TAGS: Sustainability / Natural Cosmetics Toiletries Perfumes & Fragrances
According to a new report by Grand View Research, Inc., the global luxury bath and body products market size is expected to reach USD 28.65 billion by 2030. It is expected to expand at a CAGR of 7.9% from 2022 to 2030.
Key Factors to Drive the Demand
The market is driven by the growing consumer preference for natural or chemical-free products. Millennials have radically reshaped the skincare market as they demand authenticity, a means of self-expression, and a reliance on social media.
Consumer preference for high-quality products has led to an increase in the willingness to spend a higher amount on luxury bath and body products. Thus, high-priced premium bath and body products are gaining traction in the market.
These products contain biologically active ingredients such as ferulic acid and essential oils such as baobab oil, moringa oil, and vitamins, which claim to have a physiological effect on the skin and offer both relaxing and calming benefits to the body.
The application of luxury body washes is an emerging trend as consumers are seeking high-quality and premium products that offer the benefits of aromatherapy in everyday use. Moreover, consumers prefer to pay higher prices for luxury body washes that contain signature fragrances, essential oils, and premium aromatherapy oils, which help in uplifting one’s spirits and calming the mind, offer soothing fragrance, and deliver aromatic and botanical undertones. Such benefits are likely to drive the demand for luxury body washes in the upcoming years.
The online distribution channel is expected to register the fastest CAGR from 2022 to 2030. They recorded more than 50% sales through e-commerce during the pandemic, which is encouraging beauty brands to invest in their online stores. This is anticipated to boost the growth of the online segment during the forecast period. The market is consolidated with the presence of a large number of international players and a few regional players.
Key Highlights of Report
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North America emerged as the largest regional market in 2021. The rising consumer awareness regarding health and hygiene and the increasing preference for premium sustainable products are likely to fuel the demand for luxury bath and body products in North America over the forecast period.
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By product, the body lotion and creams segment is projected to register the fastest CAGR from 2022 to 2030. Luxury body lotions and creams contain hydrating ingredients like nourishing plant oils, earth-derived butter, and humectants such as hyaluronic acid and glycerin that help in addressing skin concerns like eczema, chronic dryness, and loss of elasticity.
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The online distribution channel is expected to register the fastest growth rate during the forecast period. Online channels have been gaining popularity over the past years owing to the growing prevalence of online shopping across the globe. Consumers across the world are increasingly turning toward online shopping for luxury bath and body products due to the rising visibility of several premium brands.
Source: Grand View Research
