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Luxury Skincare Market Size, Share, & Growth, Report
Luxury Skincare Market Size
As per the report, the luxury skincare market size has grown strongly in recent years. It will grow from $21.84 billion in 2023 to $23.99 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. 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%.
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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.
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.
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
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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
Contents of the report:
1. Executive Summary
2. Luxury Skincare Market Report Structure
3. Luxury Skincare Market Trends And Strategies
4. Luxury Skincare Market - Macro Economic Scenario
5. Luxury Skincare Market Size And Growth
…..
27. Luxury Skincare Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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