Overview and Scope
Specialty consumer products refer to those goods or products with distinctive qualities or brand recognition, where customers of these goods are willing to make an extra effort to buy them. They are frequently expensive, and customers rarely take the time to compare them to comparable goods.
Sizing and Forecast
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..
To access more details regarding this report, visit the link:
https://www.thebusinessresearchcompany.com/report/specialty-consumer-products-global-market-report
Segmentation & Regional Insights
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
North America was the largest region in the specialty consumer products market in 2023. Asia-Pacific is expected to be the specialty consumer products market report during the fastest-growing region in the forecast period. The regions covered in the specialty consumer products market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Intrigued to explore the contents? Secure your hands-on sample copy of the report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=9312&type=smp
Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the market are focused on embracing Web3 technologies, such as blockchain technology, to expand their customer base and gain a competitive advantage. Blockchain technology is employed to provide an immutable, transparent, and public infrastructure, ensuring exclusive ownership of its digital collectible, the VIA Treasure Trunk, through non-fungible tokens (NFTs). For instance, in June 2023, Louis Vuitton, a France-based luxury fashion house and company, launched the VIA Treasure Trunk, a virtual rendition of its renowned travel trunk. Leveraging blockchain technology, this initiative aims to replicate the exclusivity associated with physical ownership in the digital realm. Blockchain ensures an immutable, transparent, and public infrastructure, validating ownership of unique digital assets such as non-fungible tokens (NFTs). Priced at €39,000 each, the Treasure Trunk offers access to VIA, Louis Vuitton’s platform for digital collectibles, catering to individuals seeking exclusive experiences in the realms of new dreams and realities. This digital trunk aligns with evolving consumer preferences and the growing demand for unique, blockchain-backed luxury items.
The specialty consumer products market report table of contents includes:
1. Executive Summary
2. Specialty Consumer Products Market Characteristics
3. Specialty Consumer Products Market Trends And Strategies
4. Specialty Consumer Products Market – Macro Economic Scenario
5. Global Specialty Consumer Products Market Size and Growth
.
.
.
31. Global Specialty Consumer Products Market Competitive Benchmarking
32. Global Specialty Consumer Products Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Specialty Consumer Products Market
34. Specialty Consumer Products Market Future Outlook and Potential Analysis
35. Appendix
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: [email protected]
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
