Seattle, WA -- (SBWIRE) -- 11/11/2019 -- Certain specialty ingredients are used in making premium cosmetics. These cosmetics contain organic ingredients such as essential oils, plant extracts, microalgae, and pearl extracts that are expensive, which subsequently increases the cost of premium cosmetics. Increasing awareness regarding aesthetic appeal is a major factor propelling growth of the premium cosmetics market. Moreover, growing trend of premium cosmetics use among male population is also contributing to growth of the market. For instance, according to Coherent Market Insights' analysis, the men's grooming products sector is expected to witness significant growth, exhibiting a CAGR of 8.91% during 2018-2025.
However, stringent regulations regarding chemical ingredients used in premium cosmetics is a major factor hindering growth of the premium cosmetics market.
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Global Premium Cosmetics Market – Market Taxonomy:
On the basis of distribution channel:
- Hypermarket
- Supermarket
- Specialty Stores
- Online
- Others
On the basis of product type:
- Skin Care
- Make-up
- Hair Care
- Hygiene Products
- Fragrances
- Multifunctional
- Others
Among distribution channels, the online segment is expected to witness significant growth over the forecast period. This is owing to increasing preference for online shopping among the populace. For instance, according to India Brand Equity Foundation Report (IBEF), in 2016, over 62% of young consumers in major economies prefer online stores for buying beauty & grooming products. Moreover, retail stores such as Alibaba Group (China), Amazon Inc. (U.S.), and Flipkart (India) offer convenient services, which further aids in growth of the online segment.
Among product type, the skin care segment is expected to account for the largest market share over the forecast period. Leading market players such as L'Oreal S.A. generated 37% of its annual revenue in 2017 from its skincare segment. Major players in the market are focused on launching their products in the segment. Consumers are preferring multifunctional products that offers various benefits. For instance, Dior's lip care product, Color Reviver Lip Balm is designed to serve as both lipstick and lip gloss. Increasing availability of such products is boosting growth of the premium cosmetics market.
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Global Premium Cosmetics – Market Outlook:
The market in North America is expected to hold dominant position in the global premium cosmetics market during the forecast period. The U.S. Department of Agriculture (USDA) and Food and Drug Administration (FDA) regulate the manufacturing of premium cosmetics in the region and restrict the use of harmful chemicals in these products. For instance, chemicals such as formaldehyde and hydroquinone are banned from use in cosmetic products.
The market in Asia Pacific is expected to witness rapid growth, owing to factors such as increasing disposable income, growing retail sector, and increasing use of premium cosmetics. For instance, according to Indian and Chinese government sources, the retail sector in India and China was valued at US$ 950 billion and US$ 11 trillion, respectively in 2017. Moreover, according to L'Oreal, China recorded US$ 77 spending per capita per person on cosmetics in 2016 with US$ 71 by consumers aged 14–18 years and US$ 85 by consumers aged 19–24 years.
Increasing focus of major market players on adopting investment and M&A strategies to expand their business in this region is also contributing to growth of the market For instance, in 2013, L'Oreal acquired Magic Holdings International Ltd. based in China and invested over US$ 150 million in India since 2011. Similarly, in 2016, Coty Inc. completed a merger with the Specialty Beauty business of Procter & Gamble Company.
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Major players operating in the premium cosmetics market include, L'Oréal S.A., Avon Products Inc., The Procter & Gamble Company (P&G), Unilever plc., Oriflame Holding A.G., Revlon Inc., The Estee Lauder Companies Inc., Shiseido Company Ltd., and Coty Inc.
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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.