The latest market research report by Technavio on the global online premium cosmetics marketpredicts a CAGR of close to 10% during the period 2017-2021.
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Technavio has published a new market research report on the global online premium cosmetics market from 2017-2021. (Graphic: Business Wire)
The report segments the global online premium cosmetics market by product type (skin care, fragrance, color cosmetics, hair care, sun care, and bath and shower) and by geography (the Americas, Europe, APAC, and MEA). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global online premium cosmetics market, according to Technavio consumer and retail researchers:
- Impact of social media and celebrity endorsement of cosmetic products: a major market driver
- In 2016, the skin care segment led the global online premium cosmetics market, accounting for a market share of close to 38%
- The Americas accounted for the largest share in the global online premium cosmetics market in 2016, with a share of more than 38%
- CHANEL, Coty, Estée Lauder, L'Oreal, and LVMH are the leading players in the market
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Impact of social media and celebrity endorsement of cosmetic products: a major market driver
The presence of social media has become very prominent and influences the purchase decision of consumers. Several blogs and videos have been created to generate awareness about products. Professionals and beauty enthusiasts post online makeup tutorials to educate individuals on the various techniques of applying makeup. Many premium brands in the hair care segment use social media channels and organize campaigns to advertise their products. For instance, 'Schwarzkopf Search for Australia's Most Beautiful Hair' for Schwarzkopf Professionals, the 'Nice n' Easy' hair color brand campaign, and 'We're All Out' are some of the campaigns. Many premium brands invest hugely in digital branding. The use of celebrity endorsements is also another popular method of promoting premium cosmetic products. This strategy influences consumers to purchase endorsed products instinctively.
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Global online premium skin care market: largest segment by product type
In 2016, the skin care segment led the global online premium cosmetic products. It is expected to witness significant growth because of the increasing consciousness and awareness of skin health among consumers. Several customers are increasingly opting for premium skin care products that contain high-quality ingredients and promise effective results. The premium skincare market includes a wide range of products such as creams, moisturizers, serums, face packs, and masks. Anti-aging creams, especially, are in high demand and drive the market growth.
According to Narendra Nandaigari, a lead analyst at Technavio for research on retail goods and services, "The increase in digitalization and Internet penetration has enabled the availability of various skin care products online, which has significantly influenced market growth. The target consumer group in this market comprises millennials, most of whom are health and style conscious and are highly adept at using technology. This demographic is attracted by brands, such as Estée Lauder and L'Oreal, that have a wide social media presence."
Competitive vendor landscape
The global online premium cosmetics market is highly competitive because of the presence of several key players. The prevailing competition in the market alongside the introduction of new products changes the consumer preference for mid-range cosmetic products that do not have much product differentiation. To survive and succeed in the competitive environment, it is essential for suppliers in the market to distinguish their products and service offerings through a clear and unique value proposition. The global online cosmetic market is dominated by leading players such as CHANEL, Coty, Estée Lauder, L'Oreal, and LVMH.
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