A recently updated survey by analysts at Fact.MR, a market research and competitive intelligence provider, predicts the premium beauty and personal care products market to expand at a CAGR of approximately 6% over the decade. The research report provides detailed insights of the growth drivers, opportunities, risks, and other essential data to make informed business decisions.
Demand for premium beauty and personal care products is expected to see an increase over the next ten years as awareness regarding skincare and cosmetics becomes more mainstream. Increasing need to look to perfect like social personalities and changing standards of beauty have majorly influenced the sales of these products. Rising disposable income, innovative product launches, and creative marketing strategies are some of the other factors that could influence demand and sales.
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Key Segments Covered in Premium Beauty and Personal Care Products Industry Survey:
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By Product Type:
- Premium Skincare
- Premium Fragrances
- Premium Colour Cosmetics
- Premium Haircare
- Others
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By Sales Channel:
- Hypermarkets/Super Markets
- Retail Chains
- e-Commerce
- Others
Key Takeaways from Market Study
- Global market for premium beauty and personal care products to rise at a steady CAGR of around 6% over the decade.
- Demand for premium beauty and personal care products anticipated increase at the highest CAGR in the APAC region.
- Rising disposable income, increasing health and personal care consciousness, and growing demand for eco-friendly products are major trends shaping market growth.
- North America and Europe together hold approximately 60% of global market share.
- Premium beauty and personal care products industry in China expected to rise at the fastest CAGR in the APAC region.
Competitive Landscape
Manufacturers are focusing on super premium beauty and personal care products as their popularity and demand is increasing all over the globe.
- No7 Beauty Company, a new beauty business, recently launched its famous Pure Retinol Collection. The product is aimed at consumers who want gentle and effective products.
- In September 2021, The Ordinary, a renowned name in the cosmetics and skincare industry, made three products available in-store at Sephora Europe outlets. These bestselling products were only available online until now, and with this move, they will be available to European customers easily in Sephora stores.
- Jupiter Capital, a private equity, recently announced its plan to foray into the beauty and wellness market. Products will be launched under the name Niraamaya Life, and will be India-inspired luxury wellness and leisure products.