A recent report published by Infinium Global Research on luxury cosmetics and beauty products market provides in-depth analysis of segments and sub-segments in the global as well as regional luxury cosmetics and beauty products market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional luxury cosmetics and beauty products market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global luxury cosmetics and beauty products market. According to the report, the global luxury cosmetics and beauty products market is projected to grow at a CAGR of 3.03% over the forecast period of 2018-2024.
The luxury cosmetic market defines as the product type such as skincare, haircare, makeup, fragrances and other(hygiene product) used by male and female to enrich their looks. The customized beauty products and services that enhance the experience of the customer and built the relationship with the brands. Now a day, the brands are focusing more on the customized store to attract more customers.
A digital strategy such as social media platform and online channels is driving the growth of the market. Currently, the companies are also focusing on the social media platform to get directly connect with their customers. The sales of luxury cosmetics through the online channel is growing significantly with a CAGR of 4.03% over the forecast period. Makeup is the most pulsating category in the luxury cosmetics market and it is the key driver for the growth of this industry. The companies are offering a variety of innovative products to satisfy the growing demand of customers to experiment with their looks. Growing per capita disposable income in the emerging economies in the Asia Pacific, Latin America, the Middle East, and Africa reflects the rise in high net worth individuals every year. On the other hand, counterfeit product affects sales and goodwill of luxury cosmetics and beauty products manufacturers, thus hamper the growth of the market. In addition, the price associated with luxury cosmetic is high, as these are niche products with a high element of customization attached to it. However, restraining the growth of the market. Ease of availability of luxury goods through E-commerce to combat fake products is likely to bring opportunities to the market. The demand for natural and organic products is likely to bring new opportunities for the small player in this market. Moreover, the key players are investing more capitals in emerging countries to the extent their global reach and to capture more opportunities.
Geographically, luxury cosmetics and beauty products market is divided into North America, Europe, Asia Pacific, and RoW. Europe holds the largest region in the cosmetic and beauty product market. Consumers in European regions are increasingly looking for value for money products which are natural and beneficial for the skin that provides benefits of high priced premium products at a lower than premium cost. Preference to spend on appearance to look younger and a combination of skin-benefiting and beautifying aspects are driving the growth for consumer and beauty products in the Europe region. The vast majority of Europe’s 500 million consumers use cosmetic and personal care products every day to protect their health, enhance their well-being, and lift their self-esteem. France is known as one of the most sophisticated cosmetic, beauty and personal care market.
The report on global luxury cosmetics and beauty products market covers segments such as product type, mode of sale, and end user. On the basis of product type, the sub-markets include skincare, haircare, makeup, fragrances, and others. On the basis of mode of sale, the sub-markets include retail, and online. On the basis of the end user, the sub-markets include male and female.
The report provides profiles of the companies in the market such as Shiseido Co., Ltd., L’Oreal, Beiersdorf, Natura, LVMH, PRADA S.p.A., REVLON, Estée Lauder Companies, Chanel S.A., and Coty Inc.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of luxury cosmetics and beauty products market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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