The Premium Cosmetics Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Premium Cosmetics Global Market Report 2024, The premium cosmetics market size has grown rapidly in recent years. It will grow from $131.92 billion in 2023 to $145.64 billion in 2024 at a compound annual growth rate (CAGR) of 10.4%. The growth in the historic period can be attributed to changing consumer preferences, brand recognition and prestige, rise of influencer marketing, increased disposable income, luxury shopping experience.
The premium cosmetics market size is expected to see rapid growth in the next few years. It will grow to $214.36 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The growth in the forecast period can be attributed to emphasis on personalization, rising demand in emerging markets, growing interest in sustainable beauty, impact of social and environmental values, e-commerce dominance. Major trends in the forecast period include holistic beauty and wellness integration, focus on inclusivity and diverse representation, experiential retail and immersive brand spaces, elevated packaging design, limited edition and exclusivity strategies.
The rising demand for natural cosmetics is expected to propel the growth of the premium cosmetics market going forward. Natural cosmetics are products that are made entirely from natural ingredients and contain only trace amounts of synthetic ingredients such as petrochemicals and parabens. As chemicals such as parabens, phthalates, and sodium lauryl sulfate are linked to health risks, people believe that natural compounds are safer for both human health and the environment. For example, according to the annual Organic Beauty and Wellbeing Market report, by Soil Association, in 2021, the sales of Soil Association-certified organic and natural beauty and wellbeing products in the UK grew by 15%, reaching €164 million (USD170 million). Therefore, the rising demand for natural cosmetics is driving the growth of the premium cosmetics market.
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The premium cosmetics market covered in this report is segmented –
1) By Product Type: Skin Care, Hair Care, Fragrances and Perfumes, Sun Care, Baby Care, Other Product Types
2) By Nature: Natural and Organic, Conventional
3) By Gender: Male, Female, Unisex
4) By Distributional Channel: Offline, Online
Major companies operating in the premium cosmetics market are increasing their focus on launching new cosmetic collections in emerging countries to gain a competitive edge in the market. New cosmetic collections refer to recently launched sets of beauty and skincare products by cosmetic brands, typically featuring a curated selection of items designed to align with current beauty trends, seasonal themes, or specific consumer needs. For instance, in November 2022, Alix Avien Paris, a Turkey-based cosmetic company, launched premium beauty and cosmetic products in India. This new collection includes skin makeup, eye makeup, lip makeup, and nail products. The launch of Alix Avien Paris’s premium beauty and cosmetic products in India is expected to provide Indian consumers with access to high-quality imported makeup products.
The premium cosmetics market report table of contents includes:
1. Executive Summary
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