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The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
The organic segment is estimated to witness significant growth during the forecast period. The market is witnessing a significant shift towards personal grooming with high-quality, premium cosmetics. Skincare products and hair care continue to dominate the segment, addressing various skin-related problems such as acne, aging, and sensitivity. Consumers are increasingly seeking vegan ingredients and sustainable beauty products, aligning with fashion trends. Female and male consumers alike are embracing anti-aging products and organic cosmetics.
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The organic segment was the largest and was valued at USD 34.45 billion in 2018. Cosmetics production value is escalating, driven by the demand for natural, chemical-free products and high-quality ingredients. Fragrances, skincare, and makeup products are available at specialty stores and online platforms. Fashion influencers, hair stylists, makeup artists, and skin care experts are promoting branding practices of halal luxury cosmetics and organic luxury cosmetics alongside conventional luxury cosmetics. The skincare segment is a major contributor to the market, with monobrand stores gaining popularity. Consumers are opting for natural products, free from harsh chemicals, to maintain their physical appearance.
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APAC is estimated to contribute 48% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market caters to the demand for personal grooming and high-quality products among consumers seeking premium cosmetics. Skincare and hair care are the primary segments, addressing various skin-related problems such as acne, aging, and other concerns. Consumers increasingly prefer vegan ingredients and sustainable beauty products, aligning with fashion trends. Specialty stores and online platforms cater to both female and male consumers, offering a wide range of anti-aging products, organic cosmetics, and natural, chemical-free alternatives. Fragrances, skincare, and makeup products continue to dominate the market, with branding practices playing a crucial role in consumer decision-making. Halal and organic luxury cosmetics are gaining popularity, while conventional luxury cosmetics maintain a significant presence. Cosmetic production value continues to grow, driven by the influx of online platforms, fashion influencers, hair stylists, makeup artists, and skin care experts. Monobrand stores add to the market's diversity, offering a focused, exclusive shopping experience.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increased demand for luxury skincare products is notably driving market growth. Luxury cosmetics, including skincare and makeup products, continue to gain popularity among both male and female consumers, driven by increasing grooming awareness and a desire for self-care. Smartphone users have easy access to information on the latest trends and innovative treatments, fueling demand for premium ingredients and tailored products. Skin care and hair care awareness have become essential aspects of personal grooming, leading consumers to invest in eco-friendly, high-performance skincare and hair care solutions.
With rising purchasing power, consumers are willing to spend more on luxury cosmetics, particularly skincare products, which offer superior benefits. Brands are responding to this trend by expanding their offerings, with a focus on online sales and retail stores, as well as flagship stores that provide immersive shopping experiences. Men's luxury cosmetics, including grooming essentials like stylish haircuts, waxing, and facials, are also experiencing growth. Overall, the market is expected to continue its upward trajectory, driven by consumer demand for professional treatments and high-quality, innovative products. Thus, such factors are driving the growth of the market during the forecast period.
Increasing online retailing is the key trend in the market. The market is experiencing significant growth due to increased grooming awareness among both male and female consumers. Smartphone users have easy access to online sales channels, enabling retailers to expand their reach and consumer base. Convenience and improved security features of e-commerce platforms are driving the market's growth. Vendors selling mineral cosmetics primarily use online platforms for sales. Sephora and Nykaa E-Retail Pvt. Ltd. are key players with a strong presence in both offline and online distribution channels. Consumers are increasingly seeking tailored products made from premium ingredients and eco-friendly materials.
Skin care and hair care awareness have led to a rise in demand for luxury cosmetics. The growing purchasing power of consumers, particularly in emerging economies, is also contributing to the market's growth. Luxury cosmetics are no longer just for women, as men's grooming needs are also being catered to. The market is expected to continue its growth trajectory during the forecast period, with a focus on self-care and innovation. Thus, such trends will shape the growth of the market during the forecast period.
Lack of luxury brand penetration in major parts of developing regions is the major challenge that affects the growth of the market. The market caters to both male and female consumers, prioritizing premium ingredients and tailored products for grooming and self-care. Smartphone users have significantly influenced the industry's growth, driving skin care and hair care awareness. Luxury cosmetics include various offerings such as stylish haircuts, waxing, facials, and makeup. These products are primarily available in specialty beauty retail stores, department stores, and increasingly, online sales channels. Manufacturers focus on building effective distribution networks, with department stores and specialty retailers being the major partners. Developed nations and tier-1 cities, including New York City, London, Shanghai, and Tokyo, have the highest penetration of these retail formats. Eco-friendly materials and sustainable practices are increasingly important in the luxury cosmetics sector, as consumers prioritize self-care and seek high-quality, personalized offerings.
Luxury women's cosmetics include a wide range of skincare and makeup products, while men's luxury cosmetics focus on grooming essentials. Flagship stores offer a unique shopping experience, showcasing the brand's heritage and values. Overall, the market continues to grow, driven by increasing purchasing power, grooming awareness, and the desire for personalized, high-quality products. Hence, the above factors will impede the growth of the market during the forecast period
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Coty Inc. - The company offers luxury cosmetics under the brands Alexander McQueen, Bottega Veneta, Burberry and Calvin Klein.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market encompasses a wide range of Personal Grooming products that cater to the demand for high-quality products. Premium cosmetics, including Skincare products and Hair care items, address various Skin-related problems such as Acne. The market is witnessing significant growth due to the increasing popularity of Vegan ingredients and Sustainable beauty products. Fashion trends play a crucial role in shaping consumer preferences, leading to the rise of Specialty stores and Online stores. Female and Male consumers alike seek out Anti-aging products, Organic cosmetics, and Chemical-free products for their natural appeal.
Cosmetics production value continues to increase as Cosmetic products, such as Cleansing items, Fragrances, and Makeup products, remain essential for enhancing Physical appearance. Branding practices, including collaborations with Fashion influencers, Hair stylists, Makeup artists, and Skin care experts, further boost the market growth. The market comprises Halal luxury cosmetics, Organic luxury cosmetics, and Conventional luxury cosmetics, with the Skincare segment leading the way. Monobrand stores offer a unique shopping experience, while Online platforms provide convenience and accessibility.
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Market Scope |
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Report Coverage |
Details |
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Page number |
139 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.08% |
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Market Growth 2024-2028 |
USD 25.32 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
6.49 |
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Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 48% |
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Key countries |
China, US, Germany, UK, and Japan |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Avon Products Inc., Chanel Ltd., Christian Dior SE, Coty Inc., Kao Corp., Kose Corp., La Mer Technology Inc., Laura Mercier US Buyer LLC, LOreal SA, LVMH Group., Oriflame Cosmetics S.A., Pat McGrath, PUIG S.L., Ralph Lauren Corp., Revlon Inc., Shiseido Co. Ltd., The Estee Lauder Companies Inc., and Unilever PLC |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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