Nina Jobst
Research expert covering South Korea
Prestige/luxury cosmetics market worldwide - statistics & facts
While the vast majority of people buy their cosmetics in places like drugstores and supermarkets, there is a special class of cosmetics for those who want the luxury experience when it comes to makeup and skincare. The market for luxury and prestige beauty generated revenues of about 63.3 billion U.S. dollars in 2023 and this figure is expected to grow to approximately 83 billion U.S. dollars by 2029.
A great part of the success of prestige products can be attributed to premium skincare products, which were forecast to register a value of over 27 billion U.S. dollars by the year 2029.
As of 2023, several countries recorded notable results within the prestige cosmetics and fragrances market, but the United States was without a doubt the most prominent, boasting the highest revenues worldwide.
The U.S. prestige beauty industry keeps on growing. Global forecasts also predict positive results, showing that, despite rising prices, consumers are still fond of these products. However, the recent slowdown of the industry in several countries shows how competitiveness and price hikes have become an important matter.
The U.S. market
The United States is indeed home to a 32-billion-dollar prestige beauty industry. One of the largest segments in the industry is that of prestige fragrances, which experienced a sales growth of about 12 percent in the first half of 2024. Just a year before, dollar sales growth for the U.S. prestige beauty market recorded a year-on-year increase of almost 15 percent, more than double the growth experienced in the mass beauty market.Market leaders
Luxury cosmetic brands, such as Estée Lauder and Lancôme (L'Oréal), are among some of the most valuable personal care brands in the world. Estée Lauder saw a substantial increase in sales between 2008 and 2024, growing from nearly eight billion U.S. dollars to around 16 billion U.S. dollars. About 24 percent of Estée Lauder’s revenue is generated by makeup sales, making it the largest product category for the company. Meanwhile, sales of L'Oréal’s product category Luxe have also increased over time, and the segment currently makes up one of the largest shares of the company’s consolidated sales.The U.S. prestige beauty industry keeps on growing. Global forecasts also predict positive results, showing that, despite rising prices, consumers are still fond of these products. However, the recent slowdown of the industry in several countries shows how competitiveness and price hikes have become an important matter.
