The global prestige skin care market size was valued at USD 23.53 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.8% from 2021 to 2028. Increasing consciousness regarding external beauty has become a major factor driving the use of prestige skin care products across the globe. Owing to the increasing demand for these products, various manufacturers are changing advertising strategies and product branding to accelerate the sales of the products. Hence, the market is estimated to witness significant growth in the coming years. Increasing consumer focus towards personal appearance and grooming is considered to be a major factor behind the market growth at the global level. In addition, increasing brand recognition and growing popularity of prestige skin care with the help of social media are anticipated to further fuel the product demand.
Product innovations by key players will contribute to the market growth. Moreover, the growing customer preference for prestige skin care is a prominent trend expected to boost the market growth. At present, key players are focusing to provide the best skin care products. Hence, the luxury segment is expected to witness significant growth during the forecast period.
Due to the Covid-19 pandemic, the sales of prestige skin care products were dropped drastically in various countries. For example, according to Jon R. Moeller, Vice Chairman at P&G, the Japanese brand of prestige skin care was declined by 10% in the third quarter year of 2020. Hence, the financial status of various cosmetic industries had been jeopardized by the outbreak of Covid-19.
The skin care products segment accounted for the largest revenue share of over 60.0% in 2020 owing to the increasing demand for beauty products. Skin care products are used to enhance the appearance of an individual, which includes the face and the overall body. Skin care products include products such as nail foundation creams, pressed powders, and other products. In addition, growing product advertisement by various popular personalities on social media has increased the demand for skin care products. Hence, the segment is estimated to witness growth over the forecast period.
The luxury cosmetics segment will register the highest growth rate of 6.0% from 2021 to 2028 due to the growing adoption of luxury cosmetics among consumers. Luxury cosmetics are sold at a higher price as compared to other cosmetic products. These products are manufactured using premium quality ingredients, which are mainly organic. Moreover, rise in the disposable income among the urban populace of developing economies and an increase in the healthy and premium lifestyle have led to the increasing demand for luxury cosmetics. Hence, the segment is projected to grow over the forecast period.
The offline segment dominated the market with a revenue share of over 65.0% in 2020. The demand for prestige skin care products is rising among customers due to more sustainability offered by offline stores than any other channel. The ease of hard cash transaction services and trustworthy relationships with domestic consumers are other factors expected to propel the market growth during the forecast period. Hence, the segment is projected to witness growth during the assessment period.
The online segment is estimated to witness significant growth over the forecast period. Prestige skin care products can be purchased at a low price via online platforms. Such channels have the ability to provide various benefits such as free shipping, coupon benefits, doorstep delivery, and other offers. Moreover, the rising incidence of app-based sellers that are significantly popular is driving the segment.
North America dominated the market and accounted for a revenue share of over 40.0% in 2020 due to the high demand for prestige skin care products in the U.S and Canada. Increasing purchasing power of customers in this region is another major factor boosting the market growth. In addition, a rise in the working women population is aiding in the market growth in this region.
In Asia Pacific, the market is expected to register the highest CAGR of 6.3% from 2021 to 2028. This can be credited to the increasing demand for prestige skin care products in this region. It is one of the dynamic markets in the cosmetic industry. The rise in the use of luxury cosmetics may fuel the market growth in this region. In addition, increasing disposable income is another major factor boosting the market growth.
The main focus of the companies is on innovating new products to meet the increasing demand. Various new players are entering the market due to the low entry barriers. The increasing demand for prestige skin care products offers an opportunity for product development in regions with high demand. Some prominent players in the global prestige skin care market include:
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Report Attribute |
Details |
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Market size value in 2021 |
USD 24.80 billion |
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Revenue forecast in 2028 |
USD 36.80 billion |
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Growth Rate |
CAGR of 5.8% from 2021 to 2028 |
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Base year for estimation |
2020 |
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Historical data |
2017 - 2019 |
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Forecast period |
2021 - 2028 |
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Quantitative units |
Revenue in USD million/billion and CAGR from 2021 to 2028 |
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Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Segments covered |
Product, distribution channel, region |
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Regional scope |
North America; Europe; Asia Pacific; Central & South America; Middle East & Africa |
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Country scope |
U.S.; Germany; U.K.; France; China; Japan; Brazil; South Africa |
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Key companies profiled |
Johnson & Johnson; Procter & Gamble; Unilever; L’Oréal; Kao; Estée Lauder; Shiseido; Coty; Beiersdorf; AmorePacific |
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Customization scope |
Free report customization (equivalent up to 8 analysts’ working days) with purchase. Addition or alteration to country, regional & segment scope |
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2028. For the purpose of this study, Million Insights has segmented the global prestige skin care market report on the basis of product, distribution channel, and region:
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