The Luxury Skincare Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Luxury Skincare Global Market Report 2024, The luxury skincare market size has grown strongly in recent years. It will grow from $21.84 billion in 2023 to $23.99 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth in the historic period can be attributed to changing consumer lifestyles, rising disposable income, brand prestige and image, social media influence, globalization of beauty standards.
The luxury skincare market size is expected to see strong growth in the next few years. It will grow to $33.14 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The growth in the forecast period can be attributed to continued emphasis on self-care, rapid growth in e-commerce, focus on sustainability, increasing aging population, inclusive beauty standards. Major trends in the forecast period include technological advancements in formulations, innovation in formulations, digital transformation and e-commerce dominance, advanced technology and innovation, focus on wellness and holistic skincare.
The growing e-commerce industry is expected to propel the growth of the luxury skincare market going forward. E-commerce refers to the buying and selling of goods and services over the Internet. E-commerce enhances the reach of luxury skincare providing customers with the flexibility to shop anytime, anywhere and allow brands to gather data on customer preferences and browsing behavior. For instance, in August 2023, according to the United States Census Bureau, a US-based government agency, compared to the second quarter of 2022, the estimate for e-commerce in the second quarter of 2023 climbed by 7.5% (or 1.4%), while overall retail sales rose by 0.6% (or 0.4%). 15.4% of all sales in the second quarter of 2023 were made through online stores. Therefore, the growing e-commerce industry is driving the growth of the luxury skincare market.
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The luxury skincare market covered in this report is segmented –
1) By Types: Facial Care, Body Care
2) By Distribution Channel: Hypermarkets And Supermarkets, Specialty Stores, Online Stores, Other Distribution Channels
3) By Applications: For Men, For Women
Major companies operating in the luxury skincare market are focusing on advances in innovation and technology for luxury skincare, such as AI Skin Advisor to increase their profitability in the market. AI Skin Advisor provides a personalized skincare routine to customers by analyzing their skin. For instance, in January 2023, Bulldog Skincare Limited, a US-based manufacturer of skincare products, launched the new AI Skin Advisor. This innovative AI tool enables male users to increase their virtual engagement in skin analysis, which provides personalized skincare tips in less than a minute. The tool streamlines the process of selecting the best skincare products in order to make the skincare journey more enjoyable and approachable for men. The Bulldog UK website offers it for purchase, and it was created in collaboration with Revieve, a producer of digital brand experiences and self-diagnostic tools.
The luxury skincare market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
Major Players:
- Johnson & Johnson Services Inc.
- Christian Dior SE
- LVMH Moët Hennessy Louis Vuitton SE
- Procter & Gamble Company
- Unilever PLC, L’Oréal S.A.
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