Luxury Cosmetics Market Growth: Reaching $81,247.6 Million with Steady 5.6% CAGR From 2019-2026

According to a new report published by Allied Market Research, titled, "Luxury Cosmetics Market by Type, Product Type, End User, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2019-2026," The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market. The luxury cosmetics market was valued at $52,748.4 million in 2018, and is expected to garner $81,247.6 million by 2026, registering a CAGR of 5.6% from 2019 to 2026.

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The demand for luxury cosmetic products is on the rise across the globe. The market players have adopted key developmental strategies such as product launch and acquisitions to mark their presence in the luxury cosmetics market. They have introduced new product innovations through extensive R&D to boost the demand for luxury cosmetics. In addition, in recent times, the growing organic cosmetic products sector has contributed toward the growth of the overall luxury cosmetics market.

Rapid pace of urbanization, increase in disposable income in emerging economies, rise in demand for natural & organic cosmetics, and surge in online retail propel the growth of the luxury cosmetics market.

The operating industry players assert that the major factors, which contribute toward the increase in adoption of luxury cosmetics include rise in urbanization, growth in upper middle class, surge in consumer interest in different and premium products, growth in online beauty spending, and expansion of social network. The luxury cosmetic giants majorly adopted acquisition and product launch as their strategies for growth and expansion. The reasoning for this strategy is to them to keep up with the trends in the beauty space. By acquiring new startups, the giants aim to combine their expertise and knowledge with newer technologies to connect to the consumers faster.

Luxury cosmetics refer to the cosmetic products, which are used to cleanse the skin. They are manufactured using premium quality and organic ingredients, which are priced at a higher end as compared to consumer cosmetic products. Luxury cosmetics are primarily divided into skincare, haircare, makeup products, and fragrances, which are manufactured using premium quality ingredients and sold largely through specialty stores and e-commerce.

The organic products segment in the luxury cosmetic market is anticipated to exhibit the highest market share during the forecast period. The global rise in health consciousness among individuals boosts the demand for organic and natural cosmetic products in various countries across the globe. The global luxury cosmetics market is primarily driven by rise in consumer demand for products manufactured using naturally derived ingredients as compared to synthetic.

In addition, the increase in use of e-commerce (brand) websites to purchase luxury products, which are not available in the home country further propels the growth of the market. Moreover, rise in disposable income in the developing nations has majorly influenced the cosmetics consumption pattern among individuals in those regions. In addition, the rise in awareness among consumers regarding halal cosmetics has to a great extent prompted the market's growth worldwide.

According to global luxury cosmetics market analysis, the market is segmented based on type, product type, end user, distribution channel, and region. By type, it comprises organic and conventional products. Based on product type, it is classified into skincare, haircare, makeup and fragrances. By end user, it is bifurcated into male and female. By distribution channel, it is categorized into supermarket/hypermarket, e-commerce, specialty/monobrand stores, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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Trends and Expansion in the Luxury Cosmetics Industry:

○ Digital Transformation: Luxury cosmetic brands have increasingly embraced digital platforms for marketing, sales, and customer engagement. E-commerce, social media, and augmented reality (AR) applications allow customers to explore products virtually, enhancing the online shopping experience.

○ Sustainability and Ethical Practices: Consumers, including those in the luxury segment, have become more conscious of sustainability and ethical practices. Luxury cosmetic brands are incorporating eco-friendly packaging, cruelty-free formulations, and sustainable sourcing of ingredients to align with the growing demand for ethical and sustainable products.

○ Personalization and Customization: Luxury cosmetic brands are leveraging technology to offer personalized and customized products. This includes personalized skincare routines based on individual needs, custom-blended foundations, and even personalized packaging.

○ Innovation in Ingredients: Continued innovation in the formulation of cosmetic products, with a focus on high-quality, effective, and unique ingredients, is a key trend. This includes the use of advanced skincare ingredients, botanical extracts, and cutting-edge technologies.

○ Wellness and Holistic Beauty: The luxury cosmetics industry has been incorporating wellness and holistic beauty trends. Brands are offering products that promote not just external beauty but also overall well-being, with a focus on mental health and self-care.

Some of the major players in the global luxury cosmetics industry analyzed in this report include:

• L'Oréal
• Shiseido Company
• Limited
• Christian Dior
• Puig
• Coty Inc.
• Kao Corporation
• Revlon Inc.
• The Estée Lauder Companies Inc.
• Oriflame Cosmetics AG
• KOSÉ Corporation.

Key Findings of the Luxury Cosmetics Market:

• Based on product type, the skincare segment accounted for the highest share of luxury cosmetics market in 2018, growing at a CAGR of 5.30% and makeup segment growing fastest with a CAGR of 6.10% between 2019 and 2026.
• Based on type, the conventional segment accounted for about 75% of the global luxury cosmetics market in 2018. However, the organic segment is expected to grow at a CAGR of 7.60% during the forecast period.
• Based on end user, the women segment is accounted for the highest share in luxury cosmetics market in 2018, growing at a CAGR of 5.20% and men segment growing fastest with a CAGR of 6.60% between 2019 to 2026.
• Based on distribution channel, the specialty store segment accounted for about 75% of the global luxury cosmetics market share in 2018. However, the e-commerce segment is expected to grow fastest at a CAGR of 7.50% during the forecast period.

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