Luxury Makeup Market Size, Share, Growth, and Industry Growth by Type (Lipstick, Eyeshadow and Other) By Application (Below 18 Age, 18-60 Age and Above 60 Age) Regional Forecast To 2031

Updated On: 08 April 2024

Luxury Makeup Market REPORT OVERVIEW

• 

• Request a Free Sample to learn more about this report

The global luxury makeup market size is expanded rapidly in 2021 and market is expected to generate substantial revenue by 2031, exhibiting a high compound annual growth rate (CAGR) from 2021 to 2031.

The physical characteristics of people are cleaned and enhanced through cosmetics. The term "luxury makeup" refers to cosmetics that are more expensive than those found in drugstores because they are made with high-quality, organic materials.

People frequently use makeup to enhance their look, making it more attractive and confident, and to make themselves feel more beautiful. These goods come in a variety of formats, including pills, creams, lotions, gels, oils, sprays, and more. The market is expanding as a result of the introduction of multicolored, stylish, and expensive cosmetics. Due to its greater authenticity & superior efficacy to other expensive cosmetics, consumers tend to pick high-quality skincare products that have been dermatologically tested.

For the finest in personal care and cosmetics, two customer demographics are in competition. It has only been made possible in large part by the growing disposable income of the consumer pool that luxury cosmetics and personal care goods have been integrated into the life of the ordinary urban population. The worldwide luxury cosmetics business, which was formerly primarily targeted at the affluent and privileged, is now overflowing with goods made for the urban elite and even the general public.

COVID-19 Impact: Deteriorating Economic Situation to Hinder the Market During the Forecast Period

The COVID-19 pandemic has had a detrimental effect on a number of global businesses, including the market for high-end cosmetics. Business objectives have changed to liquidation strategies and inventory management while examining post-pandemic consumer habit changes as a result of the suspension of consumption and the accumulation of stocks in warehouses. Considering the discretionary nature of luxury cosmetics and the combined impact of store closures and austerity as a result of the fast- deteriorating economic situation, it was one of the most badly hit sectors by the pandemic. Moreover, companies noted a decrease in customer demand for sporty luxury cosmetics as people cut down on or put off discretionary purchases in reaction to COVID-19's effects on the economy due to rising unemployment and weaker consumer confidence.

LATEST TRENDS

"Growing Market for Premium- Based and High- Quality Products to Bolster the Market Growth"

The demand for these items is largely being driven by the growing market for premium-based, high-quality beauty and personal care products. Also, the frequent release of beauty products based on vegan components is expected to draw customers to purchase these goods, propelling market expansion. In order to meet the need of consumers for environmentally friendly beauty products, Avon Products Inc., for example, launched a cannabis plant-based "Sativa oil" line that includes items like day creams, cleansers, and hand & body lotions.

Luxury Makeup Market Segmentation

• 

• Request a Free Sample to learn more about this report

• By Type Analysis

By type, market is segmented into lipstick, eyeshadow and other. The lipstick type segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into below 18 age, 18-60 age and above 60 age. The below 18 age segments will lead the global share through 2031.

DRIVING FACTORS

"Use of Premium and High- Quality Ingredients for Production to Augment the Market Demands "

Premium and high-quality ingredients are used in the production of luxury cosmetic products, which are then sold for a premium price. The majority of these goods are cosmetics, perfumes, haircare, and skincare. Due to the high purchasing power of customers, developed areas like North America and Europe are seeing an increase in demand for these items. Yet, because skin and hair conditions are becoming more common and people have more disposable cash, emerging nations like India are also reporting an increase in demand for high-end cosmetics.

"Need for More Modern Types and Varieties of Products to Propel the Market Growth"

The need for the more modern types of high-performing color cosmetic products among fashion professionals is also projected to be driven by shifting worldwide fashion trends, supporting market expansion. Together with this, other elements like the growing urbanization rate and the income of the world's population also contribute to the demand for such goods.

RESTRAINING FACTORS

"Intense Rivalry in the Market to Challenge the Market Growth"

However significant R&D expenditures are required for a variety of high-end cosmetics products, including anti-aging cosmetics, perfumes, dental care products, and others, which is expected to slow market expansion. The expansion of the businesses of well-known organizations will also likely face difficulties due to intense rivalry from regional competitors in the industry.

Luxury Makeup Market REGIONAL INSIGHTS

• 

• Request a Free Sample to learn more about this report

"Asia Pacific’s Luxury Makeup Market to Grow Exponentially with the Forecasted Period"

Because so many various types of high-quality personal care goods, including cosmetics, bath and shower products, and others, are widely used by the population in the region, the Asia Pacific region accounts for the highest proportion.

The Proctor & Gamble Co., Puig, Alfred Dunhill Ltd., and other businesses in the cosmetics industry are expanding rapidly in nations like China and India, which is also boosting the market there. For instance, Yang Yang, a popular figure on Chinese social media, was supported by Alfred Dunhill Ltd, a British company that produces fragrance items, in December 2020 as part of its social media marketing strategy to increase its online sales of luxury cosmetics in China.

Over the forecasted period of 2020–2031, the European area is anticipated to have significant growth. This is because allied businesses in nations like Italy, the U.K., and Germany have increased their ability to produce high-end cosmetics. The market expansion in the area is also being fueled by a shift in customer preferences toward purchasing organic cosmetic products.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• L'Oreal (France)
• Estée Lauder (U.S.)
• Gucci (Italy)
• Chanel (UK.)
• Dior (France)
• Tom Ford (U.S.)
• Shiseido (Japan)
• Unilever (UK.)
• LVMH Group (France)
• P&G (U.S.)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.