The personal care industry is witnessing the recent waves of premiumization characterized by the rising affinity toward beauty and personal care products that are at higher side of the price spectrum. The allure of an assortment of personalized products to be used for extensive beauty care regimes across a vast spectrum of consumers has opened up altogether new avenue in the premium beauty and personal care products market. The growing worldwide demand for advanced products for a comprehensive skin care and hygiene is accentuating the global premium beauty and personal care products market.
According to a report, premium beauty and personal care products will spawn into a multi-million-dollar market and is anticipated to rise at a CAGR during the forecast period from 2017 to 2022. The global premium beauty and personal care products market is projected to reach a worth of US$111 Bn in revenue.
The growing inclination toward premium beauty and personal care products with natural and botanically-derived ingredients is attributed to their higher efficacy and performance. Coupled with this, rising disposable incomes of populations in emerging markets are imparting a constant thrust to the demand for premium beauty and personal care products. Relentless efforts by personal care brands for product innovations are giving them needed thrust to gain a stronghold in the premium beauty and personal care products market.
The premium beauty and personal care products market is potentially benefitting from the rising class of affluent consumers who don’t think twice on spending more dollars for skin care products with better and specialized benefits. A case in point can be consumers in the entertainment and media industry who exhibit attractive demand for premium beauty and personal care products. The prominent trend in the premium beauty and personal care products market is underpinned by the rapidly rising awareness of consumers about extensive skin care and beauty regimes. The growing prevalence of pollution-driven skin problems is a favorable factor boosting the premium beauty and personal care products market.
The rising per capita expenditure on personal care products in developing countries over the past years has also supported the rapid uptake of premium beauty and personal care products. Furthermore, the demand for more efficacious formulations for treating complicated skin conditions is fueling the demand for premium beauty and personal care products.
The various sales channels in the premium beauty and personal care products market are hypermarkets/supermarkets, retail chains, and e-commerce. Of these, e-commerce is emerging as potentially lucrative sale channel of exploring new demographics in the premium beauty and personal care products market. Several factors account for the disruptive potential of online sales channels in the beauty and personal care products market. The ease and convenience of payments, along with the high level of security, are stoking the popularity of sales of premium beauty and personal care products through e-commerce. Favorable product return policies supported by several of premium beauty and personal care products brands are further bolstering the adoption of these channels.
However, the sale of premium beauty and personal care products in hypermarkets and supermarkets still rule the roost. Hypermarkets are expected to be the dominant sales channel for premium beauty and personal care products through the assessment period. The segment is estimated to contribute revenues exceeding US$58 Bn in the global premium beauty and personal care products market.
A number of premium beauty and personal care products brands are leveraging the potential of advanced production technologies and environmental-friendly sourcing of ingredients. This has also helped them bring innovations in the premium beauty and personal care products market. They are increasingly launching personalized cosmetic products and skin care treatments to reap the benefits of premiumization in the market. Some of the prominent companies vying for sizeable shares in the premium beauty and personal care products market are Kao Corporation, Revlon, Mary Kay, Shiseido Company, Limited, Procter and Gamble, Avon Products, and Beiersdorf AG.
These insights are based on a report on Premium Beauty and Personal Care Products Market by Fact.MR
