Prestige Cosmetics Market

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Prestige Cosmetics Market Revenue Drivers, Growth
Opportunities, Value Chain Analysis and COVID-19
Impact Insights, 2028
The global prestige cosmetics market size was
valued at USD 22.19 billion in 2020 and is
expected to grow at a compound annual growth
rate (CAGR) of 3.1 from 2021 to 2028.

• The global prestige cosmetics market research
  report provides complete insights on industry
  scope, trends, regional estimates, key
  application, competitive landscape and financial
  performance of prominent players. It also offers
  ready data-driven answers to several
  industry-level questions. This study enables
  numerous opportunities for the market players to
  invest in research and development.
• Market Overview
• The global prestige cosmetics market size is
  expected to reach USD 27.77 billion by
  2028, registering a CAGR of 3.1 over the
  forecast period, according to a new report
  by Million Insights. Increasing consciousness
  about beauty and appearance has been the major
  factor responsible for the high demand for
  prestige cosmetics in the global market. Owing to
  the high product demand, various manufacturers
  are changing advertising strategies and
  product branding to accelerate their sales.
  Thus, the market is estimated to have a
  steady growth over the forecast period.
  Product innovations and technological
  advancements by key players will also contribute
  to market growth.
• Prestige Cosmetics Market Report Highlights
• Asia Pacific is expected to register the fastest
  CAGR of 3.8 from 2021 to 2028 owing to the
  rising product demand in this region
• The decorative cosmetics product segment
  accounted for the largest revenue share of more
  than 61 in 2020 owing to the high demand
• The offline distribution channel segment led the
  global market in 2020 due to more sustainability
  offered by these offline stores than any other
  channel

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• The luxury cosmetics product segment will
  register the fastest CAGR from 2021 to 2028 due
  to the growing adoption of these products

Key players are focusing on providing the
best-quality products thus, the luxury segment
is expected to witness significant growth
during the forecast period. Due to the
COVID-19 pandemic, product sales dropped
drastically. For example, according to Jon R.
Moeller, who is vice chairman of PG, the
Japanese brand of prestige cosmetics, the
sales were declined drastically in the
third quarter of the year 2020. Hence, the
financial status of various cosmetics
sectors had been jeopardized due to the
outbreak of COVID-19. The decorative cosmetics
segment accounted for the largest revenue share
of over 61 in 2020 owing to the increased
demand. Request Absolutely Free Demo of Prestige
Cosmetics Market _at_ https//www.millioninsights.com
/snapshots/prestige-cosmetics-market-report/reques
t-demo Decorative cosmetics are used to
enhance the appearance. These products
include nail polishes, foundation creams,
lipsticks, pressed powders, mascaras, etc.
Also, a growing number of celebrity
endorsements and advertisements on various
social media platforms has increased the
demand for decorative cosmetics. The offline
distribution channel segment dominated the
market with the highest revenue share of more
than 70 in 2020. The demand for prestige
cosmetics is rising among customers due to the
sustainability offered by these stores than any
other channels. The ease of hard cash
transaction services and trustworthy
relationships with domestic consumers are the
other key factors that propel the segment
growth. North America dominated the global
market and accounted for more than 43 of the
overall revenue share in 2020 due to the high
product demand in the U.S and Canada. Increasing
purchasing power of consumers in this region is
another major factor boosting the market growth.
In addition, a rising number of working
individuals is also boosting the product demand
in the region.
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