FELTON, Calif. , March 24, 2022 /PRNewswire/ — The global luxury cosmetics market size is expected to reach USD 80.57 billion by 2028, according to a new report by Million Insights. It is expected to expand at a CAGR of 3.7% from 2021 to 2028. Cosmetics products have become a routine part of humans to enhance and cleanse their skin. These products are manufactured using premium and organic ingredients, which are in high demand. These products are sold at high prices as compared to other cosmetic products.
Luxury Cosmetics Market Report Highlights
- Asia Pacific is expected to register the fastest CAGR of 4.7% from 2021 to 2028 owing to the shifting trend toward luxury lifestyle among millennials in countries, including China and Japan.
- The conventional nature segment held the largest share of over 70.0% in 2020 owing to its easy industrial production.
- By distribution channel, specialty and monobrand stores held the largest share of more than 75.0% in 2020 due to the increasing preference for these stores among the consumers.
- The establishment of partnerships to undergo sustainable developments and new product launches are some of the strategies utilized by the industry participants for gaining a competitive edge in the market.
Luxury Cosmetics Market Growth & Trends
The major manufacturers are looking to enter this market for expansion opportunities. For instance, India has experienced huge penetration due to increasing investment by foreign companies. In the first half of 2015, the country recorded USD 31 billion by foreign industries. Additionally, increasing demand for organic luxury cosmetics is generating growth opportunities for the market.
The skincare segment held the largest share of more than 36.0% in 2020. Owing to the increasing number of brands and transforming business approach, the segment is estimated to witness growth over the forecast period. In addition, due to the rise in health consciousness among individuals and the increase in focus on skincare regimes, the demand for skin care products is expected to increase over the forecast period.
Europe dominated the market with a revenue share of more than 33.0% in 2020 due to the consumers’ high purchasing power in Canada. As the European market presents attractive opportunities for the consumer goods sector, it is projected to witness considerable growth over the forecast period. Moreover, the increasing purchasing power of the consumers in this region is driving the market. Asia Pacific is estimated to be the fastest-growing regional market over the forecast period due to the rising demand for luxury cosmetics in countries, like China and India.
Read synopsis or request for a free sample of market research report, “Luxury Cosmetics Market Size, Share & Trends Analysis Report by Nature (Organic, Conventional), By Product Type (Skincare, Haircare, Makeup, Fragrances), By Distribution Channel, By Region, And Segment Forecasts, 2021 – 2028“, published by Million Insights.
Luxury Cosmetics Market Segmentation
Million Insights has segmented the global luxury cosmetics market on the basis of nature, product type, distribution channel, and region:
- Luxury Cosmetics Nature Outlook (Revenue, USD Million, 2017 – 2028)
- Luxury Cosmetics Product Type Outlook (Revenue, USD Million, 2017 – 2028)
- Luxury Cosmetics Distribution Channel Outlook (Revenue, USD Million, 2017 – 2028)
- Supermarkets & Hypermarkets
- Specialty & Monobrand Stores
- Luxury Cosmetics Regional Outlook (Revenue, USD Million, 2017 – 2028)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
List of Key Players of Luxury Cosmetics Market
- L’Oréal Group
- Shiseido Company Limited
- LVMH SE (Christian Dior)
- Puig SL
- Coty, Inc. (JAB Cosmetics B.V.)
- Oriflame Cosmetics AG
- Estee Lauder Companies, Inc.
- Revlon, Inc. (MacAndrews & Forbes)
- Ralph Lauren Corporation
- Avon Products, Inc.
Browse more Research Reports published by Million Insights
- Prestige Cosmetics and Fragrances Market – The global prestige cosmetics and fragrances market size is estimated to reach USD 100.9 billion by 2028, according to a new report by Million Insights. The market is expected to expand at a CAGR of 4.3% from 2021 to 2028. The pivotal factor that contributing to the growth of the market includes the growing trend towards personal care and grooming across the globe. Additionally, the significant brand recognition and growing popularity of prestige cosmetics & fragrances products due to the rising adoption of social networking platforms is further projected to create ample opportunity to market in the near future.
- Prestige Skin Care Market – The global prestige skin care market size is expected to reach USD 36.80 billion by 2028, according to a new report by Million Insights. It is expected to expand at a CAGR of 5.8% from 2021 to 2028. Increasing consumer focus towards personal appearance and grooming is considered to be a major factor driving the demand for prestige skin care products at the global level. In addition, increasing brand recognition and growing popularity of prestige skin care via social media are anticipated to fuel the product demand.
- Prestige Cosmetics Market – 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.
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SOURCE Million Insights