Luxury Skincare Global Market Report 2024

The luxury skincare market size has grown strongly in recent years. It will grow from $21.84 billion in 2023 to $23.99 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth observed in the historical period can be attributed to several factors, including changing consumer lifestyles, an increase in disposable income, the influence of brand prestige and image, the impact of social media on consumer choices, and the globalization of beauty standards. These factors collectively contributed to the growth of the luxury skincare industry during the specified timeframe.

The luxury skincare market size is expected to see strong growth in the next few years. It will grow to $33.14 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The anticipated growth in the forecast period can be attributed to several factors, including a continued emphasis on self-care, the rapid expansion of e-commerce, a heightened focus on sustainability, the increasing aging population contributing to the demand for anti-aging skincare solutions, and the adoption of more inclusive beauty standards. Major trends expected in the forecast period encompass technological advancements in skincare formulations, ongoing innovation in product formulations, the continued dominance of e-commerce and digital transformation in the industry, the integration of advanced technology and innovation in skincare products, and a heightened focus on wellness and holistic skincare approaches.

The expanding e-commerce industry is anticipated to drive the growth of the luxury skincare market. E-commerce involves the online buying and selling of goods and services, providing customers with the flexibility to shop anytime and anywhere. This online platform enhances the reach of luxury skincare brands and enables them to gather data on customer preferences and browsing behavior. For example, in August 2023, the United States Census Bureau reported that in the second quarter of 2023, e-commerce estimates increased by 7.5%, compared to the same period in 2022. Online sales accounted for 15.4% of all sales in the second quarter of 2023. Hence, the growing e-commerce industry is a driving force behind the growth of the luxury skincare market.

The rising use of cosmetics is expected to further propel the growth of the luxury skincare market. Cosmetics encompass a diverse range of products applied to the body, face, hair, or nails to enhance or alter appearance. Luxury skincare is often integrated into cosmetics, offering high-end formulations enriched with premium ingredients, advanced technologies, and specialized benefits. This approach provides consumers with a pampering and effective skincare experience that aligns with the pursuit of indulgence, quality, and superior results in beauty routines. For instance, in 2021, the Soil Association reported a 15% growth in the sales of Soil Association-certified organic and natural beauty and wellbeing products in the UK, reaching approximately $170 million. Therefore, the increasing use of cosmetics is contributing to the growth of the luxury skincare market.

The high cost of products is anticipated to act as a restraint on the growth of the luxury skincare market. The elevated prices of luxury skincare products create a barrier to widespread adoption, limiting accessibility and hindering the expansion of the consumer base for premium skincare offerings. For example, in June 2023, according to the Business of Fashion, several companies are introducing luxury beauty products, such as entry-level creams and serums priced at $1,000 or more, reflecting their high cost and reduced affordability. Therefore, the high cost of products is impeding the growth of the luxury skincare market.

Leading companies in the luxury skincare market are strategically focusing on innovation and technology advancements, such as the implementation of AI Skin Advisor, to enhance their market competitiveness. AI Skin Advisor offers personalized skincare routines to customers by analyzing their skin. For instance, in January 2023, Bulldog Skincare Limited, a US-based skincare product manufacturer, launched the AI Skin Advisor. This innovative AI tool enables male users to engage in virtual skin analysis, receiving personalized skincare tips in under a minute. The tool streamlines the selection process of the best skincare products, making the skincare journey more enjoyable and approachable for men. Available for purchase on the Bulldog UK website, it was developed in collaboration with Revieve, a producer of digital brand experiences and self-diagnostic tools.

In August 2023, L'Oréal S.A., a France-based personal care company, completed the acquisition of Aesop Pty Ltd. for an undisclosed amount. With this strategic acquisition, L'Oréal aims to expand its presence in China by offering a diverse range of luxury skincare products. The acquisition positions L'Oréal to increase its footprint in China's natural beauty and high-end product space, leveraging Aesop's existing presence in approximately 400 Chinese stores. Aesop Pty Ltd. is an Australia-based luxury skincare product manufacturing company.

Major companies operating in the luxury skincare market report are Johnson & Johnson Services Inc., Christian Dior SE, LVMH Moët Hennessy Louis Vuitton SE, Procter & Gamble Company, Unilever PLC, L'Oréal S.A., Henkel AG & Co. KGaA, Colgate-Palmolive Company, The Estée Lauder Companies Inc., Chanel S.A., Kao Corporation, Shiseido Co. Ltd., Coty Inc., Valmont Group, Amorepacific Corporation, Mary Kay Inc., Avon Products Inc., Kose Corporation, Revlon Inc., Beiersdorf AG, Sisley S.A., Guerlain S.A., Augustinus Bader GmbH & Co. KG, Lancôme Paris, Tatcha LLC, Tata Harper Skincare, Natura Bissé International S.A., Natura & Co., Sunday Riley Modern Skincare LLC.

North America was the largest region in the luxury skincare market in 2023. The regions covered in the luxury skincare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the luxury skincare market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Luxury skincare encompasses a range of high-end, premium-quality skincare products and treatments crafted to offer consumers an exclusive and indulgent experience. These products are typically characterized by their elevated price points and are formulated to address specific skin concerns while aiming to prevent and reverse signs of aging.

The primary categories within luxury skincare include facial care and body care. Facial care pertains to a collection of skincare products tailored for the care and maintenance of facial skin. These products are designed to cater to both men and women, and various distribution channels, such as hypermarkets, supermarkets, specialty stores, online platforms, and other retail channels, are utilized to market and sell these exclusive skincare offerings.

The luxury skincare market research report is one of a series of new reports that provides luxury skincare market statistics, including luxury skincare industry global market size, regional shares, competitors with luxury skincare market share, detailed luxury skincare market segments, market trends, and opportunities, and any further data you may need to thrive in the luxury skincare industry. This luxury skincare market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The luxury skincare market consists of sales of products such as anti-aging products, moisturizers, makeup removers, night creams, and serums. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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