Cosmetics refer to products used to cleanse the skin and enhance the physical features of humans. These include products such as skincare, haircare, makeup, and fragrances. Since time immemorial, the human race has embraced altering their bodily aspects to enhance their self-esteem. Cosmetics play a vital role in complementing an individual’s inherent beauty and physical features. In the twenty-first century, beauty has been reimagined as a result of increased focus of consumers on skincare and cosmetics needs. The focus has ultimately shifted toward high end luxury products with premium quality and organic ingredients.
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Based on ethnobotanical knowledge, humans traditionally used natural resources as primary ingredients to produce skincare products. However, until recently, due to the increase in prevalence of skin and health care among individuals worldwide, there is excessive demand for plant extracts. The urge to improve current lifestyle along with growth in disposable income is considerably affecting the growth of the cosmetics market.
The expansion of high-income class and increase in travellers worldwide are two major factors positively impacting the growth of the luxury cosmetics market. Rise in disposable income levels of individuals across several regions along with the growth in GDP have inclined consumers focus toward luxury goods. Consequently, this shift in consumers purchasing approach positively influences the market for luxury cosmetic products. In addition, consumers are showing an increased preference for products manufactured using natural and organic ingredients, especially in skincare and fragrance segment
. For the same reason, manufacturers are producing cosmetic products with organically derived ingredients. This trend among consumers and manufactures has ultimately enabled the expansion of the luxury cosmetics market. Furthermore, the increase in online shopping among consumers due to factors such as convenience, international reach, and wide choice of options, further fuels the growth of the luxury cosmetics market. However, short shelf life of personal care products, especially manufactured using natural ingredients limit the growth of the luxury personal care and cosmetics market.
On the other hand, the demand for halal cosmetics is emerging as the fastest growing segment especially in the Middle Eastern countries. This can be viewed as an opportunity by the manufacturers for further growth and expansion of the luxury cosmetics market.
The luxury cosmetics market is segmented based on type, product type, end user, distribution channel, and region. Based on type, it is categorized into conventional and organic. Based on product type, it is classified into skincare, haircare, makeup and fragrances. Based on end user, it is considered into men and women. Based on distribution channel, it is bifurcated into e-commerce, supermarket/hypermarket, specialty store/monobrand stores and others. Based on region, it is studied across North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in the market include L’Oréal, Shiseido Company, Limited, Christian Dior, Puig, Coty Inc., Kao Corporation, Revlon, Inc., The Estée Lauder Companies Inc., Oriflame Cosmetics AG, and KOSÉ Corporation.
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Key Benefits for Stakeholders
• This report provides a quantitative analysis of the current trends, estimations, and dynamics of the global luxury cosmetics market size from 2019 to 2026 to identify the prevailing opportunity.
• The key countries in all the major regions are mapped based on their market share.
• Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
• A comprehensive analysis of factors that drive and restrict the luxury cosmetics market growth is provided.
• An in-depth analysis of the market helps determine the prevailing market opportunities.
• The report includes details of the analysis of the regional and global markets, key players, market segments, application areas, and growth strategies.
Key Market Segments
• By Type
• By Product Type
• By End User
• By Distribution Channel
o Supermarkets and Hypermarkets
o Specialty and Monobrand Stores
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