Dublin, September 26, 2022 (GLOBE NEWSWIRE) — The market for premium beauty and personal care products reached a valuation of USD 496.63 billion in 2022. Furthermore, during the evaluation period 2022-2032, the growth to accelerate at a whopping 4.6% CAGR, reaching US$780.16 billion, according to a recently published market research report by Fact.MR. People’s tendency to take care of their health and their bodies has become more prominent with an increasing focus on preventive health care in the wake of an increasing number of diseases. The rise in demand for luxury products may be directly related to the influence of social media and people’s growing interest in such products rather than following social celebrities.
Customers’ growing awareness of their appearance is another factor that is driving the expansion of the market for premium beauty and personal care products. 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 appearance of cosmetics with natural, non-toxic and organic components has also helped the expansion of the market. With the growing demand for organic ingredients, consumers around the world are turning to organic personal care products, which is expected to drive market growth during the analysis period. In addition, the growing awareness of the harmful effects of chemicals and synthetics is another factor accelerating the growth of the premium beauty and personal care market. Most consumers tend to buy products labeled natural or organic, which is driving the growth of the market.
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In addition, the growing trend of using skin-repairing night creams, sun care products, refreshing fragrances, and hair dyes, among others, is also expected to increase the demand for premium beauty care products. and personal care. For example, according to the Canadian Dermatology Association’s ‘Sun Safe Behavior Survey 2018’, the number of people using sunscreen year-round increased from 17% in 2015 to 26% in 2018 in Canada.
Increasing 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 an international reach and allows consumers to choose from a variety of options. , among other factors driving the luxury cosmetics market. . Furthermore, the demand for halal cosmetics, particularly from Middle Eastern countries, will drive the growth of the luxury cosmetics market during the forecast period.
The growing awareness of customers about their appearance is another factor that is driving the expansion of the market. 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 appearance of cosmetics with natural, non-toxic and organic components has also helped the expansion of the market.
Advent of new beauty and personal care products in Germany to drive market growth
According to projections by Fact.MR, the market for premium beauty and personal care products in Germany is forecast to expand at a CAGR of 4.3% from 2022 to 2032. The market size for premium beauty and personal care products is expected to premium beauty and personal care in Germany will see a substantial increase as new product launches and increased demand favor market potential over the decade.
Germany’s market is characterized by major players in the beauty and personal care industry, including Beiersdorf AG and others. Furthermore, factors such as an increased number of beauty salons and a growing number of millennials and Gen Z in the country are expected to drive 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 facial and skin care products experienced an average growth of 2.7% per year, and it was approximately 4.1% per year for the decorative cosmetics market in Germany.
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Key takeaways from the market study
According to Fact.MR, there was a CAGR of 2.4% for the premium beauty and personal care market between 2017 and 2021. In fiscal year 2021, the premium beauty and personal care market reached a valuation of $474.7 billion. The market is likely to post a 4.0% YoY growth rate in 2022. By product type, the premium skincare segment is expected to dominate the market, documenting a CAGRA value of 4.5% based on Fact.MR projections, US premium beauty and personal care market likely to expand at 4.4% CAGR Germany market expected to expand at 4.3% CAGR with respect to sales of premium beauty and personal care products
Key segments covered in the premium beauty and personal care products industry survey
By type of product: By sales channel: Hypermarkets/SupermarketsRetail ChainE-CommerceOthers By region: North AmericaLatin AmericaEuropeAPEJJapanMiddle East and Africa
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competitive landscape
Prominent players in the premium beauty and personal care products industry are taking advantage of the rapidly increasing demand for premium 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-scale players. Some notable 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 such as MAC Cosmetics, Clinique, Bobbi Brown, Jo Malone, Estee Lauder, Smashbox and Tom Ford. In March 2022, Colgate-Palmolive Company launched a new toothpaste, Visible White O2, this is an innovative whitening toothpaste that works from the inside out to lighten stains. Its advanced formula releases millions of bubbles of hot oxygen in the mouth. In January 2022, Procter & Gamble acquired luxury skincare brand Tula, which would bolster 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 skin care company.
More information 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 2022-2032.
The study reveals essential information on the basis of product type (premium skin care, premium fragrances, premium color cosmetics, premium hair care and others), sales channel (hypermarkets/supermarkets, retail chains, e-commerce and others). ), in six major regions (North America, Latin America, Europe, APEJ, Japan, and the Middle East and Africa).
Check out more related studies published by Fact.MR Research:
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Maternity Personal Care Products Market – The increase in the number of working women and the growing demand from developing regions are the main factors that will help in the market for maternity personal care products. The growing awareness about the complexity of childbirth and fertility problems are increasing the use of maternity personal care products during pregnancy.
Beauty oils market – The global market demand for beauty oils enjoyed a growth of about 6% CAGR from 2016 to 2020. Orange oils are likely to account for 3 out of 10 sales in the next ten years. Germany is likely to create significant opportunities for market players, with the beauty industry reaching $15 billion.
Deodorant and Antiperspirant Market – The global deodorant and antiperspirant market is projected to expand steadily at a CAGR value of 5.1%, during the forecast period 2022-2032. In the year 2022, the size of the market is projected to expand and attain a global market valuation of US$27 billion.
Deodorant Wipes Market – The demand for deodorant wipes is expected to increase marginally. Due to the above-mentioned facts, wet wipes are expected to grow at a CAGR of 1.9% and are anticipated to hold over 73% share of the global deodorant wipes market by the end of the forecast period.
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