Pune, India, Oct. 26, 2023 (GLOBE NEWSWIRE) -- The global luxury cosmetics market size is set to experience dynamic growth in the forthcoming years owing to the rising demand for premium-based beauty products, finds Fortune Business Insights™ in its report, titled “Luxury Cosmetics Market Size, Share, Growth and Forecast Report, 2023-2030.”.
Over the years, there has been an increasing demand for premium-based beauty and personal care products from the majority of people across the world owing to the constantly changing fashion trends and improved standard of living of people worldwide. This is a major reason fuelling the growth of this market. For instance, in April 2020, Avon Products Inc. introduced a cannabis plant-based ‘Sativa oil’ collection, including products such as day creams, cleansers, and hand and body lotions to cater to the consumers’ need for sustainable beauty products.
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Leading Players Featured in the Luxury Cosmetics Market Research Report:
- L’Oréal S.A.
- Coty Inc.
- Shiseido Company Ltd.
- Estee Lauder Companies
- Puig, Revlon Inc.
- Kao Corporation
- The Proctor & Gamble Company
- Unilever Plc.
- Chanel International B.V.
- Pat McGrath Cosmetics LLC.
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Historical Data | 2019-2021 |
| Base Year | 2022 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Luxury Cosmetics Market Growth Drivers | Rising demand for the premium-based beauty & personal care products is expected to drive the market growth |
| Large necessities of R&D investments are anticipated to restrain the market growth. |
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Highlights/Summary:
This report contains an in-depth analysis of the market drivers, trends, and restraints, along with a granular assessment of the various segments of the market. In addition, valuable insights into the regional opportunities impacting the market are also incorporated into the report, as well as a holistic examination of the major market players and their dominant strategies.
Drivers/Restraints:
Increasing Urbanization Rate Worldwide to Fuel the Market
In recent years, the world has observed a substantial increase in the urbanization rate, which has resulted in the rising disposable income of the people across the world. Hence, most of the people are inclined towards buying luxurious products as per their requirements. Thus, this is an important factor driving the growth of this market.
COVID-19 Impact:
During the outbreak of the COVID-19 pandemic, the supply chain of the consumer goods industry has been disrupted as most of the retail and specialty stores around the world had to be shutdown. Thus, the growth of the luxury cosmetics market has been severely affected due to this pandemic.
Market Segmentation:
By Product Type
- Skin Care
- Hair Care
- Make-up
- Others
By Distribution Channel
- Hypermarkets & Supermarkets
- Specialty Stores
- Online Stores
- Others
By End-User
- Female
- Male
By Geography
- North America (U.S., Canada, and Mexico)
- Europe (Germany, France, Italy, Spain, U.K., Russia, and Rest of Europe)
- Asia Pacific (China, India, Japan, Australia, and Rest of Asia Pacific)
- South America (Brazil, Argentina, and Rest of South America)
- Middle East & Africa (South Africa, UAE, and Rest of ME&A)
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Regional Insights:
Increasing Number of Cosmetics Manufacturing Companies to Boost the Asia Pacific Market Growth
Asia Pacific region is projected to dominate in the luxury cosmetics market share on account of the increasing number of cosmetics production companies in the countries such as India and China.
Europe is anticipated to grow rapidly in this market owing to the increasing production capacity of the luxury cosmetics items in the countries such as Italy, Germany, and the UK.
Competitive Landscape:
Increasing Innovation of Luxury Cosmetics by Key Players to Animate Competition
The prominent companies in the luxury cosmetics market are focusing on the production of innovative luxury cosmetic items in order to meet the high demand for such products from consumers worldwide. This has resulted in the increasing competition among key companies which will enable them to broaden their business horizons and widen their market position.
Industry Development:
- October 2020: Groupe Rocher, a cosmetics company acquired Romania-based cosmetics retailer SabonNYC to expand its luxury cosmetics business in the Romania and Czech Republic.
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