Global Premium Cosmetics Market to Exceed USD 126 Billion by 2019, According to Technavio
LONDON–(BUSINESS WIRE)–According to Technavio’s latest report, the global
premium cosmetics market is expected to exceed USD 126 billion
by 2019 growing at a CAGR of 4% during the forecast period.
The global premium cosmetics market is expected to maintain its positive
growth trend during the forecast period owing to the introduction of new
products. For instance, Lakmé added a new line in its skin care and
premium cosmetics line through the addition of Lakmé Absolute in 2014.
According to Arushi Thakur, a lead research analyst at Technavio for cosmetics
and toiletry research, “Customization and personalization of
fragrances and skin care products continue to play a dominant role in
the growth of the market in the premium segment. In addition, social
media and celebrity endorsements have also contributed to the growth of
the market.”
In this report, Technavio
covers the present scenario and growth prospects of the global
premium cosmetics market 2015-2019. The report also
presents the vendor landscape and a corresponding detailed analysis of
the top seven vendors operating in the market. The market is segmented
into the following four regions:
- Americas
- Europe
- APAC
- MEA
Americas: largest market for premium cosmetics
The Americas was the largest segment in the global premium cosmetics
market with product innovation and technological advances being the
major growth drivers in this region.
In Latin America, sales of popular cosmetics are expected to increase
with Brazil accounting for 58% of the consumption of cosmetics in Latin
America.
In the US, there is a growing demand for natural and organic cosmetics
and brands like Priti NYC and Scotch NYC are catering to the needs of
the customers. The market in the Americas has witnessed positive growth
in the premium fragrances segment. The manufacturers selling super
premium fragrances costing over USD100 a bottle have been able sell
their products by using powerful marketing strategies.
Request for a sample: http://goo.gl/9oBP5Y
Europe: changing lifestyles boost market
Europe is the second largest region in the global premium cosmetics
market. In the color cosmetics segment, in Germany, L’Oréal continued to
lead the market in the mass and premium segments in 2014.
L’Oréal targeted consumers having sensitive skin and those who look for
brands having a medical touch rather than a merely decorative purpose
with its premium brand Vichy, which is mainly sold through pharmacies.
“The evolving buying pattern of consumers is a major growth driver in
this market with changing lifestyle motivating them to use more premium
products,” says Arushi.
APAC: fastest growing market for premium cosmetics
The APAC market stands as one of the fastest growing markets in the
premium cosmetics segment. In this region, the skin care segment
continues to play a dominant role in the market especially with its
anti-ageing products and facial moisturizers.
The emerging middle-class population, with its increasing disposable
income, has driven the market growth. China, India, and Japan are the
major countries in this region. L’Oréal has become one of the most
important players in China. The company has found its place in the local
market due to its high-end positioning strategy by playing the card of
affordable luxury for its Garnier brand.
Premium players like Estee Lauder and L’Oréal have all targeted China as
a major market in this segment. Estee Lauder has even launched the
country specific skin care brand named, Osiao. In Japan, however, local
players such as Kao and Shiseido continue to dominate the market.
MEA: rapidly growing market
In the Middle East, the premium fragrances market was estimated at over
USD 2 billion in 2014. With respect to the premium skin care and
fragrance markets in this region, the sophisticated youth demographic,
growing urbanization, rising middle-class population and higher
disposable income are factors which will drive the growth of the market.
The younger population of consumers is eager to try new brands, in
particular international high-end brands like Chanel, Gucci, and Dior.
The premium segment accounted for 42% of cosmetic sales in the Middle
East.
Key Vendors:
- Chanel
- Coty Inc.
- Estée Lauder
- KAO Corporation
- L’Oréal
- LVMH
- Shiseido
Some of the other prominent vendors listed in the report are: Amway,
Clarins, Markwins Beauty Products, P&G, and Unilever
Browse Related Reports:
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Global
Color Cosmetics Market 2015-2019 -
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Global
Cosmetic and Perfume Glass Bottle Market 2015-2019
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About Technavio
Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
markets. Analysts obtain information using a combination of bottom-up
and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
re-sellers, and end-users.
If you are interested in more information, please contact our media team
at media@technavio.com.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US:
+1 630 333 9501
UK: +44 208 123 1770
www.technavio.com
media@technavio.com
