Global Premium Cosmetics Market to Grow at a CAGR of 8.7% During 2024-2032, Aided by Growth of Online Retail Sector

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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Market Analysis by Nature, Products, Gender, Distribution Channels, and Region:

• The market, on the basis of nature, can be divided into natural and organic, and conventional.
• Based on the products, the market is divided into skin care, hair care, makeup, and fragrance, among others.
• On the basis of gender, the industry is divided into female, male, and unisex.
• The distribution channels for premium cosmetics include supermarket and hypermarket, cosmetic shops, and online, among others.
• The regional markets for premium cosmetics include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The industry is being driven by the increasing demand for organic products due to the rising awareness of the adverse effects of chemical products.
• Rising consumer awareness of skin-related issues due to surging beauty consciousness is aiding the market growth.
• Digital advancements and sustainable self-care products are also lubricating the market growth.
• The inclusiveness of the cosmetic industry has paved the way for the demand for men’s grooming and makeup products, further augmenting the market growth.
• Internet penetration, growing online retail sector, and the rising popularity of social media are providing further impetus to the industry.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for premium cosmetics for the periods (2018-2023) and (2024-2032).
• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the nature, product, gender, distribution channel, and regions of premium cosmetics.
• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

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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