According to the latest report by IMARC Group, titled "Luxury Cosmetics Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028," the global luxury cosmetics market reached a value of US$ 50.1 Billion in 2022. Luxury cosmetics are products that are sold at a higher price as compared to their counterpart drugstore products. They consist of products manufactured using organic and premium quality ingredients. They are mainly categorized into skincare, haircare, makeup products, and fragrances. The quality of the ingredients used in luxury cosmetics is extensively different from the products from local departmental store brands. Individuals widely use them to beautify themselves and enhance their appearance. They are available in various forms, such as creams, lotions, gels, oils, sprays, and tablets.
Global Luxury Cosmetics Market Trends:
The global market is majorly driven by the increasing prevalence of hair and skin-related problems, such as hair fall, dandruff, skin rashes, skin acne, and others. Individuals widely use premium-based cosmetics to help with these hair and skin-related problems. In line with this, the growing demand for high-quality and premium beauty and personal care products is significantly contributing to the market. Furthermore, the introduction of vegan ingredients-based luxury cosmetic items is creating a positive outlook for the market. Apart from this, the changing global fashion trends are accelerating the demand for high-performing luxury cosmetic products among fashion professionals, which are expected to support the market growth. Moreover, the high standards of living and the rising expenditure capacity of individuals are propelling the market. Besides, the escalating number of women working population and the increasing concerns among the female population regarding their appearance are favorably impacting the product demand. Additionally, the shifting consumer preferences toward organic luxury cosmetic items are expected to provide a boost to the market expansion. Some of the other factors driving the market include rapid urbanization, rising awareness about the benefits of using luxury cosmetics, and the expansion of the global e-commerce industry. On account of the factors above, the market is anticipated to reach a value of US$ 67.6 Billion by 2028, exhibiting a CAGR of 4.9% during 2023-2028.
- On the basis of the product type, the market has been categorized into skincare, haircare, makeup, and fragrances.
- Based on the type, the market has been classified into organic and conventional.
- Based on the distribution channel, the market has been segmented into supermarkets and hypermarkets, specialty and monobrand stores, online stores, and others.
- Based on end users, the market has been categorized into male and female.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market. Some of the key players include Avon Products Inc. (Natura & Co.), Coty Inc., Estée Lauder Companies Inc., Kao Corporation, Kosé Corporation, L'Oréal S.A., LVMH Moët Hennessy Louis Vuitton, Oriflame Cosmetics AG, Puig, Revlon Inc., Shiseido Company Limited and Tatcha LLC.
|Base Year of the Analysis
||Product Type, Type, Distribution Channel, End User, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Avon Products Inc. (Natura & Co.), Coty Inc., Estée Lauder Companies Inc., Kao Corporation, Kosé Corporation, L'Oréal S.A., LVMH Moët Hennessy Louis Vuitton, Oriflame Cosmetics AG, Puig, Revlon Inc., Shiseido Company Limited and Tatcha LLC.
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