Global Luxury Cosmetics Market is Likely to Grow a CAGR of 6.24% during the Forecast Period

The latest market report published by Credence Research, Inc. “Global Luxury Cosmetics Market: Growth, Future Prospects, and Competitive Analysis, 2015 – 2027”. The Global Luxury Cosmetics Market generated revenue of around USD 21.75 billion in 2020 and is anticipated to grow at a CAGR of over 6.24% during the forecast period from 2021 to 2027 to reach around USD 37.52 billion in 2027. While, cumulative growth opportunity presented by the global Luxury Cosmetics is around USD 225 billion during 2021 to 2027.

Global Luxury Cosmetics Market, 2020 – 2027 (USD Million)

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Historically, luxury cosmetics were meant for the wealthy elite, seeing as how the rest could barely afford them. Of late, however, things have changed. Rising disposable income amongst the urban populace in developed economies and growing health-consciousness have spurred demand. These new customer patterns have driven growth of luxury cosmetics around the world.

Increasing Expenditure on Skincare Products

Skincare products dominate the global luxury cosmetics market with largest share in total revenue generation in 2020. Huge demand for skincare can be attributed to the exponential demand for face creams and moisturizers. However, Haircare, Makeup, Fragrances and other cosmetics products are also expected to exhibit strong demand over the forecast period.

Organic Luxury Cosmetics to Grow at Rapid Pace

Conventional Luxury Cosmetics and Organic Luxury Cosmetics are major types of cosmetics. Conventional Luxury Cosmetics hold huge chunk of global luxury cosmetics. However, its organic counterparts are growing in acceptance on the account of several benefits such as they don’t turn out to be allergic and contain no chemicals. However, conventional luxury cosmetics are still expected to remain major market share contributor over the time.

e-commerce to Rule

Ever increasing penetration of online distribution channels is likely to rule the global luxury cosmetics industry. Although offline channel account for the largest share, online channels offer multiple benefits such as time saving, attractive discounts, comparison of multiple products at one place and easy home delivery. This in turn resulting into growing popularity of online channels. Over the forecast period, online distribution channel is likely to dominate the global luxury cosmetics market.

Women Expenditure on Cosmetics is one the Rise

Women spend over USD 250 thousand on cosmetics during their lifetime which almost 40% higher than that of men. As result, women luxury cosmetics accounted for the largest share of the luxury cosmetics industry in 2020 and expected to remain dominating end-user segment over the years to come.

Key players operating in global luxury cosmetics market include Puig, Coty Inc, Oriflame Cosmetics AG, L’Oréal, Shisiedo Company Ltd, Christian Dior, KOSE Corporation, Unilever PLC, Kao Corporation, REVLON INC, Estee Lauder Companies International, INC, The Proctor & Gamble (P&G) Company, Pat McGrath Cosmetics LLC and Ralph Lauren Corporation.

Market Segmentation

Global Luxury Cosmetics Market by Type, 2015 – 2027

  • Conventional Luxury Cosmetics
  • Organic Luxury Cosmetics

Global Luxury Cosmetics Market by Product Type, 2015 – 2027

  • Skincare
  • Haircare
  • Makeup
  • Fragrances

Global Luxury Cosmetics Market by End-user, 2015 – 2027

  • Male
  • Female

Global Luxury Cosmetics Market by Distribution Channel, 2015 – 2027

  • E-commerce
  • Supermarket/Hypermarket
  • Specialty stores
  • Monobrand stores
  • Others

Global Luxury Cosmetics Market by Company, 2015 – 2027

  • L’Oréal
  • Shisiedo Company Ltd
  • Christian Dior
  • Puig
  • Coty Inc
  • Kao Corporation
  • Estee Lauder Companies International, INC
  • Oriflame Cosmetics AG
  • KOSE Corporation
  • Unilever PLC
  • The Proctor & Gamble (P&G) Company
  • Pat McGrath Cosmetics LLC
  • Ralph Lauren Corporation
  • Others