Research Support Specialist, USA
The global prestige skin care market size is expected to reach USD 36.80 billion by 2028, according to a new report by Million Insights. It is expected to expand at a CAGR of 5.8% from 2021 to 2028. Increasing consumer focus towards personal appearance and grooming is considered to be a major factor driving the demand for prestige skin care products at the global level. In addition, increasing brand recognition and growing popularity of prestige skin care via social media are anticipated to fuel the product demand.
Product innovations by key players will contribute to the market growth. Moreover, the growing customer preference for prestige skin care is a prominent trend expected to boost the market growth. At present, key players are focusing to provide the best skin care products. Hence, the luxury segment is expected to witness significant growth during the forecast period.
Due to the Covid-19 pandemic, the sales of prestige skin care products were dropped drastically in various countries. For example, according to Jon R. Moeller, Vice Chairman at P&G, the Japanese brand of prestige skin care was declined by 10% in the third quarter year of 2020. Hence, the financial status of various cosmetic industries had been jeopardized by the outbreak of Covid-19.
The skin care products segment accounted for the largest revenue share of over 60.0% in 2020 owing to the increasing demand for beauty products. Skin care products are used to enhance the appearance of an individual, which includes the face and the overall body. Skin care products include products such as nail foundation creams, pressed powders, and other products. In addition, growing product advertisement by various popular personalities on social media has increased the demand for skin care products. Hence, the segment is estimated to witness growth over the forecast period.
The online segment is estimated to witness significant growth over the forecast period. Prestige skin care products can be purchased at a low price via online platforms. Such channels have the ability to provide various benefits such as free shipping, coupon benefits, doorstep delivery, and other offers. Moreover, the rising incidence of app-based sellers that are significantly popular is driving the segment.
North America dominated the market and accounted for a revenue share of over 40.0% in 2020 due to the high demand for prestige skin care products in the U.S and Canada. Increasing purchasing power of customers in this region is another major factor boosting the market growth. In addition, the rise in the working women population is aiding in the market growth in this region.
The report “Prestige Skin Care Market Size, Share & Trends Analysis Report By Product (Skin Care Products, Luxury Cosmetics), By Distribution Channel (Online, Offline), By Region, And Segment Forecasts, 2021 - 2028” is available now to Million Insights.
Million Insights has segmented the global prestige skincare market on the basis of product, distribution channel, and region: