Global Luxury Cosmetics Market Growth & Industry Trends 2023-2028
IMARC Group, a leading market research company, has recently releases report titled “Luxury Cosmetics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global luxury cosmetics market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the Luxury Cosmetics Market?
The global luxury cosmetics market size reached US$ 50.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 67.6 Billion by 2028, exhibiting a growth rate (CAGR) of 4.9% during 2023-2028.
Luxury cosmetics have gained significant popularity worldwide as they are crafted with the finest organic ingredients and packaged in sophisticated containers. These high-end products, including makeup, haircare, skincare, and fragrances, come at a premium price compared to drugstore alternatives. Luxury cosmetics prioritize environmental sustainability and offer numerous advantages such as long-lasting effects, consistent performance, and exceptional quality. By utilizing superior ingredients, these cosmetics enhance appearance without causing harm or damage to the skin. As a result, individuals around the world are increasingly turning to luxury cosmetics to address various skin-related concerns.
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What are the growth prospects and trends in the luxury cosmetics industry?
The increasing demand for luxury cosmetics to address hair and skin-related issues such as dandruff, hair loss, acne, and skin rashes is a significant driver of the market. Factors such as rapid urbanization, rising disposable incomes, particularly in developing regions, and the growing population of working women are fueling market growth. Additionally, the market is experiencing a surge in popularity for high-performance, natural, organic, fashionable, multi-colored, and luxury makeup products, contributing to its expansion.
The e-commerce sector’s expansion and the easy accessibility of luxury cosmetics through online and offline distribution channels are also playing a pivotal role in driving market growth. Moreover, the increasing adoption of halal cosmetics, which incorporate vegan ingredients, is another growth factor.
Furthermore, key market players are investing in research and development (R&D) endeavors to introduce anti-aging cosmetics, oral care products, and fragrances, driving market expansion. The growing population of the upper-middle class and the rising influence of social media influencers promoting luxury cosmetics further contribute to a positive market outlook worldwide.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Product Type:
Breakup by Type:
Breakup by Distribution Channel:
- Supermarkets and Hypermarkets
- Specialty and Monobrand Stores
- Online Stores
Breakup by End User:
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
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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