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  • Published In : Jun 2024
  • Code : CMI1447
  • Pages :117
  • Formats :
      Excel and PDF
  • Industry : Consumer Goods

Market Size and Trends

The premium cosmetics market is estimated to be valued at USD 185.15 Bn in 2024 and is expected to reach USD 309.17 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 7.6% from 2024 to 2031.

Premium Cosmetics Market Key Factors

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The premium cosmetics market is expected to witness significant growth going forward. Key factors such as rising disposable income and changing lifestyle patterns have bolstered the demand for premium cosmetic brands across the world. Additionally, the increasing inclination of young population towards grooming and appearance enhancement products is also augmenting the market expansion. Further, growing influence of digital media and celebrity endorsements is making premium cosmetic brands more aspirational for consumers. Escalating demand for organic and natural cosmetic products is another factor driving more customers towards premium ranges. However, availability of cheaper alternatives from local manufacturers may hinder the premium cosmetics market growth to some extent over the forecast period.

Rising Influence of Social Media

The premium cosmetics market has seen strong growth in recent years driven by rising disposable incomes and greater exposure due to social media influencers. There has been a shift towards more specialty high-end cosmetic products focused on unique ingredients, innovative formulas, and vivid palettes that help users showcase their self-expression. Leading beauty gurus and lifestyle bloggers with millions of followers have showered attention to premium brands, often receiving products for free or discounted rates in exchange for reviews and sponsored posts. This has highly influenced younger consumers who consider recommendations from social circles more so than traditional advertising. Brands have also recognized the power of visual media and started investing substantially in visually appealing packaging, product photography and video tutorials. Strategic collaborations with famous makeup artists and models have expanded their reach globally. Even niche brands from different regions are gaining recognition this way. Social platforms allow consumers to experience premium products virtually through high resolution images and videos, swaying their preferences. User generated content where ordinary customers share their makeup looks using certain brands have become as important as celebrity endorsements. This social proof fuels desire for premium and luxury items seen as status symbols among peers.

Thriving Niche and Indie Brands

Along with established luxury brands, the independent premium cosmetics market has been thriving of late due to increased specialization. Consumers are seeking highly personalized options aligned with their unique style and specific requirements related to ingredients, formulations for certain skin/hair concerns or occasions. Startups by expert formulators with niche themes have found a ready customer base who appreciate attention to finer details.  Crowdfunding platforms have also made it easier for indie brands to get off the ground by pre-selling products to gather funds. Those who succeed build loyal followings through Facebook groups and subreddits where people engage in discussions. With the first mover’s advantage, some of these smaller brands go on to become quite successful by carving out their space. Others get acquired by larger companies wishing to strengthen their portfolio. This encourages greater innovation as everyone strives to stay relevant, ultimately increasing choices for consumers. Overall, both social media marketing and the rise of indie brands have been driving premiumization of the cosmetics market. Consumers now expect highly personalized products and experiences at par with luxury goods. This ever-evolving landscape will continue reshaping consumer preferences in favor of niche expertise and specialized formulations.

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