Global Prestige Beauty Market Forecast (2020-2025)
Posted by Bharat Book on January 11th, 2021
Bharat Book Bureau Provides the Trending Market Research Report on “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)”under Consumer Goods Category. The report offers a collection of superior market research, market analysis, competitive intelligence and Market reports.
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.
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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.
Key Target Audience
• Prestige Beauty Brands and Companies
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About the AuthorBharat Book
Joined: August 18th, 2017
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