According to a research report published by Azoth Analytics in December 2020, the Global Prestige Beauty Market was valued at USD 12.65 billion in the year 2019. The growth in the market demand for Prestige Beauty is chiefly accredited to augmented number of tech-savvy customers, online and offline availability of branded products worldwide, changing lifestyle, inclination towards individualism, increase in number of middle-income groups, rising demand from Chinese millennials and Gen Z.
Global Prestige Beauty market will be majorly driven by rising number of people started giving much attention to the beauty products and have been increasing their demand for organic or chemical free cosmetics and not to face the ill effects of consuming less quality and less priced skincare or other makeup products. Moreover, a fundamental and structural shift in consumer spending trends to online, people have started purchasing goods online amid the pandemic. E-commerce is a unique opportunity to make more women and men discover various brands and products. In China and emerging economies, online is the favourite channel of choice for beauty browsing and shopping.
Among the regions, Asia Pacific is the largest market of Prestige Beauty. Factors such as change in lifestyle, increasing purchasing power, rise in online platforms are escalating the market growth of Prestige Beauty Market in the region. Furthermore, Asia Pacific region is anticipated to witness the highest CAGR on the back of rising brand awareness and rise in demand for best quality cosmetics by millennials and youngsters likely to drive the Prestige Beauty market during the forecast period.
The Azoth Analytics research report titled “Global Prestige Beauty Market - Analysis By Product, Distribution Channel, By Region, By Country (2020 Edition): Market Insights, Covid-19 Impact, Competition and Forecast (2020-2025)” has analysed and segmented the Prestige Beauty Market by Value (USD million). The report has also analysed the Prestige Beauty Market By Product (Skincare, Fragrance, Makeup and Haircare) and By Distribution Channel (Online and Offline). The Global Prestige Beauty Market has been analysed By Region (North America, Europe, Asia Pacific) and By Country (US, Canada, France, UK, Italy, France, China, India, South Korea, Japan) for the historical period of 2015-2019 and the forecast period of 2020-2025.
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