Global Luxury Beauty Market Overview:
The cosmetics market is booming business which is a heterogeneous mixture of skin care products, hair products, deodorants and the list continues to comprise of products that are ever expanding. Rising beauty standards, urbanization, increase in disposable incomes, changing lifestyles, etc are few of the reasons that have ensured the beauty market stay at the top of the game for years now.
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The luxury or prestige beauty market constitutes of 22% of the global beauty market and is estimated to rise from USD 439 billion in 2016 to USD 530 billion by 2022, registering a CAGR of 5.0% growth. Currently, North America has over 25% market share, Western Europe has 18% and the leader is Asia Pacific with 37% market share. The high-growth in the North American regions is attributed to high-income classes of the nation while the growth in Asia Pacific, which has very low high-income classes is bolstered by the fact that these regions are focussed on natural based products, the rising urbanization and other parameters.
Therefore, Asia Pacific is expected to clock in 29% growth up to 2022. Increasing FDI is also a major booster for the luxury beauty industry globally. This enables tapping in yet to explore markets. For example, the FDI in India was around $31 billion, China around $28 billion and US around $27 billion in 2015. With FDI regulations getting easier and the luxury market becoming stronger, the numbers just keep going up. Global key players of this market are Loreal with 28% market share, Unilever with 20.5%, The Estee Lauders Company with 11.4%, and the rest among Burt’s Bees, Aubrey Organics, Oriflame, etc. There is also a recorded 24% growth in the worldwide online cosmetic sales for the luxury market. It is to be noted that the luxury beauty market contributes to 40% of the worldwide cosmetics market growth.
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Today, luxury beauty market is dominated by organics, and other cruelty-free ingredient made cosmetics. Focus on variety and expansion of existing product lines to incorporate cosmetics for various races of the world is now the strategy of companies. With men, increasing their focus on their looks, male grooming products have itself become a booming business worldwide, and is dominated by an online channel. Rihanna’s Fenty, Kylie Jenner’s Kylie are just the few big names that have successfully lifted the luxury empire to an all new level. The status symbol associated with luxury products and the growth of the social media has caused many strata of the society to indulge in the market, contrary to older times. And with luxury firms like Oriflame expanding into various price ranges, this trend has just caught on.
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