The LAMEA Luxury Cosmetics Market would witness market growth of 7.1% CAGR during the forecast period (2019-2025). The advent of internet has expanded the e-commerce industry, which has further prompted the scaling of luxury cosmetics market on online platforms. This can be attributed to the convenience, global reach, and a wide choice spectrum available simultaneously. A prominent factor that has given a setback to the industry, despite its rooted demand is existence of counterfeit products. A new trend emerging in the industry is 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.
The growing online retail and an emerging demand for organic personal care and cosmetic products show a strong potential for the market growth over the years to come. Multiple factors lie taxation and import duties might also obstruct the growth. And to overshadow such factors, new trends like halal cosmetics demand could boost the market for luxury cosmetics.
The urbanization is broadening rapidly, and so is the disposable income in growing economies. In par with this trend, the demand for natural & organic cosmetics is rising remarkably with a surge in online retail. These are significant factors that have boosted the growth of the luxury cosmetics market across the globe.
The industry players emphasize on the prevalent factors that have constantly contributed towards an increase in the adoption of luxury cosmetics. These include growth in upper-middle-class population, increased consumer interest in distinct and premium products, rising online beauty expenditure, and spreading out of the social network.
In the end-user segment, specialty and monobrand stores have the largest market share among all channels, as customers who buy luxury goods appreciate personal service and advice. Specialty stores give useful advice to clients, after-sales services, deals, sales and other similar strategies that make them extremely regarded by consumers. However, because of the ease of purchasing and comfort, e-commerce is the fastest-growing distribution channel.
The Luxury Cosmetics market report has segmented the market on the basis of type, product type, end-user, distribution channel, and region. Organic and conventional products are covered in the type segment. The product type segment comprises skincare, makeup, haircare, and fragrances. On the basis of end-user, the market is categorized into males and females. The distribution channel segment includes e-commerce, specialty/mono-brand stores, supermarket/hypermarket, and others. The regional market is studied across Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria and Rest of LAMEA.
The major market players expanding their reach in the LAMEA 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. The market players are adopting progressive strategies to leverage the opportunities of the market. Companies are focusing on innovative strategies to compete in the market space.
Market Segmentation:
By Type
By Product Type
By Distribution Channel
By End User
By Country
Companies Profiled
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