Premium Beauty And Personal Care Products Market Estimated To Expand At A Robust CAGR Over 2031

A recently updated survey by analysts at Fact.MR, a market research and competitive intelligence provider, predicts the premium beauty and personal care products market to expand at a CAGR of approximately 6% over the decade. The research report provides detailed insights of the growth drivers, opportunities, risks, and other essential data to make informed business decisions.

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Demand for premium beauty and personal care products is expected to see an increase over the next ten years as awareness regarding skincare and cosmetics becomes more mainstream. Increasing need to look to perfect like social personalities and changing standards of beauty have majorly influenced the sales of these products. Rising disposable income, innovative product launches, and creative marketing strategies are some of the other factors that could influence demand and sales.

With increased demand there has also been substantial transformation in the supply of these products from market players. Manufacturers of premium beauty and personal care products have started to create products that are specific to each and every consumer segment. With increasing spending potential, consumers are looking for premium products that suit their needs.

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Key Takeaways from Market Study

• Global market for premium beauty and personal care products to rise at a steady CAGR of around 6% over the decade.
• Demand for premium beauty and personal care products anticipated increase at the highest CAGR in the APAC region.
• Rising disposable income, increasing health and personal care consciousness, and growing demand for eco-friendly products are major trends shaping market growth.
• North America and Europe together hold approximately 60% of global market share.
• Premium beauty and personal care products industry in China expected to rise at the fastest CAGR in the APAC region.

“Increasing disposable income coupled with rising awareness regarding personal care is expected to majorly drive sales of premium beauty and personal care products,” says a Fact.MR analyst.

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Competitive Landscape

Some of the manufacturers of premium beauty and personal care products, such as Revlon Inc., Mary Kay, Shiseido Company Limited, Procter and Gamble Co., Avon Products, Beiersdorf AG, Kao Corporation, the Estée Lauder Companies Inc., Loreal Group, Unilever., etc., have been profiled in this market study.

• In October 2021, NuFACE, a pioneer in microcurrent skincare technology, launched two new serums. These new ionized super booster serums are formulated to boost consumers’ microcurrent treatments and aid them in acquiring their unique skin goals.
• In July 2021, Flora Growth Corp and its Flora Beauty division announced the launch of a premium beauty brand and product line – Ô (read as awe). The brand will aim at consumers who prefer customized and personal experiences.

Key Segments Covered in Premium Beauty and Personal Care Products Industry Survey:

• By Product Type:

  • Premium Skincare
  • Premium Fragrances
  • Premium Colour Cosmetics
  • Premium Haircare
  • Others

• By Sales Channel:

  • Hypermarkets/Super Markets
  • Retail Chains
  • e-Commerce
  • Others

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