PREMIUM COSMETICS MARKET WORTH USD 36.53 BILLION BY 2022 TECHNAVIO
Global premium cosmetics market: Innovation and portfolio extension leading to product premiumization
The global premium cosmetics market demands regular innovations as customers are on the lookout for innovative products that offer an optimal level of usage. Customers across the globe seek premium cosmetics that address multiple concerns such as skincare, hair care, and baby care within a minimal time span. Therefore, vendors are focusing on expanding their existing product lines by introducing new premium cosmetics.
According to a senior analyst at Technavio forresearch on cosmetics and toiletry, "The demand for premium products is particularly high in North America and Western European countries. Product premiumization acts as a price driver as it boosts the revenue of the vendors. For instance, a major vendor offers an anti-aging product, which provides multifunctional benefits to consumers. Despite being expensive, it is one of the popular products among consumers."
Global premium cosmetics market: Multichannel marketing
Multichannel marketing is one of the major trends being witnessed in the global premium cosmetics market. Social media plays an important role in increasing product awareness. The presence of social media is a boon for any industry as it provides a platform to engage with consumers actively. Consumers are increasingly inclined toward social networking and blogs to educate themselves about premium cosmetic products.
Global premium cosmetics market: Skincare products segment leads the market
This market research report segments the global premium cosmetics market into the following products (skincare products, fragrances, color cosmetics, hair care products, sun care products, deodorants, baby care products, and bath products) and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the eight major products, the skincare products segment held the largest market share in 2017, contributing to approximately 37% of the market. This product segment will dominate the global market throughout the forecast period. The Americas was the leading region for the global premium cosmetics market in 2017. It accounted for a market share of over 36%. This region is anticipated to project steady growth during the period 2018-2022.
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