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Luxury Skincare Global Market Anticipated to Attain $33.14 Billion By 2028, at 8.4% CAGR | Latest Trends and Growth Opportunities
Luxury Skincare Global Market
The luxury skincare market size is expected to see strong growth in the next few years. It will grow to $33.14 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The growth in the forecast period can be attributed to continued emphasis on self-care, rapid growth in e-commerce, focus on sustainability, increasing aging population, inclusive beauty standards. Major trends in the forecast period include technological advancements in formulations, innovation in formulations, digital transformation and e-commerce dominance, advanced technology and innovation, focus on wellness and holistic skincare.
Market Overview -
Luxury skincare refers to a category of high-end, premium-quality skincare products and treatments that are designed to provide an exclusive and indulgent experience for consumers. Luxury skincare products are primarily high priced and used to address specific skin concerns, preventing and reversing signs of aging.
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E-Commerce Boom Propels Luxury Skincare Market Growth
The growing e-commerce industry is expected to propel the growth of the luxury skincare market going forward. E-commerce refers to the buying and selling of goods and services over the Internet. E-commerce enhances the reach of luxury skincare providing customers with the flexibility to shop anytime, anywhere and allow brands to gather data on customer preferences and browsing behavior. For instance, in August 2023, according to the United States Census Bureau, a US-based government agency, compared to the second quarter of 2022, the estimate for e-commerce in the second quarter of 2023 climbed by 7.5% (or 1.4%), while overall retail sales rose by 0.6% (or 0.4%). 15.4% of all sales in the second quarter of 2023 were made through online stores. Therefore, the growing e-commerce industry is driving the growth of the luxury skincare market.
Competitive Landscape -
Major companies operating in the luxury skincare market report are Johnson & Johnson Services Inc., Christian Dior SE, LVMH Moët Hennessy Louis Vuitton SE, Procter & Gamble Company, Unilever plc, L'Oréal S.A., Henkel AG & Co. KGaA, Colgate-Palmolive Company, The Estée Lauder Companies Inc., Chanel S.A., Kao Corporation, Shiseido Co. Ltd., Coty Inc., Valmont Group, Amorepacific Corporation, Mary Kay Inc., Avon Products Inc., Kose Corporation, Revlon Inc., Beiersdorf AG , Sisley S.A., Guerlain S.A., Augustinus Bader GmbH & Co. KG, Lancôme Paris, Tatcha LLC, Tata Harper Skincare, Natura Bissé International S.A., Natura & Co., Sunday Riley Modern Skincare LLC
Major Companies Drive Profitability with Innovations like AI Skin Advisor in the Luxury Skincare Market
Major companies operating in the luxury skincare market are focusing on advances in innovation and technology for luxury skincare, such as AI Skin Advisor to increase their profitability in the market. AI Skin Advisor provides a personalized skincare routine to customers by analyzing their skin. For instance, in January 2023, Bulldog Skincare Limited, a US-based manufacturer of skincare products, launched the new AI Skin Advisor. This innovative AI tool enables male users to increase their virtual engagement in skin analysis, which provides personalized skincare tips in less than a minute. The tool streamlines the process of selecting the best skincare products in order to make the skincare journey more enjoyable and approachable for men. The Bulldog UK website offers it for purchase, and it was created in collaboration with Revieve, a producer of digital brand experiences and self-diagnostic tools.
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Key Segments -
The luxury skincare market covered in this report is segmented -
1) By Types: Facial Care, Body Care
2) By Distribution Channel: Hypermarkets And Supermarkets, Specialty Stores, Online Stores, Other Distribution Channels
3) By Applications: For Men, For Women
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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