Luxury Skincare Market Expansion 2024-2033: Growth Drivers and Dynamics

Overview and Scope

Luxury skincare refers to a category of high-end, premium-quality skincare products and treatments that are designed to provide an exclusive and indulgent experience for consumers. Luxury skincare products are primarily high priced and used to address specific skin concerns, preventing and reversing signs of aging.

Sizing and Forecast

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.

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Segmentation & Regional Insights

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

North America was the largest region in the luxury skincare market in 2023. The regions covered in the luxury skincare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

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.

Key Industry Players

Major companies operating in the luxury skincare market report are Johnson & Johnson Services Inc., Christian Dior SE, LVMH Moët Hennessy Louis Vuitton SE, Procter & Gamble Company, Unilever plc, L’Oréal S.A., Henkel AG & Co. KGaA, Colgate-Palmolive Company, The Estée Lauder Companies Inc., Chanel S.A., Kao Corporation, Shiseido Co. Ltd., Coty Inc., Valmont Group, Amorepacific Corporation, Mary Kay Inc., Avon Products Inc., Kose Corporation, Revlon Inc., Beiersdorf AG , Sisley S.A., Guerlain S.A., Augustinus Bader GmbH & Co. KG, Lancôme Paris, Tatcha LLC, Tata Harper Skincare, Natura Bissé International S.A., Natura & Co., Sunday Riley Modern Skincare LLC</b

The luxury skincare market report table of contents includes:

1. Executive Summary
2. Luxury Skincare Market Characteristics
3. Luxury Skincare Market Trends And Strategies
4. Luxury Skincare Market – Macro Economic Scenario
5. Global Luxury Skincare Market Size and Growth
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32. Global Luxury Skincare Market Competitive Benchmarking
33. Global Luxury Skincare Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Luxury Skincare Market
35. Luxury Skincare Market Future Outlook and Potential Analysis
36. Appendix