(I-BusinessNews.Com, November 20, 2019 ) Market Overview
• With altering fashion trends and rise in demand for natural and organic beauty products coupled with increasing consciousness of consumers about the appearance, the market is expected to witness significant over the forecast period.
• Cosmetics are substances or products used to enhance or alter the appearance of the face or fragrance and texture of the body. Many cosmetics are designed for use of applying to the face and body. They are generally mixtures of chemical compounds derived from natural sources (such as coconut oil) or may be synthetic or artificial. Cosmetics that are applied to the face to enhance one’s appearance may be called makeup which include lipstick, mascara, eye shadow, foundation, blush, and bronzer, among other products.
Market Dynamics
• Moreover, growing consciousness among both the young and old consumers regarding their physical appearance has fostered the demand for premium cosmetics products. From last five years, market has witnessed growth in demand for men’s specific premium cosmetics products as well.
• Another major factor fueling growth in anti-aging products market is increasing internet penetration in developed countries. India accounted for 461.35 million internet users in 2017.
• In addition, growing awareness about natural and organic products will fuel the growth in premium cosmetics market. Consumers are becoming more concerned to avoid parabens as an ingredient from their skincare products. With the growth of organic products, the synthetic compounds like propylparaben and butylparaben are not considered to be safe to be used.
• However, availability of counterfeit products and regulations related to packaging and labelling of beauty and personal care products might hamper the growth of the market during the forecast period.
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Market Segmentation
• By Distribution channel, the global Premium Cosmetics market is segmented into offline distribution channel and online distribution channel. In 2018, offline distribution accounted for market share of ~90% in global premium cosmetics market. Retail stores including supermarkets, exclusive brand outlets, and specialty stores amongst others are the major distribution channels, with online channels gaining popularity among consumers. Online distribution channel is expected to witness double digit growth during the forecast period.
• By product, the global Premium Cosmetics market is segmented into skincare products, fragrance, color cosmetics, hair care products, sun care products, deodorants, baby care products, and bath products. In 2018, Premium skin care products segment accounted for the majority share in the market owing to escalating demand for face creams and body lotions across the globe is expected to have a positive impact on the market over the forecast period. In addition, rise in disposable incomes over the past decade coupled with the growth in global economies, changing lifestyles, rising demands of skin and sun care products due to varying climatic conditions encourages the growth of the market for cosmetics. A shift of preference towards natural and organic beauty products, particularly in U.S. and European countries, fosters the growth of the cosmetics market. In 2018, Unilever agreed to acquire 75% of Italian personal care business Equilibra.
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Geographical Analysis
• By geography, the global Premium Cosmetics Market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA).
• In 2018, North America accounted for the majority share in the global Premium Cosmetics Market owing to the presence of a major players and growing demand for premium makeup and anti-aging skincare products. Understanding the unique needs and characteristics of one’s skin and using personalized product formulations to match those requirements has become a crucial trend in the market which, in turn, has propelled the growth in sales of premium cosmetics in the region.
• In APAC, countries- like China, India, Indonesia, and Vietnam present considerable growth opportunities for the market players, primarily due to the growing millennial population. Furthermore, high awareness regarding cosmetics products, such as facial makeup and hair styling and coloring products, is expected to drive the market’s growth in the near future. The demand for multifunctional products is driving innovation, as price-conscious consumers are opting for products that provide both hydration and skin protection.
Competitive Analysis
• Global Premium Cosmetics Market is a concentrated market with the major share held by key players in the market. The market is quite competitive and to gain competitive advantage, the major Premium Cosmetics manufacturers adopt several strategies such as M&A, joint ventures, contracts, and agreements to help them sustain the market’s competitive environment.
• The major players include CHANEL, Coty, Estée Lauder, L’Oréal, LVMH, Shiseido, Kosé, Kanebo Cosmetics, Kao Corporation, Avon Products, Inc., Revlon, Inc., and among others.
• In 2018, L’Oréal announced the signing of an agreement to acquire Logocos Naturkosmetik AG, the German beauty company which pioneered natural cosmetics with the brand Logona and other brands such as Sante. All the company’s brands are vegan, and bio certified with a range of products using their own plant extracts and natural ingredients derived from organic farming.
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