Research Support Specialist, USA
The global luxury cosmetics market size is expected to reach USD 80.57 billion by 2028, according to a new report by Million Insights. It is expected to expand at a CAGR of 3.7% from 2021 to 2028. Cosmetics products have become a routine part of humans to enhance and cleanse their skin. These products are manufactured using premium and organic ingredients, which are in high demand. These products are sold at high prices as compared to other cosmetic products.
The major manufacturers are looking to enter this market for expansion opportunities. For instance, India has experienced huge penetration due to increasing investment by foreign companies. In the first half of 2015, the country recorded USD 31 billion by foreign industries. Additionally, increasing demand for organic luxury cosmetics is generating growth opportunities for the market.
The skincare segment held the largest share of more than 36.0% in 2020. Owing to the increasing number of brands and transforming business approach, the segment is estimated to witness growth over the forecast period. In addition, due to the rise in health consciousness among individuals and the increase in focus on skincare regimes, the demand for skin care products is expected to increase over the forecast period.
Europe dominated the market with a revenue share of more than 33.0% in 2020 due to the consumers' high purchasing power in Canada. As the European market presents attractive opportunities for the consumer goods sector, it is projected to witness considerable growth over the forecast period. Moreover, the increasing purchasing power of the consumers in this region is driving the market. Asia Pacific is estimated to be the fastest-growing regional market over the forecast period due to the rising demand for luxury cosmetics in countries, like China and India.
The report “Luxury Cosmetics Market Size, Share & Trends Analysis Report By Nature (Organic, Conventional), By Product Type (Skincare, Haircare, Makeup, Fragrances), By Distribution Channel, By Region, And Segment Forecasts, 2021 - 2028” is available now to Million Insights.
Million Insights has segmented the global luxury cosmetics market on the basis of nature, product type, distribution channel, and region: