Prestige Cosmetics & Fragrances - Gambia

Gambia

Highlights

Revenue in the Prestige Cosmetics & Fragrances market amounts to US$854.40k in 2024. The market is expected to grow annually by 5.24% (CAGR 2024-2029).
In global comparison, most revenue is generated United States (US$12bn in 2024).
In relation to total population figures, per person revenues of US$0.30 are generated in 2024.

Key regions:

Definition:

Prestige Cosmetics & Fragrances are comprised of Prestige Skin Care, Fragrances and Decorative Cosmetics. Skin care products constitute the bulk of sales with roughly 50 percent of all sales revenues. With a high share of licensed designer and celebrity-themed products, prestige beauty products stand out from the other luxury segments covered here due to their relative affordability.

The overall market definition is aligned with the Consumer Market Insights Beauty and Personal Care Cosmetics market, while here only the super- and ultra-premium range is considered, and hair care, oral care and personal hygiene products are excluded. Likewise, professional products produced for hair salons or cosmetic parlors are not included. Covered are only product sales and no beauty services.

Structure:

The Prestige Cosmetics & Fragrances market is divided into 3 markets:

Prestige Cosmetics including decorative cosmetics like make-up, lipsticks and gloss, eyeshadow and mascara, nail polish and similar products.
Prestige Skin Care includes skin creams and lotions for face and body care, lip care products as well as hand and foot care products.
Prestige Fragrances includes perfumes and eaux de toilette. Not included are deodorants or room scents.

Additional Information:

The shown market data are based on an analysis of the biggest luxury companies in the world. A complete list of all companies and brands covered can be found in the methodology description. Sales by smaller companies or artisanal production unaffiliated with the companies covered are not included. All data are shown at retail value, which includes markups for retail distribution and sales taxes.

An important sales driver in cosmetics, especially fragrances, are licenses from established fashion brands. Coty, for instance, holds licenses for Burberry, Calvin Klein, Gucci, Hugo Boss and Balenciaga among others, while Estée Lauder currently licenses Ermenegildo Zegna, Michael Kors, Tommy Hilfiger and Tory Burch, and L’Óréal markets cosmetics and fragrances under the Armani, Yves Saint Laurent and Valentino brands. All sales of licensed products are attributed only to the licensee to avoid double-counting of revenues.

Some of the key players are L’Óréal’s Luxe division (with brands such as Lancôme and Biotherm), Estée Lauder (Aramis, Clinique, MAC and other brands) and LVMH’s perfume and cosmetic brands (e.g. Givenchy, Benefit) as well as Coty’s Luxury and Shiseido’s Prestige divisions.

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

Data coverage:
The data encompasses B2C enterprises. Figures are based on reported company revenue data from the main players of the market. The market data presented here is based on an analysis of the financial filings of a set of market leading companies that target the luxury segments within the specified categories and only companies with a revenue from more then 150 million US-Dollars per year are considered. Smaller companies and artisanal production unaffiliated with the covered companies are not included in the data.

Modelling approach:
Market sizes are determined through a Top-Down approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use resources from the Statista platform as well as on in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. We evaluate the status quo of the market, monitor trends, and create an independent forecast regarding market developments of the global Luxury Goods industry. Since reporting standards vary widely between companies, an array of estimation techniques has been employed to harmonize the reported key performance indicators with the market definitions employed here. For example, among other indicators, the resident population of High-Net-Worth Individuals (abbreviated as HNWI, people with investible assets exceeding 1 million US-Dollars) has been used in combination the Google Trends relative search interest on each company to allocate sales geographically.

Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behaviour of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Luxury Goods market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:
The data is modelled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).

Personal luxury goods is the second-largest segment of the luxury industry after luxury cars. Encompassing luxury apparel, accessories, watches, jewelry and eyewear, the revenue of the personal luxury goods market has increased at a steady pace over the past decade, apart from the hiccup caused by the coronavirus (COVID-19) pandemic. The United States is projected to be the market leader in personal luxury goods with a revenue of about 83.3 billion U.S. dollars, followed by China. By 2028, the United States is expected to retain its position as the leading country where the personal luxury goods market generates the highest revenue worldwide. Parallel to this, American nationals make up the leading consumer group when it comes to luxury goods consumption.