According to the report by Expert Market Research (EMR), the global premium cosmetics market size is projected to grow at a CAGR of 8.7% between 2024 and 2032. Aided by the rising consumer demand for high-quality, luxury cosmetic products and the growing awareness of the benefits of premium skincare and makeup products, the market is expected to grow significantly by 2032.
Premium cosmetics, representing the high-end segment of the beauty and personal care industry, include a wide range of skincare, makeup, fragrance, and hair care products. These products are characterised by their superior quality, exclusive ingredients, advanced technology, and prestigious branding. The premium cosmetics market growth is fuelled by increasing disposable incomes, the desire for luxury experiences, and the emphasis on personal appearance and self-care.
The market is primarily driven by the rising consumer inclination towards premium quality and luxury beauty products. With the growing awareness about skin health and the efficacy of premium ingredients, consumers are willing to invest in high-quality cosmetics. Additionally, the booming e-commerce sector and the growing influence of social media and beauty influencers are significantly boosting the premium cosmetics market demand.
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The trend of personalisation and customisation in cosmetics is also shaping the premium cosmetics market. Consumers are increasingly seeking products tailored to their specific skin types, concerns, and preferences. Moreover, the demand for clean, sustainable, and ethical beauty products is encouraging premium brands to innovate and offer environmentally friendly and cruelty-free options.
Regionally, North America and Europe account for a significant portion of the premium cosmetics market share, with Asia-Pacific also emerging as a significant market due to rising incomes and the increasing influence of Western beauty standards. The growing demand for anti-ageing and natural products provides significant opportunities for the development of new and advanced premium cosmetic products, catering to the evolving consumer needs.
The market is highly competitive, with the presence of established luxury brands and emerging niche players. Key players focus on product innovation, strategic marketing campaigns, and expansion into emerging markets to maintain their market position. Collaborations with celebrities and influencers, and the adoption of augmented reality for virtual product trials, are some of the strategies used to attract and retain customers.
Market Segmentation
The market can be divided based on nature, product, gender, distribution channel, and region.
Market Breakup by Nature
- Natural and Organic
- Conventional
Market Breakup by Product
- Skin Care
- Hair Care
- Makeup
- Fragrance
- Others
Market Breakup by Gender
- Male
- Female
- Unisex
Market Breakup by Distribution Channel
- Supermarket and Hypermarket
- Cosmetics Shops
- Online
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global premium cosmetics market. Some of the major players explored in the report by Expert Market Research are as follows:
- The Estée Lauder Companies Inc.
- Oriflame Cosmetics AG
- L’Oréal S.A.
- Unilever PLC
- Elizabeth Arden, Inc
- Others
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