Premium Beauty and Personal Care Products Market

Premium Beauty & Personal Care Products Market Highlights

The global premium beauty & personal care products market is expected to cross a value of USD 775.11 billion by the end of 2032. The market was valued at USD 521.95 billion in 2023 and is expected to expand at a CAGR of 5.1% between 2024-2032.

• Over the mid-term, the increasing trend for self-care amongst individuals is the primary factor anticipated to drive the global premium beauty & personal care products market.
• The rise in concern for the availability of counterfeit products is a major factor to challenge the market growth.
• The Asia Pacific premium beauty & personal care products market is projected to dominate the global market.

Premium Beauty & Personal Care Products Market Outlook

Those beauty and personal care products that are positioned at the higher end of the market in terms of price, quality and brand image are known as premium beauty and personal care products. These products are known to offer superior formulation as compared to the available mass-market alternatives. The manufacturers of these products also use innovative ingredients, elegant packaging and advanced technology to make their products more sellable.

The rise in trend for self-care among individuals, backed by the rising focus on preventive healthcare is one of the primary factors expected by our researchers at KD Market Insights to drive the market growth of premium beauty & personal care products. As per our experts, more than 75% of the individuals globally claim to have engaged more with self-care routines, especially post the COVID-19 pandemic. Our researchers have also found that the rise in disposable income of individuals globally is also responsible to drive the need for self-care, which in turn, is contributing to the growing demand for premium beauty and personal care products worldwide. According to the statistics by the World Bank, the adjusted net national income per capita (current USD) globally touched USD 9748 in the year 2021 up from USD 4566 in the year 2000. The Procter & Gamble Company (Olay), The Estée Lauder Companies Inc., L'Oréal S.A., are some of the significant parties in the global market for premium beauty & personal care products.

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Premium Beauty & Personal Care Products Market Drivers – Analyst’s Observation

According to the analysts at KD Market Insights, some key growth drivers for the global premium beauty & personal care products market are:

• Increasing Preference of Consumers for Premium Beauty Products: With the rising influence by the social media for personal appearance, and increase in awareness for the availability of natural, organic, and eco-friendly beauty products, consumers around the globe are rapidly preferring premium beauty products, such as organic skin care, color cosmetics, and hair care among others.  Our researchers have also observed that millennials are rapidly adopting nutricosmetics as part of their regular grooming routine. Premium beauty products also are known to be ethically sourced, and the consumers of these products are lured by the sustainability practices and ingredient transparency of these products. These factors that align with the values and lifestyle choices of consumers globally are therefore expected to drive the growth of the premium beauty and personal care products market.
• Growing Need for Personal Care Products Among the Aging Population: The aging population around the world is increasing rapidly. Our experts reported that in the year 2023, about 10% of the world’s population were more than 65 years, while this is expected to reach nearly 15% by 2045. The aging population are known to have been affected with several types of diseases, and due to their growing age, these populations are required to take extra care of their skin. Dermatologists are also referring premium anti-aging and skincare products to these populations to address their age-related concerns, which majorly include wrinkles, fine lines, and uneven skin tone.

Which Probable Factors Could Hamper the Growing Premium Beauty & Personal Care Products Market Trend?

As per our KD Market Insights analysis, some of the challenges expected to limit the global market growth of premium beauty & personal care products are:

• Concern for Huge Competition from Mass-Market Products: Several mass-market product brands worldwide are offering similar or comparable products at a much lower price point when compared with the premium beauty and personal care product brands. These mass-market brands also spend more on their aggressive marketing strategies and have an extensive distribution network, which is expected to pose a challenge to the premium brands in the coming years.
• Increasing Concern for the Availability of Counterfeit Products: The brand image of premium beauty and personal care products are majorly hampered due to the availability of counterfeit products. The premium brands largely suffer with eroded consumer trust and consumers undermine the brand’s integrity, which poses risks on the overall profitability of the company.

How is the Global Premium Beauty & Personal Care Products Market Segmented?

Our experts at KD Market Insights have segmented the global premium beauty & personal care products market as:

What are the Probable Factors Influencing the Asia Pacific Premium Beauty & Personal Care Products Market Forecast?

The Asia Pacific premium beauty & personal care products market is majorly driven by rising disposable income of the middle-class population, which according to our experts is expected to grow more than double in real terms in the coming years. Over the recent years, the gender income gap has also severely decreased and with extensive female empowerment efforts, our experts have reported a steady increase in the disposable income among women in the region. Additionally, it is this women population who are willing to invest in premium luxury items, including premium beauty and personal care products, driven majorly by the influence of urbanization and lifestyle changes, particularly in major cities and metropolitan areas. Hence, with the increasing awareness for skincare and wellness among consumers, especially women, is expected to drive the demand for premium beauty and personal care products, which in turn, is projected to drive the market growth during the forecast period.

As per our analysts at KD Market Insights, the following five players lead the Asia Pacific premium beauty & personal care products market growth:

• Shiseido Company, Limited
• Amorepacific Corporation
• L'Oréal Group
• Kao Corporation
• The Estée Lauder Companies Inc.

Which Key Players Top the Global Premium Beauty & Personal Care Products Market Share?

As per our analysts at KD Market Insights, the competitive landscape of global premium beauty & personal care products market facilitates our readers in identifying their closest competitors. The manufacturers who are associated with premium beauty & personal care products market are raising their focus on expanding their presence, as well as their market share. The market has also been witnessing an upward movement in the number of collaborations between research institutions and key players, aimed at introducing advanced technologies and innovation of new products. Here is a list of the key players who top the global premium beauty & personal care products market share:

• The Procter & Gamble Company (Olay)
• The Estée Lauder Companies Inc.
• L'Oréal S.A.
• Beiersdorf AG
• Shiseido Company, Limited
• Hindustan Unilever Limited (Lakme)
• Colgate-Palmolive Company
• Johnson & Johnson Inc.
• Kao Corporation
• Revlon, Inc.

What are the Recent Developments Observed in the Premium Beauty & Personal Care Products Market?

Over the years, the experts at KD Market Insights have been observing the recent developments associated with global premium beauty & personal care products market trends. Our expert’s market forecast analysis has recorded the market players adopting plentiful of key strategies including new product launches, mergers & acquisitions, and collaborations.

For instance, Estee Lauder shared that it has opened an exclusive SS Beauty Store in coordination with Shoppers Stop in Mumbai, India.

Further, Procter & Gamble stated that it has successfully acquired Tula, the luxury skincare brand.