According to the recent research report titled ‘Global Prestige Beauty Market - Analysis By Product (Skincare, Fragrance, Makeup, Haircare), Distribution Channel, By Region, By Country (2020 Edition): Market Insights, Covid-19 Impact, Competition and Forecast (2020-2025)’, available with MarketStudyReport, global prestige beauty market was valued at USD 12.65 billion in 2019 and is expected to record considerable growth during 2021-2026.
 

Increasing number of tech-savvy clients, online and offline availability of branded products, changing lifestyles, individualism, rising middle-income groups, and surging demand from millennials and Gen Z are the primary factors driving global prestige beauty market growth.
 

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Rising attention towards beauty products, increasing demand for organic or chemical-free cosmetics in order to avoid the negative consequences of ingesting lower-quality, lower-priced skincare or other makeup products is also fueling the market expansion.
 

Furthermore, there has been a fundamental and structural shift in consumer spending tendencies toward acquiring items online during the COVID-19 pandemic, with e-commerce offering unique opportunity for more women and men to learn about different brands and items. Brands, retailers, and suppliers all suffered huge financial losses as a result of the pandemic, and many businesses were forced to seek new sources of funding. However, the crisis is likely to accelerate expansion of e-commerce, thus aiding the industry to grow.
 

Based on product type, global prestige beauty market is split into skincare, makeup, fragrance, and haircare. Of these, skincare segment is anticipated to witness high demand in the coming years, with availability of premium skin care products covering diverse skin care needs, and including a wide range of acne care, oil correctors, body care, serums, moisturizers, toners, exfoliators, cleansers, facial masks, cleansing devices, and sun care products, depending on the skin type and tone.
 

As per distribution channel, the industry segmentation comprises of offline, and online. Among these, online segment is projected to grow substantially over the next five years, owing to availability of diversified products, ease of shopping, and potential offers and discount on online sales.
 

Geographically, Asia Pacific is expected to emerge as a major revenue contributor to overall market over 2020-2025, attributable to varying lifestyle, rising spending power, and advent of online platforms. Further, increased brand awareness and desire for high-quality cosmetics among millennials and young people are also adding to the regional market expansion.
 

Major player impacting worldwide prestige beauty industry trends are Louis Vuitton, Coty Inc., Shiseido Company Ltd., Isabel Marant, L'Oréal, The Estée Lauder Companies Inc., and THG (The Hut Group).