A Snapshot of Growth Trends

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033

LONDON, GREATER LONDON , UK, January 5, 2024 /EINPresswire.com/ — The global premium cosmetics market is experiencing robust expansion, with the market size projected to surge from $119.49 billion in 2022 to $133.22 billion in 2023 at a compelling Compound Annual Growth Rate (CAGR) of 11.5%. This growth momentum is expected to persist, with the market size reaching $187.45 billion in 2027, driven by a CAGR of 8.9%.

Driving Force: Rising Demand for Natural Cosmetics
One of the key drivers propelling the premium cosmetics market is the escalating demand for natural cosmetics. Consumers are increasingly seeking products crafted from entirely natural ingredients, minimizing the presence of synthetic substances such as petrochemicals and parabens. The health-conscious consumer base associates chemicals like parabens, phthalates, and sodium lauryl sulfate with potential health risks, fostering a preference for natural compounds deemed safer for both human health and the environment. Notably, in the UK, sales of Soil Association certified organic and natural beauty and wellbeing products witnessed a remarkable 15% growth, amounting to €164 million (USD 170 million) in 2021. This trend underlines the strong consumer inclination towards natural cosmetics, thereby stimulating the growth of the premium cosmetics market.

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Key Market Players:
Major players contributing to the vibrancy of the premium cosmetics market include Avon Products Inc., Chanel S.A., Coty Inc., KAO Corporation, L’Oréal S.A., LVMH, Oriflame Cosmetics Global SA, Revlon Inc., Shiseido Company Ltd., The Estée Lauder Companies Inc., Elizabeth Arden Inc., Dior Beauty, The Procter & Gamble Company (P&G), Ralph Lauren Corporation, Unilever PLC, and Yves Rocher International.

Trend Spotlight: Product Innovations
A notable trend shaping the premium cosmetics landscape is the emphasis on product innovations. Key industry players are strategically focusing on introducing innovative products to gain a competitive edge. For instance, Proven Skincare, a US-based developer of skincare products, leveraged Artificial Intelligence (AI) and big data to launch its first personalized eye cream duo in May 2022. This personalized product, comprising Personalized Day Eye Cream and Personalized Night Eye Cream, is tailored to individual skin types, lifestyles, and environmental conditions, showcasing a successful fusion of technology and skincare.

Regional Dynamics: Asia-Pacific Takes Center Stage
As of 2022, Asia-Pacific stands as the largest region in the premium cosmetics market, with expectations of continued dominance. Additionally, Asia-Pacific is anticipated to be the fastest-growing region in the forecast period. The comprehensive global analysis covers regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Premium Cosmetics Market Segmentation:
The global premium cosmetics market is segmented based on:
• Product Type: Skin Care, Hair Care, Fragrances and Perfumes, Sun Care, Baby Care, Other Product Types
• Nature: Natural and Organic, Conventional
• Gender: Male, Female, Unisex
• Distributional Channel: Offline, Online

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Premium Cosmetics Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Premium Cosmetics Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on premium cosmetics market size, premium cosmetics market drivers and trends, premium cosmetics market major players, competitors’ revenues, premium cosmetics market positioning, and premium cosmetics market growth across geographies. The premium cosmetics market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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