Premium Cosmetics Market Size, Share, Trends and Industry Growth Analysis Report to 2027.

The Premium Cosmetics market was valued at USD 135.5 Billion in 2020, and it is expected to reach a value of USD 172.2 Billion by 2027, at a CAGR of 3.50% over the forecast period (2020 - 2027).

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The premium cosmetics market is growing because of growing awareness regarding premium ingredients and their positive effect on the skin. It is shifting consumer preferences from traditional or mass-produced cosmetics to premium cosmetics. Preference for premium cosmetics for problems such as age spots, acne, and pigmentation is expected to significantly scale the market growth. Moreover, the demand for active, healthy ingredients and with regards to the substantiated efficacy products is boosting product sales.

Multi-brand e-retailers are increasing the sales of premium cosmetics owing to their discounts strategy, home delivery, using AI for seeing user patterns and trends and easy return policy. The availability of premium, authentic brands, and a variety of products are boosting online sales, but currently offline holds 85% of the market as this gives customers to try on demo samples of cosmetics.

Global Premium Cosmetics Market Segmentation

The Global Premium Cosmetics market is segmented based on Distribution channel, Product, and Region. Based on Distribution channel it is categorized into: Hypermarkets/Supermarkets, Specialty Stores, Pharmacy and Drug Stores, Online Retail Stores, Other Distribution Channels. Based on Product it is categorized into: Skincare, Haircare, Makeup, and Fragrance. Based on region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.

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Global Premium Cosmetics Market: Impact of COVID 19

COVID-19 pandemic has struck almost every industry including premium cosmetics demand, with disrupting supply chain and delay in logistics and production is a major downside. Although, recovery is expected after the pandemic..

Key Trends in Global Premium Cosmetics Market

·         In December 2020,L’Oréal announced the signing of an agreement to acquire the Japanese company Takami Co. This company develops and markets products that are premium skincare, peeling, based on the famous eponymous dermatological and aesthetic clinics licensed under it.

·         In November 2019, Coty built a partnership with Kylie Cosmetics. Under this partnership, they would develop Kylie’s existing beauty business into a global powerhouse brand together.

·         Millenials are more interested in clean and ethical beauty. Consumers are shifting to more natural, clean and organic products. Apart from that, young customers are more focused in skin care in comparison to makeup, giving rise to growth of the skincare market.

Global Premium Cosmetics Market: Regional Dynamics

In 2018, North America accounted for the majority share in the global Premium Cosmetics Market owing to the presence of a major players and growing demand for premium makeup and anti-aging skincare products. In countries- like China, India, Indonesia, and Vietnam present considerable growth opportunities for the market players is primarily due to the growing millennial population.

Global Premium Cosmetics Market: Competitive Landscape

The market is characterized by the presence of a few well-established players. New product launches, partnerships and investing in research & development have been a key business strategy. Some of their recent developments are as follows:

·         In 2018, L’Oréal acquired Stylenanda, a Makeup and fashion brand focused on millennials in South Korea and China, to extend its business in Hong Kong, Singapore, Malaysia, and Thailand. In the same year, L’Oréal acquired Pulp Rio, an American brand operating in the professional hair color segment with a strong social media presence. The aim was to reach out to the millenials and wider audience base.

·         L’Oréal announced the signing of an agreement to acquire Logocos Naturkosmetik AG, the German beauty company which pioneered natural cosmetics with the brand Logona and other brands such as Sante. This shows that M&A activities are quite common in the premium cosmetics market also given a demand for organic and natural products.

·         Estée Lauder partnered with Perfect Corporation, makers of the augmented reality YouCam Makeup app, to launch virtual lipstick testing as well as AR training programs for its in store beauty advisors.

Key players in Premium Cosmetics market are:

·         Coty

·         Estée Lauder

·         L’Oréal

·         LVMH

·         Shiseido

·         Chanel

·         Dior Beauty

·         Elizabeth Arden Inc.

·         KAO Corporation

·         The Procter & Gamble Company (P&G)

·         Avon Products Inc.

·         Yves Rocher International

·         Oriflame Holding AG

Adjacent Market Analysis

Within the parent market of premimum cosmetics market, sub markets such as skincare, haircare, makeup etc are also analysed. Growing awareness regarding premium ingredients and their positive effect on the skin is shifting consumer preference from traditional or mass-produced cosmetics to premium cosmetics. In this market makeup and skincare are estimated to see a boost in growth.

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