Premium Cosmetics Market to grow at a CAGR of 9.75% during 2024-2028
The Premium Cosmetics Market is expected to grow at a CAGR of 9.75% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 66996.5 million. In the premium cosmetics market, social media serves as a crucial tool for increasing product awareness and consumer engagement. With the growing preference for digital platforms, consumers turn to social networking sites and blogs for self-education on high-end cosmetics. Vendors capitalize on this trend by utilizing Facebook, Twitter, Instagram, and YouTube to boost product visibility and promotion. Successful campaigns include Procter and Gamble's "Your Best Beautiful" for Olay, Beiersdorf's "Nivea Tan Tag and Win" for Nivea, L'Oreal's "Rock Your Style" for Garnier, and "4,100 Miles 5 Tasks" for L'Oreal Paris, as well as Shiseido's "Beauty vs. You." These campaigns effectively leverage social media to connect with consumers and build brand loyalty.
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Technavio analysts predict that the Skincare products subsegment will lead the Product segment during 2024 and 2028 In the premium cosmetics market, the skincare segment is experiencing significant growth due to increasing demand from both young and mature demographics. Women continue to dominate as the primary consumer base, but men are also becoming more conscious of their personal grooming and wellness. To expand their customer reach, vendors are introducing customized skincare solutions specifically designed for men. Notable product launches in this segment include Chanel's microfluidic serum, Vichy's LiftActiv Supreme, Jurlique Herbal Recovery range, ReVive Skin Tone Serum, and Laura Mercier Infusion de Rose Nourishing Oil. These innovative offerings will drive the expansion of the skincare products segment within the global premium cosmetics market throughout the forecast period.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish increased demand for premium skincare products
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The premium cosmetics market is experiencing a surge in demand due to the increasing popularity of leading brands that offer products made with premium ingredients. From fragrances and makeup to haircare, facials, waxing, and grooming, these luxury brands cater to consumers seeking high-quality, effective, and stylish offerings. The global population's shifting lifestyle and growing women's economic independence have fueled the demand for anti-aging goods and ethical attributes in cosmetic products. Experimental attributes, such as unique textures, long-lasting formulas, and innovative packaging, are driving consumer preferences for premium cosmetics. E-commerce platforms have made it easier for consumers to access these luxury products from anywhere, while social media and influencer endorsements have amplified their reach. As disposable incomes rise, consumers are increasingly drawn to the opulent lifestyle associated with premium cosmetics. Product lifespan, sustainability, and ethical sourcing are also becoming important considerations for consumers. Beauty trends continue to evolve, with an emphasis on natural and organic ingredients, customizable products, and personalized skincare routines. Overall, the premium cosmetics market is poised for continued growth as consumers seek out high-quality, effective, and sustainable beauty solutions.
The global personal care products market encompasses the production and R&D sectors of various items under this category, including cosmetics, perfumes, masks, sex toys, hair wigs and extensions, and polarized sunglasses. According to Technavio, the market size is determined by the consolidated revenue generated by manufacturers of these products. Factors fueling the expansion of the global household and personal care products market include the positive correlation between disposable income and discretionary spending, which covers expenditures on luxury and lifestyle-related items.
The Premium Cosmetics Market is experiencing significant growth, fueled by the increased demand for premium skincare products. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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