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Dublin, Sept. 26, 2022 (GLOBE NEWSWIRE) -- The premium beauty and personal care products market reached a valuation of US$ 496.63 Billion in 2022. Furthermore, across the 2022-2032 period of assessment, growth is expected to accelerate at a whopping 4.6% CAGR, reaching US$ 780.16 Billion, as per a recently published market research report by Fact.MR. The trend of people taking care of their health and bodies has become more prominent with increasing focus on preventive healthcare in the wake of rising number diseases. Rise in demand for luxury products can directly be linked to the influence of social media and rising interest of people in such products in lieu of following social celebs.
The increasing awareness of customers about their appearance is another factor that is boosting the premium beauty and personal care products market expansion . Millennials are increasingly using beauty and personal care items such as skin care, color cosmetics, and hair care as part of their regular grooming routine. The emergence of cosmetics with natural, non-toxic, and organic components has also aided market expansion. With the growing demand for organic ingredients, consumers across the world are inclined toward organic personal care products, which is expected to drive market growth over the analysis period. In addition, the rising awareness about the harmful effects of chemicals and synthetic products is another factor accelerating the growth of the premium beauty and personal care products market. Most of the consumers tend to buy products with natural or organic labeling, which is driving the market growth.
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Moreover, the increasing trend of using night skin repair creams, sun care products, refreshing fragrances, and hair colors, and others, is also expected to boost the demand of the premium beauty care and personal care products. For instance, according to the 'Sun Safe Behavior Survey 2018' of the Canadian Dermatology Association, the number of individuals using sunscreen all year round increased from 17% in 2015 to 26% in 2018 in Canada.
Growing health concerns are a critical factor driving market growth, as is the expansion of e-commerce through the infiltration of the internet, which has created international reach and allows consumers to choose from a variety of options, among other factors driving the luxury cosmetics market. In addition, the demand for halal cosmetics, particularly from Middle Eastern countries, will drive the growth of the luxury cosmetics market during the forecast period.
The increasing awareness of customers about their appearance is another factor that is boosting the market expansion. Millennials are increasingly using beauty and personal care items such as skin care, color cosmetics , and hair care as part of their regular grooming routine. The emergence of cosmetics with natural, non-toxic, and organic components has also aided market expansion.
Advent of New Beauty and Personal Care Products in Germany to Boost the Market Growth
According to Fact.MR's projections, the Premium Beauty and Personal Care Products Market in Germany is forecast to expand at a 4.3% value CAGR from 2022 to 2032. The premium beauty and personal care products market size in Germany is expected to see substantial increase as new product launches and increasing demand aids market potential over the decade.
The Germany's market is characterized by leading players in the beauty & personal care industry, including Beiersdorf AG, and others. In addition, factors such as an increased number of beauty salons and a rising number of millennials and generation Z in the country are expected to propel the demand for various cosmetic products.
For instance, according to Annual Report 2018-2019 of The German Cosmetic, Toiletry, Perfumery and Detergent Association, between the years 2013 to 2018, the skin & face care products market witnessed an average growth of 2.7% per year, and it was about 4.1% per year for decorative cosmetics market in Germany.
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Key Takeaways from the Market Study
- According to Fact.MR, a CAGR of 2.4% was recorded for the Premium Beauty and Personal Care Products market from 2017-2021
- In FY 2021, the premium beauty and personal care products market reached a valuation of US$ 474.7 Billion
- The market is likely to register a Y-o-Y growth rate of 4.0% in 2022
- By product type, the premium skincare segment is expected to dominate the market, documenting a 4.5% value CAGR
- As per Fact.MR's projections, the market for premium beauty and personal care products in the US will likely expand at a 4.4% CAGR
- Germany market is expected to expand at a 4.3% CAGR with respect to premium beauty and personal care products sales
Key Segments Covered in the Premium Beauty and Personal Care Products Industry Survey
- By Product Type :
- Premium Skincare
- Premium Fragrances
- Premium Colour Cosmetics
- Premium Haircare
- By Sales Channel :
- Hypermarkets/Super Markets
- Retail Chains
- By Region :
- North America
- Latin America
- Middle East & Africa
Quick Buy: Premium Beauty and Personal Care Products Market Research Report
Prominent players in the Premium Beauty and Personal Care Products Industry are taking advantage of the rapidly increasing demand for the Premium Beauty and Personal Care Products in various applications. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale players. Some prominent market developments are as follows:
- In May 2022, Estée Lauder with Shoppers Stop opened an exclusive SS Beauty store in Mumbai. With this establishment, the two companies have strengthened their partnership in India. The SS beauty store will offer only Estée Lauder brands like MAC Cosmetics, Clinique, Bobbi Brown, Jo Malone, Estee Lauder, Smashbox and Tom Ford.
- In March 2022, Colgate-Palmolive Company launched a new toothpaste, which is Visible White O2, this is an innovative whitening toothpaste that works from the inside out to lighten the stains. Its advanced formula releases millions of warm oxygen bubbles into the mouth.
- In January 2022, Procter & Gamble acquired luxury skincare brand Tula, which would bolster the company's prestige brand portfolio. Tula is a clean skincare brand powered by probiotic extracts and superfoods. As part of the acquisition agreement, P&G Beauty will support the Tula team to drive brand growth and support expansion and innovation.
- In December 2021, L'Oréal signed an agreement to acquire an American skincare company, Youth to the People. This company is California based Skincare Company.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global Premium Beauty and Personal Care Products market, presenting historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of product type (premium skincare, premium fragrances, premium colour cosmetics, premium haircare, and others), sales Channel (hypermarkets/super markets, retail chains, e-commerce, and others), across six major regions (North America, Latin America, Europe, APEJ, Japan and Middle East & Africa).
Check out more related studies published by Fact.MR Research:
Mass Beauty & Personal Care Products Market - The global mass beauty & personal care products market reached a valuation of around US$ 450 Bn in 2020, and is slated to accelerate at a CAGR of 6% to top US$ 800 Bn by 2031. Demand for oral hygiene products is set to increase at a CAGR of 5% across the assessment period of 2021 to 2031.
Maternity Personal Care Products Market - The rise in the number of working women and the growing demand from developing regions are the primary factors that will aid in the maternity personal care products market. The rising alertness about complexity at birth and fertility issues are increasing the usage of maternity personal care products during pregnancy.
Beauty Oils Market - Global demand for beauty oils market enjoyed growth of around 6% CAGR from 2016 to 2020. Orange oils are likely to account for 3 out of 10 sales over the coming ten years. Germany is likely to generate significant opportunities for market players, with the beauty industry reaching US$ 15 Bn.
Deodorants and Antiperspirants Market - The global deodorants and antiperspirants market is projected to expand steadily at a value CAGR of 5.1%, during the forecast period 2022-2032. In the year 2022, the market size is projected to expand and gain a global market valuation of US$ 27 Billion.
Deodorant Wipes Market - Demand for deodorant wipes is expected to increase marginally. Owing to the aforementioned facts, wet wipes are expected to grow at a value CAGR of 1.9% and are anticipated to hold more than 73% share of the global deodorant wipes market by the end of the forecast period.
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