Prestige Skin Care Market

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Prestige Skin Care Market Revenue Drivers, Growth
Opportunities, Value Chain Analysis and COVID-19
Impact Insights, 2028
The global prestige skin care market size
was valued at USD 23.53 billion in 2020 and is
expected to expand at a compound annual
growth rate (CAGR) of 5.8 from 2021 to
2028.

• The global Prestige Skin Care Market research
  report provides complete insights on industry
  scope, trends, regional estimates, key
  application, competitive landscape and financial
  performance of prominent players. It also
  offers ready data-driven answers to several
  industry-level questions. This study enables
  numerous opportunities for the market players to
  invest in research and development.
• Market Overview
• 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 skincare products at the
  global level. In addition, increasing brand
  recognition and growing popularity of prestige
  skincare via social media is anticipated to fuel
  the product demand.
• Prestige Skin Care Market Report Highlights
• Asia Pacific is expected to register the fastest
  CAGR of 6.3 from 2021 to 2028 owing to the
  rising demand for prestige skincare products in
  this region
• By product, 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
• The luxury cosmetics product segment will
  register the highest growth rate of 6.0 from
  2021 to 2028 due to the growing adoption of these
  products
• The offline distribution channel segment
  dominated the market with a revenue share of over
  65.0 in 2020. This can be credited to the high
  demand for prestige skin care products among
  customers due to the more sustainability offered
  by the offline channel

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Product innovations by key players will
contribute to market growth. Moreover, the
growing customer preference for prestige skincare
is a prominent trend expected to boost the market
growth. At present, key players are focusing
to provide the best skincare products.
Hence, the luxury segment is expected to
witness significant growth during the forecast
period. Click Here To Request Free Demo of
Prestige Skin Care Market https//www.millioninsi
ghts.com/snapshots/prestige-skin-care-market-repor
t Due to the Covid-19 pandemic, the sales of
prestige skincare products were dropped
drastically in various countries. For example,
according to Jon R. Moeller, Vice Chairman at
PG, the Japanese brand of prestige skincare 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 skincare
products segment accounted for the largest
revenue share of over 60.0 in 2020 owing to the
increasing demand for beauty products.
Skincare products are used to enhance the
appearance of an individual, which includes the
face and the overall body. Skincare 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 skincare 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 skincare 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
skincare 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.
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