The Future of Premium Cosmetics: Market Dynamics, Innovations, and Projections
The global premium cosmetics market size is expected to reach USD 238.0 billion in 2030 and is projected to grow at a CAGR of 6.3% from 2024 to 2030. Growing awareness regarding ingredients in beauty products and their effects on the body coupled with increasing demand for wellness beauty products is driving the market. Preference for premium cosmetics for problems such as age spots, acne, and pigmentation is expected to bode well for market growth. Also, the growing influence of brands on social media is creating more awareness among consumers. This in turn is creating demand for premium cosmetics. Rising consumer preference for premium cosmetics, owing to a willingness to spend more on beauty products, especially across emerging countries, is expected to drive the market growth. The consumer preference for imported and branded cosmetics is majorly driven by brand name, product safety, and price. A rise in women's workforce and financial independence is expect...