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 observed in the historical period can be attributed to several factors, including changing consumer lifestyles, an increase in disposable income, the influence of brand prestige and image, the impact of social media on consumer choices, and the globalization of beauty standards. These factors collectively contributed to the growth of the luxury skincare industry during the specified timeframe.
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 anticipated growth in the forecast period can be attributed to several factors, including a continued emphasis on self-care, the rapid expansion of e-commerce, a heightened focus on sustainability, the increasing aging population contributing to the demand for anti-aging skincare solutions, and the adoption of more inclusive beauty standards. Major trends expected in the forecast period encompass technological advancements in skincare formulations, ongoing innovation in product formulations, the continued dominance of e-commerce and digital transformation in the industry, the integration of advanced technology and innovation in skincare products, and a heightened focus on wellness and holistic skincare approaches.
The expanding e-commerce industry is anticipated to drive the growth of the luxury skincare market. E-commerce involves the online buying and selling of goods and services, providing customers with the flexibility to shop anytime and anywhere. This online platform enhances the reach of luxury skincare brands and enables them to gather data on customer preferences and browsing behavior. For example, in August 2023, the United States Census Bureau reported that in the second quarter of 2023, e-commerce estimates increased by 7.5%, compared to the same period in 2022. Online sales accounted for 15.4% of all sales in the second quarter of 2023. Hence, the growing e-commerce industry is a driving force behind the growth of the luxury skincare market.
The rising use of cosmetics is expected to further propel the growth of the luxury skincare market. Cosmetics encompass a diverse range of products applied to the body, face, hair, or nails to enhance or alter appearance. Luxury skincare is often integrated into cosmetics, offering high-end formulations enriched with premium ingredients, advanced technologies, and specialized benefits. This approach provides consumers with a pampering and effective skincare experience that aligns with the pursuit of indulgence, quality, and superior results in beauty routines. For instance, in 2021, the Soil Association reported a 15% growth in the sales of Soil Association-certified organic and natural beauty and wellbeing products in the UK, reaching approximately $170 million. Therefore, the increasing use of cosmetics is contributing to the growth of the luxury skincare market.
The high cost of products is anticipated to act as a restraint on the growth of the luxury skincare market. The elevated prices of luxury skincare products create a barrier to widespread adoption, limiting accessibility and hindering the expansion of the consumer base for premium skincare offerings. For example, in June 2023, according to the Business of Fashion, several companies are introducing luxury beauty products, such as entry-level creams and serums priced at $1,000 or more, reflecting their high cost and reduced affordability. Therefore, the high cost of products is impeding the growth of the luxury skincare market.
Leading companies in the luxury skincare market are strategically focusing on innovation and technology advancements, such as the implementation of AI Skin Advisor, to enhance their market competitiveness. AI Skin Advisor offers personalized skincare routines to customers by analyzing their skin. For instance, in January 2023, Bulldog Skincare Limited, a US-based skincare product manufacturer, launched the AI Skin Advisor. This innovative AI tool enables male users to engage in virtual skin analysis, receiving personalized skincare tips in under a minute. The tool streamlines the selection process of the best skincare products, making the skincare journey more enjoyable and approachable for men. Available for purchase on the Bulldog UK website, it was developed in collaboration with Revieve, a producer of digital brand experiences and self-diagnostic tools.
In August 2023, L'Oréal S.A., a France-based personal care company, completed the acquisition of Aesop Pty Ltd. for an undisclosed amount. With this strategic acquisition, L'Oréal aims to expand its presence in China by offering a diverse range of luxury skincare products. The acquisition positions L'Oréal to increase its footprint in China's natural beauty and high-end product space, leveraging Aesop's existing presence in approximately 400 Chinese stores. Aesop Pty Ltd. is an Australia-based luxury skincare product manufacturing company.
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.
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. The countries covered in the luxury skincare market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Luxury skincare encompasses a range of high-end, premium-quality skincare products and treatments crafted to offer consumers an exclusive and indulgent experience. These products are typically characterized by their elevated price points and are formulated to address specific skin concerns while aiming to prevent and reverse signs of aging.
The primary categories within luxury skincare include facial care and body care. Facial care pertains to a collection of skincare products tailored for the care and maintenance of facial skin. These products are designed to cater to both men and women, and various distribution channels, such as hypermarkets, supermarkets, specialty stores, online platforms, and other retail channels, are utilized to market and sell these exclusive skincare offerings.
The luxury skincare market research report is one of a series of new reports that provides luxury skincare market statistics, including luxury skincare industry global market size, regional shares, competitors with luxury skincare market share, detailed luxury skincare market segments, market trends, and opportunities, and any further data you may need to thrive in the luxury skincare industry. This luxury skincare market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The luxury skincare market consists of sales of products such as anti-aging products, moisturizers, makeup removers, night creams, and serums. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
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 anticipated growth in the forecast period can be attributed to several factors, including a continued emphasis on self-care, the rapid expansion of e-commerce, a heightened focus on sustainability, the increasing aging population contributing to the demand for anti-aging skincare solutions, and the adoption of more inclusive beauty standards. Major trends expected in the forecast period encompass technological advancements in skincare formulations, ongoing innovation in product formulations, the continued dominance of e-commerce and digital transformation in the industry, the integration of advanced technology and innovation in skincare products, and a heightened focus on wellness and holistic skincare approaches.
The expanding e-commerce industry is anticipated to drive the growth of the luxury skincare market. E-commerce involves the online buying and selling of goods and services, providing customers with the flexibility to shop anytime and anywhere. This online platform enhances the reach of luxury skincare brands and enables them to gather data on customer preferences and browsing behavior. For example, in August 2023, the United States Census Bureau reported that in the second quarter of 2023, e-commerce estimates increased by 7.5%, compared to the same period in 2022. Online sales accounted for 15.4% of all sales in the second quarter of 2023. Hence, the growing e-commerce industry is a driving force behind the growth of the luxury skincare market.
The rising use of cosmetics is expected to further propel the growth of the luxury skincare market. Cosmetics encompass a diverse range of products applied to the body, face, hair, or nails to enhance or alter appearance. Luxury skincare is often integrated into cosmetics, offering high-end formulations enriched with premium ingredients, advanced technologies, and specialized benefits. This approach provides consumers with a pampering and effective skincare experience that aligns with the pursuit of indulgence, quality, and superior results in beauty routines. For instance, in 2021, the Soil Association reported a 15% growth in the sales of Soil Association-certified organic and natural beauty and wellbeing products in the UK, reaching approximately $170 million. Therefore, the increasing use of cosmetics is contributing to the growth of the luxury skincare market.
The high cost of products is anticipated to act as a restraint on the growth of the luxury skincare market. The elevated prices of luxury skincare products create a barrier to widespread adoption, limiting accessibility and hindering the expansion of the consumer base for premium skincare offerings. For example, in June 2023, according to the Business of Fashion, several companies are introducing luxury beauty products, such as entry-level creams and serums priced at $1,000 or more, reflecting their high cost and reduced affordability. Therefore, the high cost of products is impeding the growth of the luxury skincare market.
Leading companies in the luxury skincare market are strategically focusing on innovation and technology advancements, such as the implementation of AI Skin Advisor, to enhance their market competitiveness. AI Skin Advisor offers personalized skincare routines to customers by analyzing their skin. For instance, in January 2023, Bulldog Skincare Limited, a US-based skincare product manufacturer, launched the AI Skin Advisor. This innovative AI tool enables male users to engage in virtual skin analysis, receiving personalized skincare tips in under a minute. The tool streamlines the selection process of the best skincare products, making the skincare journey more enjoyable and approachable for men. Available for purchase on the Bulldog UK website, it was developed in collaboration with Revieve, a producer of digital brand experiences and self-diagnostic tools.
In August 2023, L'Oréal S.A., a France-based personal care company, completed the acquisition of Aesop Pty Ltd. for an undisclosed amount. With this strategic acquisition, L'Oréal aims to expand its presence in China by offering a diverse range of luxury skincare products. The acquisition positions L'Oréal to increase its footprint in China's natural beauty and high-end product space, leveraging Aesop's existing presence in approximately 400 Chinese stores. Aesop Pty Ltd. is an Australia-based luxury skincare product manufacturing company.
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.
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. The countries covered in the luxury skincare market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Luxury skincare encompasses a range of high-end, premium-quality skincare products and treatments crafted to offer consumers an exclusive and indulgent experience. These products are typically characterized by their elevated price points and are formulated to address specific skin concerns while aiming to prevent and reverse signs of aging.
The primary categories within luxury skincare include facial care and body care. Facial care pertains to a collection of skincare products tailored for the care and maintenance of facial skin. These products are designed to cater to both men and women, and various distribution channels, such as hypermarkets, supermarkets, specialty stores, online platforms, and other retail channels, are utilized to market and sell these exclusive skincare offerings.
The luxury skincare market research report is one of a series of new reports that provides luxury skincare market statistics, including luxury skincare industry global market size, regional shares, competitors with luxury skincare market share, detailed luxury skincare market segments, market trends, and opportunities, and any further data you may need to thrive in the luxury skincare industry. This luxury skincare market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The luxury skincare market consists of sales of products such as anti-aging products, moisturizers, makeup removers, night creams, and serums. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Luxury Skincare Market Characteristics3. Luxury Skincare Market Trends and Strategies32. Global Luxury Skincare Market Competitive Benchmarking33. Global Luxury Skincare Market Competitive Dashboard34. Key Mergers and Acquisitions in the Luxury Skincare Market
4. Luxury Skincare Market - Macro Economic Scenario
5. Global Luxury Skincare Market Size and Growth
6. Luxury Skincare Market Segmentation
7. Luxury Skincare Market Regional and Country Analysis
8. Asia-Pacific Luxury Skincare Market
9. China Luxury Skincare Market
10. India Luxury Skincare Market
11. Japan Luxury Skincare Market
12. Australia Luxury Skincare Market
13. Indonesia Luxury Skincare Market
14. South Korea Luxury Skincare Market
15. Western Europe Luxury Skincare Market
16. UK Luxury Skincare Market
17. Germany Luxury Skincare Market
18. France Luxury Skincare Market
19. Italy Luxury Skincare Market
20. Spain Luxury Skincare Market
21. Eastern Europe Luxury Skincare Market
22. Russia Luxury Skincare Market
23. North America Luxury Skincare Market
24. USA Luxury Skincare Market
25. Canada Luxury Skincare Market
26. South America Luxury Skincare Market
27. Brazil Luxury Skincare Market
28. Middle East Luxury Skincare Market
29. Africa Luxury Skincare Market
30. Luxury Skincare Market Competitive Landscape and Company Profiles
31. Luxury Skincare Market Other Major and Innovative Companies
35. Luxury Skincare Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Luxury Skincare Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on luxury skincare market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
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- Assess the Russia - Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis
- Report will be updated with the latest data and delivered to you along with an Excel data sheet for easy data extraction and analysis.
- All data from the report will also be delivered in an excel dashboard format.
Description:
Where is the largest and fastest growing market for luxury skincare ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The luxury skincare market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) By Types: Facial Care; Body Care2) By Distribution Channel: Hypermarkets And Supermarkets; Specialty Stores; Online Stores; Other Distribution Channels.
3) By Applications: For Men; For Women
Key Companies Mentioned: Johnson & Johnson Services Inc.; Christian Dior SE; LVMH Moët Hennessy Louis Vuitton SE; Procter & Gamble Company; Unilever plc
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.
Companies Mentioned
- 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
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 175 |
| Published | March 2024 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value ( USD | $ 23.99 Billion |
| Forecasted Market Value ( USD | $ 33.14 Billion |
| Compound Annual Growth Rate | 8.4% |
| Regions Covered | Global |
| No. of Companies Mentioned | 29 |
