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North America has witnessed robust growth in the sales of premium skincare products in the past few years due to increasing awareness regarding premium ingredients and rising skin-related concerns like acne, pigmentation, and age spots. The surging online retail sector also aided the market growth due to the use of virtual reality (VR) and augmented reality (AR) that allows virtual trials of various make-up looks. The technological advancements have enabled the use of artificial technology for ingredient discovery and the use of natural by-products and wastes to create active ingredients, further catalysing the market growth. As internet penetration soars, premium brands’ investment in various beauty and make-up influencers is also expected to drive the market. Anti-ageing products hold a significant share in the market due to the continuous emphasis on preventing and delaying ageing across all ages; this is expected to appeal to the millennial generation, further boosting the market.
The key players are continuously innovating their products while focussing on sustainability. L'Oréal S.A. (EPA: OR), one of the leading companies in the industry, has launched Water Saver, a personalised water-optimisation haircare, in 2021. The product reduces the water droplets size by 10X and accelerates their speed in order to ensure the use of every drop of water in hair washing and rinsing. It uses two litres per minute and saves nearly six litres of water. Moreover, the water and cost-saving data can be tracked in an app to examine energy reduction and cost. The company, by launching such products, not only focuses on sustainability but also uses technological advances for the greater good of society, facilitating the growth of the premium cosmetics industry.
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The major players in the global premium cosmetics market are The Estée Lauder Companies Inc., Oriflame Cosmetics AG, L'Oréal S.A., Unilever PLC, and Elizabeth Arden, Inc, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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