Worldwide Market Reports added Latest Research Report titled “Global Premium Cosmetics Market by Manufacturers, Regions, Product Type and Application, Forecast up to 2026” to its Large Report database.
Premium Cosmetics are cosmetics made with the help of specialty cosmetics ingredients. Premium cosmetics can be made with the help of natural, organic or other specialty ingredients, which creates product differentiation and attract consumers towards the product line. The sales of premium cosmetics is increasing on a global level, owing to increasing disposable income based on the economic developments. The main focus of manufacturers on research and development has resulted in production of high quality premium cosmetics that are suitable for different types of skin and helps in exfoliating the skin to enhance the overall appearances.
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Increasing population of working women and increasing disposable income are major factors that drive growth of premium cosmetics market. Moreover, the demand for skincare products is increasing, owing to rise in pollution levels due to rapid urbanization. Furthermore, increasing beauty consciousness, high product promotions, and celebrity endorsements of cosmetics is fueling growth of premium cosmetics market.
Factors such as growth in e-commerce industry, digital advertising, upsurge of social media, urbanization, and emergence of male grooming products are also expected to drive growth of the market. On the basis of technology strides, manufacturers are trying to satiate the growing demand by bringing in new techniques that can optimize the production capacity.
However, fake products, side effects of cosmetics on human health, and ban on animal testing are factors that restrain growth of premium cosmetics market.
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Key Developments in Premium Cosmetics Market
Key players are adopting various strategies such as mergers, acquisitions, new product launches, expansions, collaborations, partnerships, approvals, and joint ventures to retain its position in the global premium cosmetics market. On April 20, 2018, Coty introduced a blended reality beauty Magic Mirror at its newly relaunched Bourjois boutique in Paris. Also, on April 3, 2018, Marc Jacobs International and Marc Jacobs Fragrances, which is a division of Coty introducing a new fragrance line into the Daisy Marc Jacobs franchise.
On March 18, 2018. L’Oréal and Proenza Schouler launched Arizona, which is the fragrance for women with a sense of adventure. In 2018, Kao Corporation collaborated with the Center for Environmental Education and Communications (CEEC) of China’s Ministry of Environmental Protection to promote ‘China’s nationwide cleanliness and water-saving initiatives’.
Some of the key players operating in the global premium cosmetics market include Coty, Inc., Estée Lauder Companies Inc., Chanel S.A., L’Oréal S.A., LVMH Moët Hennessy Louis Vuitton SE, Shiseido Co., Ltd., and Kao Corporation.
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