Luxury Cosmetics Market to Grow with a CAGR of 4.3% through 2028
Growing
popularity of social media and the rising popularity of makeup subscription
boxes are factors driving the global luxury cosmetics market in the forecast
period 2024-2028.
According to
TechSci Research report, “Luxury Cosmetics Market – Global Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2028”, the
Global Luxury Cosmetics Market stood at USD51.12 billion in 2022 and is
anticipated to grow with a CAGR of 4.3% in the forecast period, 2024-2028. The
global luxury cosmetic market is a thriving and dynamic industry that continues
to evolve and adapt to changing consumer preferences and global trends. From
skincare to makeup, fragrance, and haircare, luxury cosmetics represent a
significant segment of the beauty industry. Here are some key pointers that
provide insights into the current state and future prospects of the global
luxury cosmetic market.
Luxury
cosmetic brands have embraced digital marketing and social media as vital tools
for brand promotion and engagement. Social media platforms like Instagram,
YouTube, and TikTok have become spaces for beauty influencers and content
creators to showcase and review products. Collaboration with influencers and
the creation of visually appealing, shareable content have become integral to
brand success in the digital age.
Moreover, consumer
awareness of product ingredients and environmental impact has prompted a surge
in demand for clean, sustainable, and cruelty-free luxury beauty products.
Consumers are increasingly scrutinizing product labels for harmful chemicals
and are drawn to brands committed to ethical and sustainable practices. This
trend has led to the development of eco-friendly packaging, organic
formulations, and cruelty-free testing.
Innovations in
technology, including artificial intelligence (AI) and machine learning, are
reshaping the luxury cosmetic market. Brands are leveraging these technologies
to offer personalized beauty solutions. Customized skincare routines, makeup
shades tailored to individual preferences, and virtual try-on tools are
examples of how technology is enhancing the consumer experience and driving
sales.
The global luxury
cosmetics market is segmented into product type, end user, sales channel,
regional distribution, and company. Based on product type the market is segmented into skincare,
haircare, makeup, and fragrances. Skincare
has emerged as the fastest-growing segment within the global luxury cosmetic
market. This remarkable growth can be attributed to several factors. Firstly,
there is a growing awareness of the importance of skincare routines for
maintaining healthy and youthful-looking skin, which has led consumers to
invest more in premium skincare products.
Browse over XX
market data Figures spread through XX Pages and an in-depth TOC on
"Luxury Cosmetics Market.”
However,
the rise of clean and sustainable beauty trends has significantly impacted the
skincare sector. Consumers are seeking products with natural and eco-friendly
ingredients, prompting luxury brands to innovate and cater to these
preferences. Additionally, advanced formulations incorporating cutting-edge
ingredients like hyaluronic acid, retinol, and antioxidants have created a
demand for high-end skincare solutions that promise visible and long-lasting
results.
Based
on end user the market is further segmented into male and female. The global
luxury cosmetic market is overwhelmingly dominated by the female demographic.
Women have historically been the primary consumers of luxury beauty products,
constituting the largest and most influential segment. This dominance can be
attributed to several factors such as societal norms and cultural expectations
often place a higher emphasis on women's grooming and appearance, encouraging
them to invest in premium cosmetics and skincare. Similarly, women are more
likely to experiment with a wider range of beauty products, including makeup,
skincare, fragrances, and haircare, creating a substantial market for luxury
brands.
Based
on sales channel the market is segmented into supermarkets/hypermarkets,
specialty stores, online, multi-branded stores, others (exclusive stores,
direct sales, etc.) Based on region the market is segmented into five regions Asia
Pacific, North America, Europe, Middle East & Africa, and South America.
Major companies
operating in Global Luxury Cosmetics Market are:
- Shiseido
Company Limited
- KOSÉ
Corporation
- Coty
Inc.
- L’Oréal
SA
- Oriflame
Cosmetics AG
- Kao
Corporation
- The
Estée Lauder Companies Inc.
- Christian
Dior
- Puig
- Revlon,
Inc.
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“Technology and
personalization are transforming the market, with AI and machine learning
enabling customized skincare and makeup solutions. Ingredient innovation,
gender neutrality, and wellness integration are also key drivers. Challenges
include regulatory compliance and a fiercely competitive landscape. Moreover, e-commerce
has revolutionized luxury cosmetics, providing convenient access to consumers.
Digital marketing and social media play a pivotal role in brand engagement,
with influencers and content creators shaping trends. Clean and sustainable
beauty is a prominent trend, with consumers prioritizing ethical and
eco-friendly products.,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based management consulting firm.
“Luxury Cosmetics Market
By Product Type (Skincare, Haircare, Makeup, and Fragrances), By End User (Male
and Female), By Sales Channel (Supermarkets/Hypermarkets, Specialty Stores,
Online, Multi-Branded Stores, Others (Exclusive Stores, Direct Sales, etc.)), By Region, By Competition Forecast &
Opportunities, 2018-2028F”, has evaluated the future growth
potential of global luxury cosmetics market and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in the global luxury cosmetics market.
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