Premium Beauty & Personal Care Products Market Analysis with Growth Forecast till 2022
The market for Global Premium Beauty & Personal Care Products report 2017 has been undergoing a transitional phase over the recent past. The continual advancements in technologies and the swift increase in infrastructural development projects have influenced the demand for Premium Beauty & Personal Care Products Market report 2017 substantially over the past few years. The swift rise in urbanization and the significant increase in the disposable income of people are likely to maintain the demand pace of Global Premium Beauty & Personal Care Products market 2017 in the near future. The augmenting interest of investors, government funding, and the rising trend of automation are also projected to reflect positively on this market in the years to come.
Premium beauty & personal care products can be defined as personal care and beautification goods that are available at premium prices. These products are directed to appeal to upscale consumer communities, and hence they are not available at affordable prices. Consumers use premium beauty & personal care products in their daily routines to maintain an attractive physical appearance and personal hygiene.
Beauty & personal care products have become a common commodity, compelling manufacturers to render exclusivity to their product lines. A majority of these products are now available at premium prices, citing the rising influence of upscale communities and high-spending consumer base in the consumer goods industry. Diversity in disposable incomes of consumers is a determinative factor for sales of premium beauty & personal care products. Companies are actively partnering with research institutes to develop new formulations and offer a select range of products to their customers. The global market for premium beauty & personal care products will continue to incur transformation with advent of new offerings, and will also witness active participation from local players.
Fact.MR predicts that in 2017, premium beauty & personal care products sold across the globe will bring in revenues worth US$ 111 Bn. This multi-billion dollar market will continue to soar, but at a steady pace, reflecting at a steady CAGR during the forecast period.
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Growing Skin Care Awareness to Drive the Market
Consumers from the effluent societies will continue to pay heed to their physical appearance, particularly due to their proximity in media & entertainment businesses. Skin care continues to be among top-selling product segments in the global premium beauty & personal care products market. With instable atmospheric environments and rising carbon emissions, common skin problems are expected to witness a rise in terms of incidence. Using premium skin care products is observed to be the most feasible option for consumers. In fact, application or dosage of skin care products is also serving to be a preventive measure against complicated skin disorders such as warts.
According to the report findings, the global market for premium beauty & personal care products will witness significant dominance of skin care products. In 2017, around one-third of premium beauty & personal care products sold in the world will fall under the skin care segment.
E-Commerce – Promising Sales Outlet
While analysing the sales of premium beauty & personal care products in the global market, the report predicts that e-commerce websites will turn out to be bankable sales outlets in the future. Consumer demographics associated with maximum sales of premium beauty & personal care products are expected to remain more inclined towards online purchases. In addition to this, transparent payment options and product return policies will build trustful rapport among customers and manufacturers, and thereby boost the penetration of e-commerce sales in the global premium beauty & personal care products market.
While e-commerce will be observed as a promising and emerging sales channel in the global market, a majority of premium beauty & personal care products will be sold through hypermarkets and supermarkets. The report clearly projects that hypermarkets will be the largest sales channel for premium beauty & personal care products through 2022, accounting for more than US$ 58 Bn worth of global revenues.
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Key Report Highlights
1- Premium beauty & personal care products are likely to be extravagant for common consumers, but high-spending consumers in countries such as the US and Canada will continue to promising customer demographics in the global market. In the report, the premium beauty & personal care products market in North America is projected to dominate the global market.
2- Manufacturers of premium beauty & personal care products, however, are reluctant to set up their production bases in North America. For reasons namely, low wage costs, easy raw material availability, and lenient manufacturing laws, key players in the global premium beauty & personal care products market are expanding their manufacturing presence across the Asia-Pacific excluding Japan (APEJ) region. By the end of 2017, over 20% of the global market revenues are likely to come from sales recorded in the APEJ region.
3- Europe’s premium beauty & personal care products market is also expected to grow steadily, and will bring in US$ 36 Bn towards the end of the forecast period.
4- The report stresses the high demand for premium skin care products across the globe. With changing climatic conditions and rising exposure to televised media platforms, consumers will be drawn towards adopting premium skin care in their daily routines. With an approximate one-third revenue share, premium skin care products will procure over US$ 45 Bn in global revenues by the end of 2022.
5- Sales of premium beauty & personal care products through e-commerce websites is slated to gain traction towards the latter half of the forecast period. However, hypermarkets/supermarkets will be observed as the largest channel for sales of premium beauty & personal care products in the global market.
Competition Tracking
The report further monitors recent and influential undercurrent in the competitive landscape of global premium beauty & personal care products market. With advancements in production technology, manufacturers are expected to adopt the use of organic materials and boost the presence of “eco-friendly” labels in their product portfolio. Companies such as Unilever, Loreal Group, The Estée Lauder Companies Inc., Kao Corporation, Beiersdorf AG, Avon, Procter and Gamble, Shiseido, Mary Kay and Revlon are observed to remain leading players in the global market for premium beauty & personal care products.
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