There is a dual layer of consumer demographics vying for the best of the best in personal care and cosmetics. The inclusion of luxury cosmetics and personal care products into the lives of the general urban population has only largely been possible due to the increasing disposable income among this consumer pool. Previously only aimed at the wealthy and the elite, the global luxury personal care and cosmetics market is now filling up with products that are leaning towards the urban elite and even the general population.
The market is currently lined with a massive range of products to fit nearly every price budget, and the inclusion of luxury personal care and cosmetics products into this list is a significant reflector of the economic status of key market regions. The trend of buying luxury beauty products is especially a vibrant market scenario in developed economies from North America and Europe. At the same time, players are paying a very close attention to the emerging economies, where the elite population is growing regularly and showing greater capabilities of purchasing luxury personal care and cosmetics.
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The demand for luxury personal care and cosmetics market has escalated in the past few years on account of rising purchasing power of consumers. Transition in the lifestyle of the consumers is a key element for the surge in the demand for such products, especially in the developing regions such as Asia Pacific.
Increasing penchant for a trendy lifestyle is one of the key factors responsible for the growth of the luxury personal care and cosmetics market. This is primarily attributed to the increase in the purchasing power of the consumers coupled with exposure to such kind of products. Although the share for luxury personal care and cosmetics is low at present, the same is expected to witness a steady growth during the forecast period.
Increasing foreign direct investments is one of the major factors responsible for the growth of the luxury personal care and cosmetics market at present. The major manufacturers operating in this industry are looking to penetrate potential markets for significant expansion opportunities. For instance, India recently experienced massive penetration by way of foreign direct investments.
The country recorded an investment of USD 31 billion in the first half of 2015, much higher as compared to USD 28 billion in China and USD 27 billion in U.S. during the same period. Further government has bolstered Indian luxury brands by easing norms for FDI. However, brief shelf life of the personal care and cosmetics market are restraining the global luxury personal care and cosmetics market over the years. Additionally increasing demands for organic luxury personal care and cosmetics are generating opportunities to the market during the forecast period
The global luxury personal care and cosmetics market are segmented on the basis of product type, by end use and by distribution channel. By product type the global luxury personal care and cosmetics market has been segmented into skin care and sun care products, hair care products, deodorants, fragrances, make up or color cosmetics. Sun care and skin care products are anticipated to capture the largest market share due to rising consciousness of proper skin among the population.
By end use the market has been segmented on the basis of men and women. Rise in consciousness among men regarding personal grooming are triggering the growth rate of the global luxury personal care and cosmetics market. By distribution channel the global luxury personal care and cosmetics market has been segmented into online distribution channel and offline distribution channel.
Offline distribution channel has been further segmented into super markets and hyper markets, independent stores and others. Online distribution channel are anticipated to show the fastest growth rate due to the presence of large number of brands, discounts and easy convenience for the consumers.
In the region wise study the global luxury personal care and cosmetics market has been segmented into North America, Europe, Asia Pacific, Middle East, Africa and Latin America. Europe which includes Germany, Italy, France, and Russia among the other regions are anticipated to capture the largest market share due to the rising consciousness regarding beautification among the consumers. North America which includes U.S, Canada are also anticipated to capture a significant market share after Europe.
Asia Pacific region which includes India, China, Japan and Malaysia, are anticipated to show the fastest growth rate due to increasing number of manufacturers over the years and rising research and development in order to develop new products. High level of discretionary spending, rapid urbanization, and reliance on imported products also fueled the growth rate of the Asia Pacific luxury personal care and cosmetics market.