The global premium cosmetics market is expected to grow by USD 44.2 billion as per Technavio. This marks a significant market slowdown compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of almost 6%.
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Technavio has announced the latest market research report titled Global Premium Cosmetics Market 2020-2024 (Graphic: Business Wire)
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Read the 120-page report with TOC on "Premium Cosmetics Market Analysis Report by Distribution channel (Offline and Online), Product (Skincare products, Fragrances, Color cosmetics, Hair care products, and Others), Geography (Europe, APAC, North America, South America, and MEA), and the Segment Forecasts, 2020-2024".
https://www.technavio.com/report/global-premium-cosmetics-market-industry-analysis
The market is driven by innovation and portfolio extension. In addition, the increased demand for premium skincare products is anticipated to boost the growth of the premium cosmetics market.
The growth in disposable incomes across the world is increasing the preference for premium products among consumers. This is encouraging vendors to introduce innovative and professional products containing superior quality ingredients. These products are priced higher than the regular skincare products. Also, the introduction of such products is leading to the expansion of product portfolios of vendors. Therefore, the increasing vendor focus on innovation and portfolio expansion is expected to drive the growth of the global premium cosmetics market during the forecast period.
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Major Five Premium Cosmetics Companies:
Amway Corp.
Amway Corp. operates its business through segments such as Nutrition, Beauty, Home, and Energy and Spot. The company offers a wide range of premium beauty cosmetic products under the brand, Artistry.
Beiersdorf AG
Beiersdorf AG operates its business through segments such as Consumer and tesa. The company offers anti-aging luxury skincare products under the brand, La Prairie.
Coty Inc.
Coty Inc. operates its business through segments such as Luxury, Consumer Beauty, and Professional Beauty. The company offers premium cosmetic products under brands such as Marc Jacobs, Calvin Klein, Chloe, Gucci, Hugo Boss, Tiffany and Co, Balenciaga, Bottega Veneta, Alexander McQueen, Davidoff, Burberry and Miu Miu, Lancaster, and philosophy.
L'Oréal SA
L'Oréal SA operates its business through segments such as Consumer Products, L'Oréal Luxe, Professional Products, and Active Cosmetics. The company offers a wide range of premium cosmetics under brands such as Lancome, Yves Saint Laurent, Giorgio Armani, Shu Uemura, Yue Sai, Clarisonic, Ralph Lauren, Diesel, Cacharel, Maison Margiela, LOreal Professionnel, Kerastas, and others.
LVMH Moët Hennessy Louis Vuitton
LVMH Moët Hennessy Louis Vuitton operates its business through segments such as Wines and Spirits, Fashion and Leather Goods, Perfumes and Cosmetics, Watches and Jewelry, and Selective Retailing and Other activities. The company offers premium brand perfumes and cosmetics under the brand, Sephora.
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Premium Cosmetics Market Distribution Channel Outlook (Revenue, USD Billion, 2020-2024)
- Offline
- Online
Premium Cosmetics Market Product Outlook (Revenue, USD Billion, 2020-2024)
- Skincare products
- Fragrances
- Color cosmetics
- Hair care products
- Others
Premium Cosmetics Market Regional Outlook (Revenue, USD Billion, 2020-2024)
- Europe
- APAC
- North America
- South America
- MEA
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