ROCKVILLE, Md., Feb. 10, 2022 (GLOBE NEWSWIRE) -- The luxury bath and body products market revenue was estimated at US$ 14 Bn in 2021 and is predicted to grow at a compound annual growth rate of 7.5% from 2022-2032. According to a recently published Fact.MR report, the market will reach US$ 32 Bn by 2032. The market is driven by the growing consumer preference for natural or chemical-free products.
Increasing awareness regarding personal beauty and skin health amongst the millennials is significantly widening prospects for luxury bath and body products. Additionally, rising affluence is also providing a wide ground for market growth, says a Fact.MR analyst.
The luxury bath and body products market is expected to reach a global market size of US$ 15.05 Bn by the end of 2022. This market is expected to be driven by the increased use of self-care products and the demand for luxury products such as lotions, shower gels, and body washes.
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The COVID-19 pandemic forced most brick-and-mortar stores to shut down for weeks; this may slow down the market in the near term. Due to a lack of access to suitable and apt products in countries such as India, where herbal and Ayurvedic remedies are already popular. As a result, many people turned to DIY procedures and ayurvedic home remedies made of natural ingredients. Furthermore, the pandemic has also enabled many brands to establish themselves well on various digital platforms
Demand Analysis of Luxury Bath and Body Products Market Outlook 2022-2032
The global market for luxury bath and body products expanded at a compound annual growth rate of 3.8% between 2015 and 2021 according to market research and competitive intelligence provider Fact.MR. North-America was the dominant regional market during this time and held a significant share of global demand.
According to Fact.MR, the market is forecast to surge 2.1x across the 2022-2032 forecast period. The largest market share is expected to be held by North America. The changing buying habits of consumers will drive the growth of the bath and shower products market in this region.
Key Players Operating in the Luxury Bath & Body Products Market
Several large established brands and some new luxury skincare companies dominate the market. Major manufacturers hold significant market shares in major parts of Europe and North America.
- A luxury beauty brand, Omorovicza, added another product to its line of scalp care serums in March 2020. In addition to absorbing excess oil from the roots, the Scalp Reviver is said to remove product buildup, stimulate hair growth, and shield the scalp from urban stress.
- A new body cream launched by cult skin-care brand Augustinus Bader in July 2019. The company's "trigger factor" technology is designed to help guide nutrients into the skin's stem cells to stimulate renewal, and this product is meant to provide the body with the benefits. It also has Brazilian Candeia Oil as an ingredient to help the skin barrier.
- Dr. Jart+, a global skincare company with a strong presence in South Korea, was acquired by Estée Lauder Companies Inc. in December 2019. The acquisition was intended to help Estée Lauder expand its beauty care business in South Korea.
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Country-wise Analysis of Luxury Bath & Body Products Market
- In terms of geography, the global bath & body products market can be divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America
- Europe is expected to grow significantly between 2022 and 2032. Consumers are increasingly demanding luxury bath and body products made of natural and organic ingredients. A CAGR of 8.5% is predicted for the European market in forthcoming years.
- North America accounted for the largest market share, followed by Europe. The evolving buying patterns of consumers is the primary growth driver of the market in this region.
- Also, consumers in the region demand for natural and organic compositions, with scents and moisturizing properties. Furthermore, factors, such as rising penetration of e-commerce and social media, are contributing to the growth of the North American market.
Key Takeaways from the Market Study
- Global market for luxury bath and body products to be valued at over US$ 15 Bn in 2022
- The North American market is predicted to hold a 25.5% revenue share by 2022.
- Asia Pacific is expected to register the highest CAGR of 8.8% from 2022 to 2032.
- In 2022, body lotions and creams are expected to generate over 35.5% of revenue, and will remain dominant over the forecast period.
- Body oil is forecast to grow at 8.5% between 2022 and 2032, the second-fastest segment.
- The offline distribution revenue will account for over 70.5% of all revenue in 2022.
- The online distribution channel is expected to record a 10.0% CAGR between 2022 and 2032.
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Key Segments Covered in the Luxury Bath and Body Products Industry Survey
By Product
- Luxury Bath and Body Washes
- Luxury Bath and Body Lotions & Creams
- Luxury Bath and Body Oils
- Other Luxury Bath and Body Products
By Distribution Channel
- Online Luxury Bath and Body Product Sales
- Offline Luxury Bath and Body Product Sales
The study offers data-driven insights and guidance of several aspects. Some of the more notable questions are:
- What are the major recent trends that can influence the product life cycle and the RoI?
- Which regulatory trends shape corporate-level, business-level, and functional-level strategies?
- Which micromarketing initiatives of leading players will bring in investments?
- What can be the best framework and tools for PESTLE analysis?
- Which regions will witness rise in new opportunities?
- Which are the game-changing technologies being used to capture new revenue streams in the near future?
- Which operational and tactical frameworks are being adopted by various players in gaining customer loyalty?
- What is the current and expected intensity of competition the market in the near future?
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Hand Soap Market - Escalating demand for hand soap was observed in the first quarter of 2020 owing to the COVID-19 pandemic.
Body Mist Market - Growing consumer inclination towards personal grooming, along with rising use of body deodorizers to reduce or mask effects of sweating, has underpinned the growth of body mist industry.
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