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Global Premium Cosmetics Market Slated to Grow

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In its latest market research report, Technavio projects the global premium cosmetics market to grow at a CAGR of more than 5% over the next five years.

The report segments the market by product—skin care, fragrance, color cosmetics, hair care, sun care, deodorants, baby care and bath products—and key regions: the Americas, APAC and EMEA. It also covers the drivers, challenges and landscape of the market.

Related: How Premium and Mass Cosmetics Will Continue to Grow

Skin care products held the largest market share in 2017 at 37%, and is predicted to dominate the market throughout the forecast period. Among regions, the Americas accounted for more than 36% of the market share and is expected to grow steadily during 2018–2022.

Major trends in the market include multichannel marketing; social media as an tool to increase product awareness and engage with consumers; and social networking as a tool for consumers to educate themselves about premium products. Additionally, consumers seek products that address multiple concerns.

“The demand for premium products is particularly high in North America and Western European countries,” said a senior analyst at Technavio for research on cosmetics and toiletry. “Product premiumization acts as a price driver as it boosts the revenue of the vendors. For instance, a major vendor offers an anti-aging product, which provides multifunctional benefits to consumers. Despite being expensive, it is one of the popular products among consumers.”

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