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Luxury Bath and Body Products Market Growth and Forecast 2024
Luxury Bath and Body Products Market
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According to The Business Research Company's, The luxury bath and body products market size has grown rapidly in recent years. It will grow from $16.7 billion in 2023 to $18.51 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%. The growth in the historic period can be attributed to beauty and personal care industry growth, premium ingredients, influence of spa culture, product innovation, gifting culture, retail environment.
The luxury bath and body products market size is expected to see rapid growth in the next few years. It will grow to $28.12 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%. The growth in the forecast period can be attributed to focus on natural and organic ingredients, globalization and access to brands, rise of beauty subscription boxes, e-commerce boom, niche and specialty brands. Major trends in the forecast period include digital engagement, spa and resort collaborations, innovative packaging design, sustainable and eco-friendly products, digital influencer marketing.
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Market Drivers and Trends:
The rising demand for luxury products such as lotions, shower gels, and body wash is propelling the growth of the luxury bath and body products market. The luxury products refer to the lather well, smell wonderful and look lovely by the bath. The market is being driven by rising self-care trends and rising demand for luxury products such as lotions, shower gels, and body wash. For instance, according to the luxury report 2021 by Bain & Co., the demand for luxury products grew by 13% to 15% to EUR 1.14 trillion ($1.34 trillion) in 2021. Thus, the increasing demand for luxury products is expected to boost demand for luxury bath and body products during the forecast period.
The integration of biotechnical innovations with bath products is a key trend in the luxury bath and body products market. Biotechnology is a biology-based technology that uses cellular and biomolecular processes to create technologies and products that improve the lives and the health of the planet. The companies operating luxury bath and body products are focusing on developing innovative products with greater efficacy and effectiveness. For instance, in October 2021, Everist, a single-use plastic-free beauty products manufacturer launched an innovative waterless body wash concentrate. The plant-based, vegan, cruelty-free formula included the goodness of many natural oils and nutrients. The body wash concentrate is water-activated by water with a simple paste-to-lather gesture. Consumers just need to lather the paste on their hands and start cleansing the skin.
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Major Key Players of the Market:
The Estée Lauder Companies Inc., Chanel Limited, Kao Corporation, Tiffany & Co, Burberry Group plc, Hugo Boss AG, Lancaster Group S.A., Marc Jacobs International LLC, Davidoff & Cie. Fine Tobacco AG, Calvin Klein Inc., Chloé SAS, Escada AG, Roberto Cavalli SpA, Philosophy (skincare brand), Bamford Watch Department Limited, Tata Harper Beauty LLC, Aromatherapy Associates Ltd., Augustinus Bader Ltd, Chantecaille (UK) Ltd., Diptyque Parfums, Jil Sander GmbH, Joop! Parfumerie GmbH, Kylie Cosmetics LLC, Lacoste S.A., Massey Medicinals LLC, Miu Miu SpA, SKKN by Kim Kardashian, This Works Products Limited, Bathing Culture Inc., Onsen Secret Inc.
Luxury Bath And Body Products Market 2024 Key Insights:
• The luxury bath and body products market size is expected to see rapid growth in the next few years. It will grow to $28.12 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%.
• Surging Demand For Luxury Products Fuels Growth In The Luxury Bath And Body Products Market
• Biotechnical Innovations Transforming Luxury Bath And Body Products Market
• North America was the largest region in the luxury bath and body products market in 2023
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