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Cosmetics are widely used by people to beautify themselves and to make their appearance attractive & confident. These items are available in different forms such as creams, lotions, gels, oils, sprays, tablets, etc. The emergence of multi-colored, fashionable, and luxury make-up items has added traction to the growth of the market. Dermatologically proven and high-quality skincare products are widely preferred by the people due to their higher authenticity & better efficacy than other luxurious cosmetics.
The people essentially use such premium-based cosmetics to solve their hair & skin related problems such as hair fall, hair dandruff, skin rashes, skin acne, and others. Therefore, the rising prevalence of such problems among the people is likely to drive the market growth. According to a surveyed data presented by the Australian Journal of General Practice, between the period 2010 to 2018, nearly 93.3% of the Australian population within the age group of 16 to 18 suffered from skin acne problems.
The rising demand for high-quality and premium-based beauty & personal care products is primarily driving the demand for such products. Additionally, regular introduction of vegan ingredients-based cosmetic items is likely to attract consumers towards buying these products, thereby driving the market growth. For instance, in April 2020, Avon Products Inc. introduced a cannabis plant-based ‘Sativa oil’ collection, including the products such as day creams, cleansers, and hand & body lotions to cater to the consumers’ need for sustainable beauty products.
Moreover, changing global fashion trends are likely to drive the demand for the newer kinds of high-performing color cosmetic items among fashion professionals and thereby help support market growth. Besides this, other factors such as the rising urbanization rate and income of the global population further fuel the demand for such products.
However, large necessities of the R&D investments for the different kinds of luxury cosmetic items such as anti-aging cosmetics, fragrances, oral cares, and others are anticipated to restrain the market growth. Additionally, large competition from the local industry players is expected to pose challenges to prominent companies' business growth.
Key Market Driver -
Rising demand for the premium-based beauty & personal care products is expected to drive the market growth
Key Market Restraint -
Large necessities of R&D investments are anticipated to restrain the market growth.
The prominent companies associated with the global luxury cosmetics market are L’Oréal S.A., Coty Inc., Shiseido Company Ltd., Estee Lauder Companies, Puig, Revlon Inc., Kao Corporation, The Proctor & Gamble Company, Unilever Plc., Chanel International B.V., Pat McGrath Cosmetics LLC., and others.
The global luxury cosmetics market is segmented based on product type, distribution channel, end-user, and geography.
By product type, the global market is segmented into skincare, haircare, make-up, and others. The skin care segment is expected to hold a major share of the market due to a wide variety of skincare cosmetics such as skin tone enhancers, moisturizers, skin lightning, and others, thereby resulting in larger revenues from such a segment. Additionally, the rising popularity of anti-aging skincare products is likely to add traction to such a segment's growth.
Based on the distribution channel, the market is segmented into hypermarkets & supermarkets, specialty stores, online stores, and others. The hypermarkets & supermarkets segment is expected to hold a major share of the market as users can purchase such luxury products along with the different kinds of other daily use grocery items from these stores. Additionally, these stores' provision of discounts and coupons is likely to attract the users towards buying cosmetics from these stores, thereby driving the segmental growth.
By end-user, the global market is segmented into female and male. The female population is largely concerned about their appearance and look, which results in a larger demand for cosmetics among these consumers. This makes the female segment to hold a major share of the market. Additionally, the growing number of women working population is further likely to fuel the segmental growth.
By geography, the global luxury cosmetics market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
The largest share of the Asia Pacific region is attributed to the large adoption of the different kinds of high-quality personal care items such as cosmetics, bath and shower products, and others among the population in the region.
Additionally, the growing expansion of the companies associated with cosmetic items such as The Proctor & Gamble Co., Puig, Alfred Dunhill Ltd., and others in the countries such as India and China is further driving the market growth in the region. For instance, in December 2020, Alfred Dunhill Limited, a British fragrance products manufacturer, endorsed Yang Yang, a Chinese social media celebrity, for its social media marketing campaign to expand its online sales of luxury beauty products’ business in China.
The European region is expected to witness considerable growth during the forecast period of 2020-2027. This is owing to the rising production capacity of the luxury cosmetics items among the associated companies in the countries such as Italy, the U.K., and Germany. According to the data presented by the International Trade Administration, in 2018, cosmetics production value in Italy reached USD 12,813 million compared to that of USD 12,320 million in 2017. Additionally, shifting consumer preferences towards buying organic cosmetics items in the region is further driving the market growth in the region.
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