Increase in online retail and rise in demand for organic personal care & cosmetic products fuel the growth of the global luxury cosmetics market
PORTLAND, Oregon, Aug. 29, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Luxury Cosmetics Market by Type (Organic and Conventional), Product Type (Skincare, Haircare, Makeup, and Fragrances), End User (Male and Female), and Distribution Channel (E-commerce, Supermarket/Hypermarket, Specialty Stores and Others): Global Opportunity Analysis and Industry Forecast, 2019-2026." The report provides a detailed analysis of the drivers & opportunities, wavering market trends, competitive market scenario, and market size & estimates. According to the report, the global luxury cosmetics market was estimated at $55.60 billion in 2019 and is expected to hit $81.24 billion by 2026, registering a CAGR of 5.6% during the estimated period.
Increase in online retail and rise in demand for organic personal care & cosmetic products fuel the growth of the global luxury cosmetics market. On the other hand, high taxation & import duties on luxury goods and interference of several counterfeit products hamper the growth to some extent. However, halal luxury cosmetics in the middle eastern countries and rise in demand for luxury skincare products are expected to create an array of lucrative opportunities for the key players in the industry.
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The skin care segment to rule the roost in terms of revenue-
Based on product type, the skin care segment contributed to more than two-fifths of the total market share in 2019 and is expected to dominate throughout the forecast period. Understanding the unique needs and characteristics of one's skin and using personalized product formulations to match those requirements has become a crucial trend in the skincare market which, in turn, has propelled the growth of the segment. The makeup segment, on the other hand, is projected to grow at the fastest CAGR of 6.1% till 2026. Rising demand for makeup cosmetics manufactured using organic and plant-based ingredients has worked as the major driving factor for the growth.
The conventional segment to lead the trail by 2026-
Based on type, the conventional segment accounted for nearly three-fourths of the total market revenue in 2019 and is anticipated to maintain its dominance throughout the estimated period. Conventional luxury cosmetics are manufactured using stable formulas such as synthetic oils, silicones, emulsifiers, stabilizers, and synthetic antioxidants and are known to last longer as compared to natural products has driven the growth of the segment. Simultaneously, the organic segment would cite the fastest CAGR of 7.6% during the study period. The widespread drift of health and wellness lifestyle has enabled to expand the potential of natural as well as organic beauty market.
Europe to dominate in terms of revenue-
Based on geography, Europe held the major share in 2019, generating nearly one-third of the total market share. Products manufactured with vegan formulations have created a growing trend in the German cosmetics market especially in the hair care and skincare segments. Simultaneously, the Asia-Pacific region would showcase the fastest CAGR of 7.9% by 2026. This is attributed to the growing middle-class population in the region which aspires quality and sophistication in skincare, haircare and color cosmetic products.
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Frontrunners in the market-
- Christian Dior
- Kao Corporation
- Revlon, Inc.
- KOSÉ Corporation
- Coty Inc.
- The Estée Lauder Companies Inc.
- Oriflame Cosmetics AG
- Shiseido Company
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SOURCE Allied Market Research