The Premium Cosmetics Global Market Report 2023 by The Business Research Company, provides premium cosmetics market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Premium Cosmetics Global Market Report 2023, the global premium cosmetics market size will grow from $119.49 billion in 2022 to $133.22 billion in 2023 at a compound annual growth rate (CAGR) of 11.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global premium cosmetics market size is expected to grow to $187.45 billion in 2027 at a CAGR of 8.9%.
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.
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The premium cosmetics market 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
Product innovations have emerged as the key trend gaining popularity in the premium cosmetics market. Major companies operating in the premium cosmetics sector are focused on product innovations to gain a competitive advantage. For instance, in May 2022, Proven Skincare, a US-based developer of skin care products, launched its first personalized eye cream duo, which includes Personalized Day Eye Cream and Personalized Night Eye Cream. A personalized product has been formed by combining Artificial Intelligence (AI) and big data. The two formulations are custom-made to work for each individual’s skin type and lifestyle, as well as environmental conditions.
Major Players:
- Avon Products Inc.
- Chanel S.A., Coty Inc.
- KAO Corporation
- L’Oréal AS.A., LVMH
- Oriflame Cosmetics Global S
The premium cosmetics market report table of contents includes:
1. Executive Summary
2. Premium Cosmetics Market Characteristics
3. Premium Cosmetics Market Trends And Strategies
4. Premium Cosmetics Market – Macro Economic Scenario
5. Premium Cosmetics Market Size And Growth
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28. Key Mergers And Acquisitions In The Premium Cosmetics Market
29. Premium Cosmetics Market Future Outlook and Potential Analysis
30. Appendix
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