Globally an increasing awareness in consideration to the associated advantages of premium cosmetics is driving the market growth of these products. Greater recognition of premium cosmetics of several skin related challenges including pigmentation, spot, and acne are anticipated to support the growth of its market growth globally. However, growing disposable income in the developing countries are major contributors to the market growth of premium cosmetics products.
The manufacturers concentrated on research and development for innovative products that caters to an increasing demand from consumers globally. Such as, Veritas Farms, Inc., has launch a product line of premium cosmetics, on a brand name of Veritas Beauty. Such introduction of the premium cosmetics offerings are projected for generating an ample opportunities in the growth of premium cosmetics market during the forecast period. Moreover, increased internet and social media penetration acts as a vital factor supporting to the growth of premium cosmetics market.
“Global Premium Cosmetics Market was Valued at US$ xx Bn in 2018 and it is Expected to Reach More than US$ 18.42 Bn by 2027, Likely to Grow with the CAGR of 4.5% During the Forecast Period”
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The makeup segment is projected to dominate the global market of premium cosmetics products. This segment is anticipated to maintain its prominence during the forecast period with an expanding CAGR of 5.7 % of forecast period. The market growth could be attributed to an increasing demand of natural color and organic cosmetics for reducing the risk associated with the skin irritation and infection. Presence of water and dirt proof makeup products including foundations, concealers, lipsticks, bronzers, eye-shadow, and among others are suitable in humid and hot weather conditions that is anticipated for stimulating demand of premium makeup products.
The Asia Pacific region leads global market and is anticipated to remain its leading position during the forecast period. China and Japan are the biggest markets players in premium cosmetics of the Asia Pacific region. Factors that are propelling the growth of this market constitutes of increasing women workforce, an increase of purchasing power in developing countries. The existence of larger players are stimulating the growth of premium cosmetic products in the market of China.
Steady research and development to achieve good sensitivity is the strategy implemented by the global players of this market. The Premium Cosmetics market is consolidated with the dominance of few organizations that are accounting to about 80 % share substantially rest 20 % is led by other regional players.
Prominent players associated with this market are listed as follows: Estée Lauder, the Procter & Gamble Company (P&G), KAO Corporation, Coty, L’Oréal, Elizabeth Arden Inc., LVMH, Shiseido, Dior Beauty, and Chanel.
Impact of COVID-19 on Economy, Industry and Company
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