Luxury cosmetics market size worth $ 80.57 billion by 2028

FELTON, California , March 24, 2022 / PRNewswire / – The size of the global luxury cosmetics market is expected to reach 80.57 billion dollars by 2028, according to a new report from Million Insights. It is expected to expand at a CAGR of 3.7% from 2021 to 2028. Cosmetic products have become a routine part of humans to improve and cleanse the skin. These products are made with premium quality, organic ingredients that are in high demand. These products are sold at high prices compared to other cosmetic products.

Highlights of the luxury cosmetics market report

  • Asia Pacific is expected to record the fastest 4.7% CAGR from 2021 to 2028 due to the changing trend towards luxury lifestyle among millennials in countries, including China And Japan.
  • The conventional nature segment held the largest share of over 70.0% in 2020 due to its easy industrial production.
  • By distribution channel, specialty and mono-brand stores held the largest share of more than 75.0% in 2020 due to the growing preference for these stores among consumers.
  • The creation of partnerships for sustainable development and the launch of new products are some of the strategies used by the participants in the sector to gain a competitive advantage in the market.

Growth and trends of the luxury cosmetics market

Major manufacturers are looking to enter this market for expansion opportunities. For example, India it has experienced tremendous penetration due to increased investment by foreign companies. In the first half of 2015, the country registered 31 billion dollars from foreign industries. Furthermore, the growing demand for organic luxury cosmetics is generating growth opportunities for the market.

The skincare segment held the largest share of more than 36.0% in 2020. Due to the growing number of brands and the changing business approach, the segment is expected to see growth over the forecast period. Additionally, due to the increase in health awareness among individuals and the increased focus on skin care regimens, the demand for skin care products is expected to increase over the forecast period.

Europe dominated the market with a revenue share of more than 33.0% in 2020 due to the high purchasing power of consumers in Canada. As the European market presents attractive opportunities for the consumer goods sector, it is expected that there will be substantial growth over the forecast period. Furthermore, the growing purchasing power of consumers in this region is driving the market. Asia Pacific it is estimated to be the fastest growing regional market in the forecast period due to the growing demand for luxury cosmetics in countries, such as China And India.

Read the synopsis or request a free sample of the market research reportReport on the analysis of the size, share and trends of the luxury cosmetics market by nature (organic, conventional), by product type (skincare, hair care, makeup, perfume), by distribution channel, by region and segment forecasts, 2021-2028“, published by Million Insights.

Segmentation of the luxury cosmetics market

Million Insights has segmented the global luxury cosmetics market based on nature, product type, distribution channel, and region:

  • Luxury Cosmetics Nature Outlook (Revenue, USD Million, 2017-2028)
  • Luxury Cosmetic Types Outlook (Revenue, USD Million, 2017-2028)
    • Skin care
    • Hair care
    • Makeup
    • Fragrances
  • Luxury Cosmetics Distribution Channel Perspectives (Revenue, USD Million, 2017-2028)
    • Supermarkets and Hypermarkets
    • Specialized and single-brand shops
    • on line
    • Others
  • Luxury Cosmetics Regional Perspective (Revenue, USD Million, 2017-2028)
    • North America
    • Europe
    • Asia Pacific
    • central e South America
    • Middle East & Africa

List of major players in the Luxury Cosmetics Market

  • L’Oreal Group
  • Shiseido Company Limited
  • LVMH SE (Christian Dior)
  • Puig SL
  • Coty, Inc. (JAB Cosmetics BV)
  • Oriflame Cosmetics AG
  • Estee Lauder Companies, Inc.
  • Revlon, Inc. (MacAndrews and Forbes)
  • Ralph Lauren Corporation
  • Avon, Inc. products

Browse other research reports published by Million Insights

  • Prestige cosmetics and fragrances marketIt is estimated that the global size of the luxury cosmetics and fragrances market will reach 100.9 billion dollars by 2028, according to a new report from Million Insights. The market is expected to expand at a CAGR of 4.3% from 2021 to 2028. The key contributing factor to the growth of the market includes the growing trend in personal care and grooming around the world. Furthermore, the significant brand recognition and growing popularity of prestigious cosmetics and fragrances due to the growing adoption of social networking platforms are expected to create ample market opportunities in the near future.
  • Prestige market for skin care – The global prestige skin care market size is expected to reach 36.80 billion dollars by 2028, according to a new report from Million Insights. It is expected to expand to a CAGR of 5.8% from 2021 to 2028. The growing consumer focus on personal appearance and care is seen as an important factor driving demand for premium skincare products in global level. Additionally, increased brand recognition and the growing popularity of prestige skincare via social media are expected to fuel demand for the products.
  • Prestige cosmetics market – The size of the global prestige cosmetics market is expected to reach 27.77 billion dollars by 2028, posting a 3.1% CAGR over the forecast period, according to a new report from Million Insights. The growing awareness of beauty and appearance has been the main factor responsible for the high demand for luxury cosmetics in the global market. Due to the high demand for products, various manufacturers are changing advertising strategies and branding of products to accelerate sales. Therefore, the market is estimated to have steady growth over the forecast period. Product innovations and technological advances from key players will also contribute to market growth.

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