Specialty Consumer Products Market Analysis 2024 – Estimated Market Size And Key Drivers

The Specialty Consumer Products 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 Specialty Consumer Products, The specialty consumer products market size has grown strongly in recent years. It will grow from $323.6 billion in 2023 to $343.62 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%.  The growth in the historic period can be attributed to innovation and product differentiation, consumer trends and preferences, marketing and branding strategies, regulatory and environmental factors, globalization and market expansion.

The specialty consumer products market size is expected to see strong growth in the next few years. It will grow to $437.58 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%.  The growth in the forecast period can be attributed to global market trends, economic indicators, competitive landscape, supply chain dynamics, market demand and growth. Major trends in the forecast period include personalization and customization, health and wellness focus, sustainability and ethical consumption, digital transformation, convenience and on-the-go products, cultural influences and diversity.

The demand for personal luxury goods is expected to propel the growth of the specialty consumer products market going forward. Personal luxury goods are considered to be elite and the most coveted within a group or culture, where higher-income individuals generally purchase them to display their affluence and gain social esteem. Social media and self-image creation have dramatically influenced people to become the most influential luxury consumer group worldwide and attracted them to spend on specialty consumer goods to curate their self-images and portray their social status. For instance, in January 2022, according to the ‘Unpacking Luxury in 2022’ report published by Klarna Bank AB, a Sweden-based fintech company, after conducting a survey of 1,000 people, luxury has historically been a popular choice for US consumers, and demand has increased recently, with nearly one in two (45%) consumers making a luxury purchase in 2021. Moreover, Gen Z (60%) and Millennials (63%) exhibit a higher likelihood of buying luxury items compared to Gen X (46%) and Baby Boomers (18%).Therefore, the demand for personal luxury goods is driving the growth of the specialty consumer products market.

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The specialty consumer products market covered in this report is segmented –
1) By Price: $50 – $100, $100 – $200, Above $200
2) By Distribution Channel: Specialty Stores, Online Stores
3) By End-User: Male, Female, Unisex

Top Major Players:

• Chanel SA
• Ralph Lauren Corporation
• Creed Boutique LLC
• Floris London
• Gucci SpA

North America was the largest region in the specialty consumer products market in 2023.

Product innovations are a key trend gaining popularity in the specialty consumer products market. Major companies operating in the specialty consumer products market are focused on developing innovative products to strengthen their position in the market. For instance, in August 2022, Aeir, a US-based company operating in luxury consumer goods such as perfumes, launched Extrait Molecular de Parfum, a next-generation clean perfume. Extrait molecular de parfum is prepared using bio-engineered formulas to replicate natural fragrances, which minimize the use and extraction of botanicals to provide an affordable luxury product. Additionally, it comes with a refillable aluminum fragrance case that combines the areas of biotechnology and high-end craftsmanship through the use of modern coating technologies, such as NFC technology, to achieve zero-waste production processes that significantly cut carbon emissions while maintaining full recyclability.

The specialty consumer products market report table of contents includes:
1. Executive Summary
2. Specialty Consumer Products Market Characteristics
3. Global Specialty Consumer Products Market Trends And Strategies
4. Specialty Consumer Products Market – Macro Economic Scenario
5. Global Specialty Consumer Products Market Size and Growth
…….
26. Global Specialty Consumer Products Market Competitive Benchmarking
27. Global Specialty Consumer Products Market Competitive Dashboard
28. Key Mergers and Acquisitions Specialty Consumer Products Market
29. Specialty Consumer Products Market Future Outlook and Potential Analysis
30. Appendix

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