Premium Beauty & Personal Care Products Market 2022 - By Product Type , By Application & Global Region - Market Size, Trends, Share & Forecast 2027
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The willingness to spend on exclusive, superior quality goods has been becoming more popular with the global consumers. This “Premiumisation” is exclusively driving the demand for beauty and personal care products globally.
These premium products are products that are priced higher than the rest and intended to be more effective and safe. The intended benefits of these products can be on the account of more natural or organically-sourced ingredients, green production techniques, better packaging and many more.
This market is thriving and is one of the fastest growing consumer markets. The main factor owing to this strong growth is the generational shift with young consumers entering the market. As such, the global premium and personal care products market is expected to grow at a consistent rate during the decade.
The growth of this market is attributed towards major pertaining factors including the growing global population, growing affordability of consumers along with rising disposable incomes, increasing health & wellness awareness, more convenient access, rapid urbanization, changing lifestyles along with increasing desire to look good, growth in the FMCG sector, rising demand for premium products, companies engagement in the development of premium products, high penetration of smart phones and easy access to the internet etc.
Additionally, the global premium beauty & personal care products market is thriving on the back of the global fast-moving consumer goods industry. As the FMCG is one of the largest sectors in the world economy and generating billions of revenues every year, these products such as personal & healthcare products and others are witnessing assuring demand through the globe.
Moreover, E-commerce is emerging as a highly attractive channel for exploring new demographics for players in the premium beauty and personal care products market and also there is increase in investment of brands in training professionals who offer proper guidance and have knowledge of multiple products which combined with other factors propel the growth of this market.
Furthermore, the increasing female working population, rising middle-class population, increasing millennials, increasing focus on environmental sustainability, strong e-commerce growth, shift towards organic products is further anticipated to massively contribute in the scaling of this market..
However, one of the worst affected markets of the COVID-19 pandemic in 2020 is likely to be the premium beauty and personal care products market. With this, high unit prices, drastic reduction on spending on non-essential premium or luxury items, high competition, stringent regulations, testing and ingredient requirements are factors that refrain this market’s growth.
PREMIUM BEAUTY & PERSONAL CARE PRODUCTS MARKET SEGMENTATION:
By Product Type:
- Premium Skin Care
- Premium Fragrances
- Premium Color Cosmetics
- Premium Haircare
- Supermarkets and Hypermarkets
- Specialist Retailers
- Independent Retailers
The fastest-growing regional market is Asia-Pacific due to the growing consciousness of people towards personal appearance in countries, such as China and Japan that have a major impact on the growth of the market.
The U.S. and UK are highly established premium markets that contribute to significant shares in this market globally owing to consistent rise in premium brands along with the large customer bases in the U.S.
Also, developing countries have emerged as one of the most attractive investment destinations in the world due to increasing spending, rapid industrialization, and tremendous shifts in the shopping behavior.
FEW KEY PLAYERS IN PREMIUM BEAUTY & PERSONAL CARE PRODUCTS MARKET:
- Shiseido Company
- Procter and Gamble Co.
- Beiersdorf AG
- Kao Corporation
- The Estée Lauder Companies Inc.
- Mary Kay
- Avon Products
- Other Players
- In August 2020, The German cosmetics giant joined the bulk and refill bandwagon. In partnership with drugstore chain DM, Beiersdorf tested in Hamburg and Karlsruhe a refill station for Nivea shower gels. The focus was and is to reduce the quantity of plasticsthe company places on the market annually.
- In September 2020, KSH Business Unit Performance Materials became the distribution partnerfor Eastman in the Asia Pacific region. Under the agreement, DKSH will provide marketing and sales, as well as distribution and logistics for Eastman’s broad range of specialty materials, which can be used in various hair and color care applications. Eastman has a long history of providing specialty ingredients to the personal care and cosmetics industry.
- In October 2020, Dermavel, one of the world’s fastest growing destinations for premium beauty and personal care products announced the launch of its innovative and affordable mole & skin tag remover product, the Dermavel Plasma Pen, which utilizes the world’s most advanced technology. Through using the Dermavel Plasma Pen, consumers could reportedly experience blemish-free, glowing skin they’ve always dreamed of.
- In November 2020, India’s leading e-commerce focused SaaS platform, Unicommerce announced its partnership with Flipkartto enable omnichannel selling for retailers.The company in its statement said, “The partnership will enable retail brands to sell faster by integrating the company’s offline stores. Retail brands using omnichannel solutions will be able to enjoy higher customer visibility and sell efficiently on Flipkart by getting Flipkart’s assured tag.
Timeline Considered for Analysis:
- 2021: Base Year
- 2022: Estimated Year
- 2022 to 2027: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyses the global premium beauty and personal care products market by the following segments:
- Product Type
Customization: We also offer customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Global Premium Beauty and Personal Care Products Industry Report
- What is the overall market size in 2021? What will be the market growth during the forecast period i.e. 2022-2027?
- Which region would have high demand for product in the upcoming years?
- What are the factors driving the growth of the market?
- Which sub-market will make the most significant contribution to the market?
- What are the market opportunities for existing and entry-level players?
- What are various long-term and short-term strategies adopted by the market players?
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