It is important to note here that another reason for growth observe in demand of premium products is a creation of brand recall owing to growing social media influence. Besides, social media is leading people to strive for a higher beauty ideal, the promise of which is shown by such high-end products.
As per an upcoming report by TMR Research, the global premium cosmetics market would chart a sturdy growth curve, owing to a significant CAGR (Compound Annual Growth Rate), taking the market to a better valuation.
Global Premium Cosmetics Market: Competitive Landscape
The global premium cosmetics market is seeing significant developments happening in its landscape, owing to pro-active players and improved products hitting the market on a regular basis.
- One such instance is the launch of Make It Bar in the year 2017 by the company Face Gym. It is a classic example of introducing the element of personalization to a product in order to ensure that the millennial consumer is successfully lured. It allowed consumers to take help from a professional and based on skin-type and concern, to create highly specific face serums.
- Then, in the year 2018, Stylenanda was acquired by L’Oréal. The move helps L’Oréal penetrate better into the South Korean and Chinese market. L’Oréal acquired Pulp Rio in the same year to tap into their market share of hair color and into its robust presence on the social media.
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Some of the top market players that operate the premium cosmetics market landscape are:
- Estée Lauder
- Dior Beauty
- Elizabeth Arden Inc.
- KAO Corporation
- The Procter & Gamble Company (P&G)
Global Premium Cosmetics Market: Key Trends and Drivers
Factors that are driving the global premium cosmetics market include an increase in disposable income and a strong social media influence, impacting spending patterns of both men and women. An analysis is detailed out below:
- Social media is setting high beauty standards for people across all age groups and then there are influencers who are tapping into different demographics, bringing the most exotic and premium products to everyday lives of people. Besides, online, reviews, comparisons and so much more can happen, that consumers are inadvertently lured into buying the best that exists. This, along with superior marketing initiatives by brands, helps the global premium cosmetic market onto a high growth trajectory.
- Men’s grooming is quickly catching on and a range of products is springing up to plug in demand. Thus, one notes a wide range of products from fragrance to hair care and skincare. Brands such as Chanel and L’Oréal are massively involved in meeting the demand of this segment.
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Global Premium Cosmetics Market: Regional Analysis
The most lucrative region for market players over the forecast period would be Asia Pacific which is set to remain a large and fast growing market, credit a rapidly expanding women workforce, increase in disposable income and a massive social media influence. Demand would be particularly high from countries such as Japan and China.
Distribution Channel Outlook
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