Dublin, Sept. 26, 2022 (GLOBE NEWSWIRE) — The premium beauty and personal care products market reached a valuation of US$496.63 billion in 2022. Additionally, during the period of 2022-2032 valuation, growth is expected to accelerate at a CAGR of 4.6%, reaching US$780.16 billion, according to a recently released market research report by Fact.MR. The tendency of people to take care of their health and their bodies has become more important with increasing attention to preventive health care following the increase in the number of diseases. The rise in demand for luxury goods can be directly linked to the influence of social media and people’s growing interest in these goods instead of following social celebrities.
Another factor driving the expansion of the high-end beauty and personal care products market is the increasing awareness among customers about their appearance. 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 containing natural, non-toxic and organic components has also contributed to the expansion of the market. With the growing demand for organic ingredients, consumers across the globe are inclining towards organic personal care products, which is expected to drive the market growth over the analysis period. Additionally, rising awareness about the harmful effects of chemicals and synthetics is another factor accelerating the growth of the high-end beauty and personal care products market. Most consumers tend to purchase products with natural or organic labeling, which is driving the market growth.
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Moreover, the growing trend of using night skin repair creams, sunscreen products, refreshing perfumes and hair dyes, etc., is also expected to boost the demand for high-end beauty and personal care products. . For example, according to the Canadian Dermatology Association’s 2018 Sun Safe Behavior Survey, the number of people using sunscreen year-round increased from 17% in 2015 to 26% in 2018 in Canada.
Rising health issues are a vital factor driving the growth of the market, as is the expansion of e-commerce through the infiltration of the internet, which has created an international reach and allows consumers to choose from a variety of options , among other factors driving the luxury cosmetics market. . Additionally, the demand for halal cosmetics, especially from Middle Eastern countries, will drive the growth of the luxury cosmetics market during the forecast period.
Another factor driving the expansion of the market is the growing awareness among customers about their appearance. 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 containing natural, non-toxic and organic components has also contributed to the expansion of the market.
Advent of new beauty and personal care products in Germany to drive market growth
According to Fact.MR projections, the premium beauty and personal care products market in Germany is expected to grow at a CAGR of 4.3% from 2022 to 2032. The beauty and personal care products market size premium in Germany is expected to see a substantial increase as new product launches and increased demand contribute to market potential over the decade.
The German market is characterized by prominent players in the beauty and personal care industry, including Beiersdorf AG and others. Also, factors such as an increased number of beauty salons and an increasing number of millennials and Generation Z in the country are expected to propel the demand for various cosmetic products.
For example, according to the 2018-2019 annual report of the German Association for Cosmetics, Toiletries, Perfumery and Detergents, between the years 2013 and 2018, the market for skin and face care products has experienced an average growth of 2.7% per year, and it was around 4.1% per year for the decorative cosmetics market in Germany.
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Key insights from market research
- According to Fact.MR, a CAGR of 2.4% was recorded for the high-end beauty and personal care products market from 2017 to 2021
- In fiscal year 2021, the high-end beauty and personal care products market reached a valuation of US$474.7 billion
- The market is expected to register an annual growth rate of 4.0% in 2022
- By product type, the high-end skincare segment is expected to dominate the market, documenting a CAGR of 4.5%
- According to projections by Fact.MR, the market for high-end beauty and personal care products in the United States is likely to grow at a CAGR of 4.4%.
- The German market is expected to grow at a CAGR of 4.3% in sales of high-end beauty and personal care products
Key segments covered by the high-end beauty and personal care products industry survey
- By product type:
- By sales channel:
- Hypermarkets/Super Markets
- Retail chains
- e-commerce
- Others
- By region:
- North America
- Latin America
- Europe
- APEJ
- Japan
- Middle East and Africa
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Competitive landscape
Prominent players in the high-end beauty and personal care products industry are profiting from the growing demand for high-end beauty and personal care products in various applications. To expand their reach, players rely on collaborations, partnerships and acquisitions with existing small, medium and large players. Some important market developments are as follows:
- In May 2022, Estée Lauder along with Shoppers Stop opened an exclusive SS Beauty store in Mumbai. With this establishment, the two companies strengthen their partnership in India. The SS beauty store will only carry 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 stains. Its advanced formula releases millions of warm oxygen bubbles in the mouth.
- In January 2022, Procter & Gamble acquired luxury skincare brand Tula, which would strengthen the company’s portfolio of prestige brands. 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 a California-based skincare company.
More information available
Fact.MR, in its new offering, presents an unbiased analysis of the global premium beauty and personal care products market, showcasing historical analysis from 2017 to 2021 and forecast statistics for the period 2022-2032.
The study reveals essential insights on the basis of product type (high-end skincare, high-end perfumes, high-end color cosmetics, high-end hair care and others), sales channel (hypermarkets /supermarkets, retail chains, e-commerce and others), across six major regions (North America, Latin America, Europe, APEJ, Japan and Middle East & Africa).
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Maternity Personal Care Products Market – Rising number of working women and increasing demand from developing regions are the major factors that will contribute to the maternity personal care products market. Growing awareness regarding birth complexity and fertility issues are increasing the use of maternity personal care products during pregnancy.
Beauty oils market – The global demand for beauty oils market has grown at around 6% CAGR from 2016 to 2020. Orange oils are expected to account for 3 out of 10 sales over the next ten years. Germany is likely to generate significant opportunities for market players, with the beauty industry reaching US$15 billion.
Deodorants and Antiperspirants Market – The global deodorants and antiperspirants market is expected to grow steadily at a CAGR of 5.1%, during the forecast period 2022-2032. In 2022, the market size is expected to expand and reach a global market valuation of US$27 billion.
deodorant wipes market – Demand for deodorant wipes is expected to increase slightly. Due to the above-mentioned facts, wet wipes are expected to grow at a CAGR of 1.9% and are expected to hold over 73% of the global deodorant wipes market by the end of the forecast period.
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