The global premium cosmetics market Growth Accelerated by Increased Online Sales

 

Premium cosmetics are high quality skincare, body care and makeup products that offer superior formulations with natural and organic ingredients to visibly improve the appearance of skin over time. The demand for premium cosmetic products is growing as they hydrate, nourish and protect skin from pollution, UV rays and other environmental damage.

The global premium cosmetics market is estimated to be valued at US$ 123.39 Bn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The increased online sales of premium cosmetic products is one of the key trends seen in the market. Growing internet and smartphone penetration along with convenient payment options and attractive deals have contributed significantly to the rise of e-commerce for premium cosmetics. Many leading brands are offering specialized online stores and social media platforms to promote new products and collections digitally. This has helped expand their customer base globally. The convenience of online shopping from the comfort of home is further propelling this trend and accelerating the market growth over the forecast period.


Segment Analysis
The global premium cosmetics market is dominated by the skin care segment. Within the skin care segment, premium anti-aging creams account for the major share. The increasing signs of aging such as fine lines, wrinkles, dark spots and other blemishes among the middle-aged population have been driving the anti-aging cream market. These premium anti-aging creams offer advanced formula that help reduce visible signs of aging effectively.

Key Takeaways
The global premium cosmetics market is expected to witness high growth during the forecast period of 2023 to 2030 supported by increasing disposable income of consumers and growing beauty consciousness. The global premium cosmetics market is estimated to be valued at US$ 123.39 Bn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030.

Regional analysis related content comprises The Asia Pacific region is expected to be the fastest growing market for premium cosmetics during the forecast period. Growing economy, rising per capita income, increasing spending on personal care products and exposure to Western beauty trends are driving the demand for premium cosmetics in countries like China, Japan and South Korea. The North American and European markets currently dominate the global premium cosmetics market owing to high consumer spending and strong presence of premium cosmetics brands.

Key players related content comprises Key players operating in the premium cosmetics market include L'Oréal, Estée Lauder Companies, Procter & Gamble, Shiseido, Coty, Chanel, LVMH Moët Hennessy – Louis Vuitton, Kering, Unilever and Beiersdorf. L'Oreal holds the leading market share owing to its strong brand portfolio and wide distribution channels. Estee Lauder Companies and Shiseido also enjoy robust brand presence worldwide.

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