Category : Consumer Goods and Food and Beverages | Published at : June-2020 | Delivery Format : PDF | Status: Published | Pages : 190
The global luxury cosmetics market is expected to grow at a CAGR of around 5.7% from 2020 to 2027 and expected to reach the market value of around US$ 80,956.8 Mn by 2027.
Cosmetic refers to the products that are used to treat, restores, or improve a person’s appearance. Whereas luxury cosmetics is highly desired and associated with the wealthy or affluent people due to its high price, these are not essential else used to support self-worth and status and sometimes due to product quality and craftsmanship.
Market Dynamics
Rapid urbanization coupled with the increasing purchasing power of people is driving the market value. The rising demand for natural & organic cosmetics along with the popularity of luxury cosmetics is driving the market growth. The growth in the upper-middle-class population and their increasing interest in distinct and premium products are bolstering the demand. The advent of the internet is supporting increased online beauty expenditure as well as the spread of luxury cosmetic information on social networks in emerging economies. Moreover, the growing acceptance and demand for halal cosmetics by consumers in various economies across the globe is anticipated to increase demand over the forecast period from 2020 to 2027.
On the other hand, the availability of counterfeit products is projected to hamper the luxury cosmetics market growth during the estimated period.
Offline segment accounted for the maximum share in 2019
By distribution channel, the offline segment accounted for the major share of more than 50% in the luxury cosmetics market. The offline channels include supermarkets and hypermarkets, as well as specialty and monobrand stores, whereas specialty and monobrand stores are majorly contributing to the segmental market value. The segment is particularly gaining growth because people prefer personal service and advice while buying luxury goods. Additionally, the offline channels do offer counseling to the customers, post-sales service, offers, promotions, and other strategies that attract customers.
The market research study on “Luxury Cosmetics Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 – 2027”, offers a detailed insight into the global luxury cosmetics market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report provides insights into the global Luxury Cosmetics market, its type, product type, distribution channel, end user, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global luxury cosmetics market size and segment markets by type, product type, distribution channel, end user, and geography along with the information on companies operating in the market. The luxury cosmetics market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market size and volume for different segments have been covered under the scope of the report.
Europe accounted for the major share in the market
In 2019, Europe accounted for the major share in the luxury cosmetics market. European customers have a high preference for premium-quality products and are highly cautious about their skincare products. Moreover, Asia Pacific is projected to experience the fastest growth or major CAGR (%) over the forecast timeframe. The increasing disposable income, the emergence of social media, rising focus towards the external appearance is driving the market value. The increasing advertisement along with the different marking strategies by major players is further supporting the regional market value. The major economies including China and India are majorly contributing to the regional market value.
The players profiled in the report include Coach, Coty Inc., Hermès, Kao Corporation, KOSÉ Corporation, L’Oréal, LVMH, Oriflame, Cosmetics AG, Puig, Ralph Lauren Corporation, Revlon, Inc., Shiseido, and The Estée Lauder Companies Inc.
Market Segmentation
Market By Type
- Organic
- Conventional Products
Market By Product Type
- Skincare
- Haircare
- Makeup
- Fragrances
Market By End User
- Male
- Female
Market By Distribution channel
- Online
- Offline
Market By Geography
North America
- U.S.
- Canada
Europe
- UK
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions
luxury cosmetics is highly desired and associated with the wealthy or affluent people due to its high price, these are not essential else used to support self-worth and status and sometimes due to product quality and craftsmanship.
According to Acumen Research and Consulting, the luxury cosmetics market is expected to reach the market value of around US$ 80,956.8 Mn by 2027.
The market for luxury cosmetics is expected to grow at a CAGR of around 5.7% from 2020 to 2027.
The offline channel is the leading segment by distribution channel in the luxury cosmetics market.
The rapid urbanization coupled with the increasing purchasing power of people, rising demand for natural & organic cosmetics, popularity of luxury cosmetics, growth in upper-middle-class population and their increasing interest in distinct and premium products, online beauty expenditure, and spread of luxury cosmetic information on social network are some of the factors driving the regional market value.
Coach, Coty Inc., Hermès, Kao Corporation, KOSÉ Corporation, L’Oréal, LVMH, Oriflame, Cosmetics AG, Puig, Ralph Lauren Corporation, Revlon, Inc., Shiseido, and The Estée Lauder Companies Inc. are the prominent players in the market.
Europe held the highest market share in the luxury cosmetics market.
