The global premium cosmetics market size was estimated at USD 116.3 billion in 2022 and is projected to hit around USD 197.76 billion by 2032 with a registered CAGR of 6.1% during the forecast period 2023 to 2032.
Key Takeaways
- Based on product, the makeup segments are projected to register the fastest CAGR from 2023 to 2033.
- By distribution channel, the online segments are expected to register the highest CAGR from 2023 to 2032.
- Based on nature, the natural and organic segments are projected to register the biggest CAGR from 2023 to 2032.
- By basis of gender, the female gender holds the largest market from 2023 to 2032.
- Based on geography, the Asia Pacific region holds the highest revenue share during the forecast period.
Premium cosmetics are composed of various mixtures such as chemical compounds or naturally derived cosmetics, many of the cosmetics are chemically derived are synthetic ones with various purposes. Cosmetics are basically utilized for personal care to enhance the personal look with increased skin care purposes to protect the skin and cleansing of the skin with the utilization of cosmetics. enhancing one's look with the use of premium cosmetics and looking younger than before with the application of makeup such as concealing, shaping eyebrows, lip color, application of eyelashes, eye lens, blusher, eye shadow, and many more with the use of premium cosmetics. Which helps to change the look of a person with an increased appearance and improved fragrance of the cosmetics.
Growth Factors
The premium cosmetics market is to grow the market growth rate with increased demands from customers for cosmetics to improve the beauty and wellness of the person with improved personal care. Increasing demands for the cosmetics product with increased manufacturing and production of the cosmetics products with developed brands and advertisement of the premium cosmetics market through various forms such as media helps to fuel the market of premium cosmetics with increased demands from the customers during the forecast period.
- Increased consciousness among women and men about the increased utilization of premium cosmetics helps to propel the market of premium cosmetics with an increased market growth rate to a larger extent during the forecast period.
- Enhance utilization of premium cosmetics with the utilization of premium products for the manufacturing of the cosmetics with increased effect of the premium cosmetics and increased utilization of the premium cosmetics to enhance the look helped to drive the market of premium cosmetics.
- Increased utilization of cosmetics to hide wrinkles, aging spots, and pigmentation over the face with improved efficacy of the cosmetics products and to enhance the personal look helps to expand the market of premium cosmetics with an increased revenue share of the premium cosmetics to a larger extent.
- Increased customer attraction towards the brand of the cosmetics, the safety of the cosmetics, and the cost of the premium cosmetics help to expand the market growth rate.
- The increased availability of premium cosmetics with increased income of the disposables helps to drive the market of premium cosmetics with increased demand.
- Increased utilization of long-lasting makeup in various functions and shoot is one of the major factors driving the market of premium cosmetics.
- Increased demands for pocket-sized and mini-size cosmetics have helped to boost the market of premium cosmetics with increased growth rate and utilization of the cosmetics.
- Increased men's grooming products with increased utilization of personal care products by men to enhance the look also is the major factor to expand the market size.
- The growing market of premium cosmetics with increased digitalization and advertisement of premium cosmetics through media and increased internet connectivity to explore premium cosmetics have led to a growing market rate.
- The key market players involved in premium cosmetics with increased production of premium cosmetics and increased investment to increase the research and development in premium cosmetics have helped to enhance the market of premium cosmetics during the forecast period.
Premium Cosmetics Market Market Scope
| Report Coverage |
Details |
| Market Size in 2023 |
USD 116.53 Billion |
| Market Size by 2032 |
USD 197.76 Billion |
| Growth Rate from 2023 to 2032 |
CAGR of 6.1% |
| Largest Market |
Asia Pacific |
| Second largest Market |
North America |
| Base Year |
2022 |
| Forecast Period |
2023 to 2032 |
| Segments Covered |
- By Product
- By Distribution Channel
- By Nature
- By Gender
|
| Regions Covered |
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
|
Premium Cosmetics Market Dynamics
Key Market Drivers
- Increased awareness - Increased production of premium cosmetics with increased research and development in the cosmetics industry with increased awareness among the people about the developed premium cosmetics with increased demands from the market for the cosmetics to enhance the appearance of the person by changing the look of the person with the help of the premium cosmetics developed in the market. Increased awareness about the skincare routine with the utilization of cosmetic products with increased safety and long-lasting property of premium cosmetics helps to drive the market of premium cosmetics. Increased applications of premium cosmetics which are also used for males and increased self-grooming of men with increased utilization of premium cosmetics products have helped to boost the market of cosmetics with an increased growth rate during the forecast period. Increased quality and reliability of premium cosmetics with reduced side effects and increased safety of the products have helped to expand the market of premium cosmetics during the forecast period. The enhanced number of users for cosmetics by the male and females to improve daily appearance of the person have led to expanding the market of premium cosmetics.
Key Market Challenges
- The increased cost of premium cosmetics - Development of the premium cosmetics with increased property and efficiency of the products to elaborate the personal look with the application of the premium cosmetics led to an increase in the cost of premium cosmetics that common people cannot buy the premium brand-based cosmetics can challenge the market of premium cosmetics to grow and may decline the market growth rate with decreased revenue share during the forecast period.
- Availability of the options in cosmetics - A large number of companies are developing premium cosmetics with the increased number of products and increased options in cosmetics may decline the market growth rate of premium cosmetics during the forecast period. The increased attraction of people towards the different local-based companies and demands for the low cost of cosmetic products have led reduce the market for cosmetics with a decreased growth rate during the forecast period.
Key Market Opportunities
- Increased innovations and new developments - The continuous research and development with new innovations in the development of premium cosmetics with increased efficiency of the cosmetic products and increasing trends along with the customers led to a growing market of premium cosmetics during the forecast period. Increased demands from customers for the new premium cosmetics to improve the look of the person and increased attraction of the people towards the cosmetics with increased skincare routine have helped to drive the market of premium cosmetics.
- Increased efficiency of the premium cosmetic products - Increased effects of premium cosmetics with enhanced benefits from the cosmetics and increased personal skincare routine reduced aging, reduced pigmentation, wrinkles, and spots have helped to drive the market of premium cosmetics with increased demands from the customer and enhance the growth to a larger extent.
- The key market players - Introduction of new products with increased research and development with increased investment from the market players and enhance the growth of the industry with the launch of the new products with increased efficiency of the products and reduced side effects helps to fuel the market growth rate with the wide acceptance of the developed premium cosmetics during the forecast period.
Product Insights
On the basis of the product, with increased market growth of the cosmetics with increased utilization of the products and increased daily natural makeup to increase the appearance of the person with the utilization of the organic or natural makeup cosmetics and increased demands from the customer for the premium cosmetics which led to increasing the market revenue share with improved efficiency of the products helps to expand the market growth rate. The skincare market account for the largest market growth as per investigation with the continuous development of the products led to a leading position with increased effects of the premium cosmetics reduced side effects, reductions of acne, wrinkles, dry skin, scar, pigmentation, aging spots helps to boost the market of premium cosmetics, increased demands for products which brightens the skin, increased utilization of sunscreens, body lotion, and expansion of the market growth rate during the forecast period.
Distribution Channel Insights
On the basis of the distribution channel, the online distribution of premium cosmetics with the largest market growth with a rising CAGR of the cosmetics products used by the customers. Increased utilization of the network connectivity or over the wifi to buy the products and increased awareness regarding the development of the new products in the cosmetics with improved benefits such as price comparison, and availability of the offers applied through online purchase of the premium cosmetics. Increasing digitalization and urbanization with the increased standard of living of the people and attraction towards online shopping led to a growing market of premium cosmetics during the forecast period.
Nature Insights
On the basis of nature, the continuous research and development with the launch of new cosmetic products with innovative development of the cosmetic products with increased efficiency of the product with increased properties and fewer side effects of the premium cosmetics have helped to drive the market of premium cosmetics. Majorly cosmetics are chemically derived which are conventional a number of cosmetics are derived naturally which is organic. Chemically derived cosmetics hold the largest market growth with an increased revenue share of the premium cosmetic products helped to propel the market of premium cosmetics during the forecast period with rising demands from the customer for premium cosmetics and enhance the growth rate to a larger extent.
Gender Insights
On the basis of gender, the female gender which holds the largest market growth with increased revenue share with increased utilization of cosmetics by the female increased application of cosmetics by the female with increased efficiency of cosmetic products with increased properties has helped to grow the market of premium cosmetics. Increased utilization of sunscreen, body lotions, and other products has led to a growing market of premium cosmetics during the forecast period. Males also contribute to expanding the market with a significant market growth rate during the forecast period of premium cosmetics.
Regional Insights
On the basis of geography, the Asia Pacific region accounts for the largest market growth with increased production and manufacturing of cosmetic products with increased research and development in premium cosmetics with innovative development of the cosmetic products led to enhance the market of premium cosmetics during the forecast period. The increased investment from the market players for increasing the research and development with the continuous launch of the premium cosmetic products led to enhancing the market growth with an increased revenue share of the premium cosmetics. Increased demands from the customer for premium cosmetics due to increased applications of the cosmetics over the skin with increased skincare routines have led to enhancing the growth of the market with the increased rate of premium cosmetics.
North America with the second highest growth rate also contributes to growing the market of cosmetics to a larger extent. Europe, the Middle East, and Africa helped to enlarge the market of premium cosmetics.
Recent Developments
- In the year 2022 January, the Introduction of the new beauty product by the Chanel No1, with the improved natural look and increased sustainability of the product. The increased practices by the French Maison in the year 2022 with increased skin care products and makeup with the contribution to the ecofriendly and holistic. The developed skin care product from production, packing of the product, with natural touch up to the skin with the use of the products on daily basis.
- In the year 2022 April, the Introduction of the eye treatment with increased anti-aging and increased eye treatment from the Lessence Fundamental Yeux Eye Treatment was added in to the
Premium Cosmetics Market Companies
- Oriflame Holding AG
- Yves Rocher International
- Avon Products
- The Procter & Gamble Company
- KAO Corporation
- Elizabeth Arden Inc
- Dior Beauty
- Chanel
- Shiseido
- LVMH
- L'oreal
- Estee Lauder
- Coty
- The Unilever Group
- Maesa Ecommerce Inc
- Bare Escentuals
- King Kylie, LLC
- Christian Dior
- Anastasia Beverly Hills, Inc
- Stila Styles
- Huda Beauty
- MAC
- Sugar
- skin care group.
Segment Covered in the Report
By Product
- Fragrance
- Makeup
- Haircare
- Skincare
- Others
By Distribution Channel
By Nature
- Natural and Organic
- Convential
By Gender
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
