Growing demand for premium cosmetics due to newly introduced packaging innovation, and rising natural-ingredient based products, and expansion of the personal care industry in new regions of Asia Pacific region remain key drivers of growth in the premium cosmetics market. Premium cosmetics have witnessed major growth in recent times, despite events like the Covid-19 pandemic. This is largely because personal cosmetics remain a key part of self-esteem, and confidence build-up for individuals. Hence, worsening economic conditions provided an impetus for consumers to cut-down spending on other luxury goods, and increase spending on premium cosmetics. The trend will likely continue as historical forecasts in the market dictate that during economic downturns, cosmetics remain resilient in demand. Moreover, the pandemic, and economic recovery will continue till 2022 end, as new coronavirus strains continue to make their way into the global landscape.
Rising Demand for Premium Natural Ingredients Remains a Key Driver of Growth
The personal cosmetic industry is undergoing major shifts in consumer behaviour. Consumers are increasingly flocking to social media to learn about new products, product information, and gain insight information on best choices. The trend has forced major players like L’Oréal to dedicate large marketing resources to channels like social media influencers. Moreover, the rise in information-based purchases have resulted in demand for more natural-ingredient-based cosmetics, which promise more sustainable future for the premium cosmetics market. The growth in natural-ingredients largely targets anti-aging products, with rising efficacy, and prevention for age-old skincare problems like acne, spots, pigmentation, among others. Growing demand for men-tailored premium cosmetic also remains a major driver for growth, as gender-neutral branding of products, and growth of the grooming industry remain major positives or the premium cosmetics market.
Personalization Remains a Major Prospect for Growth as Digitalization Rises
With the rising digitalization, and technological advancement like virtual make-up rooms, the growth of premium personalized cosmetics remains a major prospect for growth. The demand for personalization caters to several demands including skin-sensitivity, experimentation through online AI tools, and desire to create a unique identity. The demand for personalization is on the rise, also thanks to growing innovation in the packaging industry, enabling personal memorabilia, and gift measures for rising demand of consumers. The trend of rising demand for social media influencers remain a key to growth, as local players continue to find low-barriers to entry in the premium cosmetics market. Moreover, the demand for natural products, and growing experimentation with traditional methods will likely propel premium cosmetics market growth with new niche opportunities.
Beauty Specialist Retailer Remain Key to Consumers in the Premium Cosmetics Market
The rising influx of social media, and subsequent consumer-driven trends remain at the heart of development in the premium cosmetics market. However, despite major changes across the industry, distribution remains firmly in the grip of specialized beauty retailors. The demand for premium-personalized service, information exchange sessions with experts, and high-quality marketing tools remain key opportunity for growth in the premium cosmetics market. The market also continues to witness demand for more attractive positioning with large displays, and comfortable furniture, more experienced customer service members among others.
Major players in the premium cosmetics market include Estee Lauder, L’Oréal, Chanel, and Elizabeth Arden among others. The global landscape of the premium cosmetic market remains oligopolistic in nature, with growth momentum shifting towards more lucrative opportunities for small players.
The Premium Cosmetics market report is segmented as below:
By Distribution Channel
Growing demand for men-tailored premium cosmetic also remains a major driver for growth, as gender-neutral branding of products, and growth of the grooming industry remain major positives or the premium cosmetics market.
Growing demand for premium cosmetics due to newly introduced packaging innovation, and rising natural-ingredient based products, and expansion of the personal care industry in new regions of Asia Pacific region remain key drivers of growth in the premium cosmetics market.
Major participants in the premium cosmetics industry comprise Estee Lauder, L’Oréal, Chanel, and Elizabeth Arden among others.
The premium cosmetics analysis market has been assessed for the years 2019 to 2032.
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