Global Prestige Beauty Market was valued at USD 12.65 billion in the year 2019, backed by 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. These factors are driving the demand for Prestige Beauty products. Also, people have 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 on consuming less quality and less priced skincare or other makeup products. Moreover, a fundamental and structural shift in consumer spending trends to 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.
Under the Product segment, skincare segment is anticipated to increase as the premium skin care products addresses various skin care needs and include vast variety of moisturizers, toners, serums, body care, exfoliators, cleansers, acne care and oil correctors, facial masks, cleansing devices and sun care products as per the skin product and tone. In addition, the pandemic caused significant damage to the balance sheets of brands, retailers, and suppliers, and many companies would require to look for new sources of capital. Also, the crisis is likely to accelerate trends that were already shaping the market, such as the rise in the use of e-commerce and the global middle class. Nonetheless, crisis has brought substantial shifts in demand and the pace of innovation has also been accelerated. Even before the pandemic, the brands were under pressure to update their product-innovation pipelines to meet the demand and needs of the consumer.
On the basis of Distribution Channel, a decent growth is estimated in online sales platform because of vast variety of diversified products, ease of shopping and possibility of availing offers and discount.
Among the regions, Asia Pacific is the largest market of prestige beauty products. Factors such as change in lifestyle, increasing purchasing power, rise in online platforms are factors 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 millennial and youngsters.
Scope of the Report
• The report analyses the Prestige Beauty Market.
• The report analyses Prestige Beauty Market By Product (Skincare, Fragrance, Makeup, Haircare).
• The report assesses the Prestige Beauty Market By Distribution Channel (Online, Offline).
• The Global Prestige Beauty Market has been analysed By Region (North America, Europe, Asia Pacific) and By Country (US, Canada, France, UK, Italy, Germany, China, India, South Korea, Japan).
• The key insights of the report have been presented through the attractiveness of the market has been presented By Product, By Distribution Channel and Region. Additionally, the major opportunities, trends, drivers and challenges, mergers and acquisitions of the industry has been analysed in the report.
• The companies analysed in the report include THG (The Hut Group), Estée Lauder Companies Inc., L’Oréal, Procter & Gamble Co., Shiseido Company, Limited, Coty Inc., Louis Vuitton Moët Hennessy (LVMH), Chanel, Clarins, Unilever).
• The report presents the analysis of Prestige Beauty market for the historical period of 2015-2019 and the forecast period of 2020-2025.
Key Target Audience
• Prestige Beauty Brands and Companies
• Consulting and Advisory Firms
• Government and Policy Makers
• Investment Banks and Equity Firms
• Regulatory Authorities
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