Rising sale of premium cosmetics is driven majorly by developing economy and rising disposable income. Product recall created among the consumers based on product promotions by famous celebrities is influencing the growth of this market positively. Premium cosmetics show instant results on the skin and show comparatively less side effects, which is one of the major factors driving this market. The production and the consumption of premium cosmetics is high in North America and is projected to increase at a positive growth rate in various countries of Europe and Asia Pacific over the given forecast period.
The global Premium cosmetics products Market share is expected to grow at a higher growth rate supported by positive influencing of the fashion sector on this market. Technological strides are resulting in improved product quality, which is also adding fuel to the growth of this market. Increasing demand for specialty effective ingredients containing cosmetics is further projected to increase the sale of the product.
All these factors will contribute to the estimated CAGR of 3.5% of premium cosmetics market during the forecast period 2017-2023.
The key players in the premium cosmetics market are
- Coty, Inc. (U.S.)
- Estée Lauder Companies Inc. (U.S.)
- Chanel S.A. (France)
- L’Oréal S.A. (France)
- LVMH Moët Hennessy Louis Vuitton SE (France)
- Shiseido Co.,Ltd. (Japan)
- Kao Corporation (Japan)
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Premium cosmetics manufacturers across various regions are following the strategy of product innovations and increased focus on R & D to penetrate the global market and to meet the growing demand for the product. Enhancement of the product quality and increasing production of vegan and organic products will further attract the consumers to choose from various available options from premium cosmetics. In North America, the U.S. dominates premium cosmetics market and exports the product to various other countries, which include Canada, the U.K., China, Australia, and others.
On the basis of type, skin care based premium cosmetics dominates the market based on high consumer end demand for skin based products. However, changing cosmetics trends and increasing promotions for cosmetics and personal care products for babies will affect the sale of baby care cosmetics positively. Furthermore, based on the category, conventional premium cosmetics dominates the market owing to high production capacity and less consumers’ awareness about other available substitutes.
Additionally, store based sale of premium cosmetics dominates the distribution channel owning to consumers’ preferred shopping experience.