribution |
APAC at 36% |
Key consumer countries |
China and Japan |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
Amway Corp., Beiersdorf AG, Coty Inc., L'Oréal SA, LVMH Moët Hennessy Louis Vuitton, Natura &Co., Revlon Inc., Shiseido Co. Ltd., The Estée Lauder Co. Inc., and The Procter and Gamble Co. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period, |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contact:
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
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