The Global Luxury Cosmetics Market size is expected to reach $75.5 billion by 2025, rising at a market growth of 5.6% CAGR (Compound Annual Growth Rate).
This is according to a new report from ReportBuyer, which notes that luxury products and/or luxury cosmetics have conquered the market with a wide range of products that are manufactured by using organic and premium quality ingredients. These products are sold at high prices as compared to their counterpart drugstore products. Luxury cosmetics mainly cover skincare, make-up products, hair cares and fragrances.
According to ReportBuyer, the advent of the internet has expanded the e-commerce industry, which has further prompted the scaling of the luxury cosmetics market on online platforms. This can be attributed to the simultaneous availability of convenience, global reach and a wide spectrum of choice.
The report cites the existence of counterfeit products as a prominent factor that has produced a setback to the luxury cosmetics industry, despite its rooted demand.
However, it notes a new trend emerging in the industry, namely the acceptance and demand for halal cosmetics. This demand is specifically arising from the Middle Eastern countries and is expanding worldwide. It can be thus observed as an opportunity by manufacturers to grow and expand their market operations.
Industry players emphasise the prevalent factors that have consistently contributed towards an increase in the adoption of luxury cosmetics. These include growth in the upper-middle-class population, increased consumer interest in distinct and premium products, rising online beauty expenditure, and the spreading out of the social network.
The major market players expanding their reach in the global luxury cosmetics market are L'Oréal, Christian Dior, Shiseido Company, Limited, Puig, Coty Inc., Revlon, Inc., Kao Corporation, Oriflame Cosmetics AG, The Estée Lauder Companies Inc., and KOSÉ Corporation.
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