Prestige Cosmetics and Fragrance Market to Present Vast Business Opportunities as Revenue to Exceed $100.9 Billion by 2028 Driven by Growing Grooming and Personal Appearance Trend | million ideas

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According to a new report available with Million Insights, the global Prestige Cosmetics and Fragrance industry report provides a detailed assessment of the industry highlighting information on different aspects including drivers, restraints, opportunities growth and threats.

The Global Prestige cosmetics and perfumes market its size is expected to reach $100.9 billion by 2028, according to a new report from Million Insights. The market is predicted to grow at a CAGR of 4.3% from 2021 to 2028. The vital factor contributing to the growth of the market includes the rising trend of personal care and grooming across the globe. Furthermore, the significant brand recognition and growing popularity of prestige cosmetics and perfumes due to the increasing adoption of social media platforms is further expected to create many marketing opportunities in the near future.

The market has seen a decline in revenue due to the covid-19 pandemic amid government-imposed lockdowns and restrictions across the globe. The outbreak and global spread of COVID-19 has significantly disrupted the company’s operating environment, including retail stores, manufacturing and distribution. This has impacted the sales of prestige cosmetics and perfumes through the offline channel due to the lockdown. However, the market is expected to recover in the future and witness strong growth owing to the recovery of activities including trading and manufacturing across the globe.

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U.S. prestige cosmetics and fragrances market size, by distribution channel, 2018-2028, (USD Billion)

The prestige skincare segment is projected to witness the highest CAGR of 4.7% from 2021 to 2028. Rising awareness of prestige skincare products and their positive effect on the skin is further acting as a determining factor during the forecast period. Additionally, increasing financial freedom among women and the perception of beauty among men are other important factors contributing to the demand for skin care products during the forecast period.

The offline distribution channel contributed to a larger market share of around 70% in 2020. The major factor that contributed to the segment’s large share includes the strong customer bias towards offline retail stores for cosmetics and perfumes. Additionally, the easy availability of cosmetics and fragrances in physical retail stores, including specialty multi-retailers, department stores, high-end perfumeries and pharmacies, as well as high-profile salons and spas, has supported the revenue expansion through the offline channel segment.

In Asia-Pacific, the market is expected to witness the highest CAGR of 4.8% from 2021 to 2028. China, Japan, and India are contributing positively to the market growth. Major factors propelling the growth of the market include growing consumer spending on beauty products and the growing trend of high-end cosmetics and perfumes among celebrities. Additionally, significant per capita income growth in emerging countries such as China, India, and others further supports the growth of the market over the forecast period.

To browse the report summary and detailed table of contents, please click on the link below:
https://www.millioninsights.com/snapshots/prestige-cosmetics-fragrances-market-report

Global prestige cosmetics and fragrances market share, by product, 2020 (%)

Highlights of the Prestige Cosmetics and Perfumes Market Report:

• Asia-Pacific is expected to witness the highest CAGR of 4.8% from 2021 to 2028. Significant per capita income growth in emerging countries such as China and India is driving the market

• The prestige skincare segment is expected to grow with the highest CAGR of 4.7% from 2021 to 2028. Rising awareness of skincare products coupled with the effect of prestige products on the skin contributes more to the growth of the segment

• Online distribution channel is expected to witness faster growth at CAGR of 4.6% from 2021 to 2028. Major factor propelling market growth includes rising trend of online shopping portals for purchase of beauty care products among the young population across the world.

Segmentation of the prestige cosmetics and perfumes market

Million Insights has segmented the global prestige cosmetics and fragrances market on the basis of product, distribution channel and region:

  • Prestige Cosmetics & Fragrances Outlook (Revenue, USD Million, 2017 – 2028)
    • Premium Cosmetics
    • Prestige skin care
    • Prestige Perfume
  • Prestige Cosmetics & Fragrance Distribution Channel Outlook (Revenue, USD Million, 2017 – 2028)
  • Prestige Cosmetics And Fragrances Regional Outlook (Revenue, USD Million, 2017 – 2028)
    • North America
    • Europe
    • Asia Pacific
    • Central and South America
    • Middle East and Africa

List of key players in the prestige cosmetics and perfumes market

  • Johnson & Johnson
  • Procter & Gamble Company
  • Unilever APIs
  • L’Oreal SA
  • Kao
  • Estee Lauder Companies Inc.
  • Shiseido Company, Limited
  • Coty Inc.
  • Beiersdorf
  • AmorePacific

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Donovan B. Sanford