LONDON, June 07, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company's Specialty Consumer Products Market Report 2023, the market will grow from $298.9 billion in 2022 to $315.9 billion in 2023 at a compound annual growth rate (CAGR) of more than 5%. Further, the market will reach $386.7 billion in 2027 at a CAGR of more than 5%. North America was the largest region in the specialty consumer products market in 2022.
The demand for personal luxury goods is expected to propel the growth of the specialty consumer products industry going forward. Personal luxury goods are considered to be elite and the most coveted within a group or culture, where higher-income individuals generally purchase them to display their affluence and gain social esteem. Social media and self-image creation have dramatically influenced people to become the most influential luxury consumer group worldwide and attracted them to spend on specialty consumer goods to curate their self-images and portray their social status.
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Major specialty consumer products companies are Chanel SA, Ralph Lauren Corporation, Creed Boutique LLC, Floris London, Gianni Versace SRL, L&L Luxury Company Ltd., Phoenix Fragrances Ltd., Burberry Group Plc., L'Oréal Group, and Louis Vuitton.
Product innovations are a key trend gaining popularity in the specialty consumer products market. Leading companies operating in the specialty consumer products market are focused on developing innovative products to strengthen their position in the market.
For instance, Aeir, a US-based company operating in luxury consumer goods such as perfumes, launched Extrait Molecular de Parfum, a next-generation clean perfume. Extrait molecular de parfum is prepared using bio-engineered formulas to replicate natural fragrances, which minimize the use and extraction of botanicals to provide an affordable luxury product.
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The global specialty consumer products market is segmented as -
1) By Price: $50 - $100, $100 - $200, Above $200
2) By Distribution Channel: Specialty Stores, Online Stores
3) By End-User: Male, Female, Unisex
The specialty consumer products market report provides a comprehensive analysis of the market, highlighting its projected growth, key factors influencing the market, and notable industry trends. The report underscores the significance of personal luxury goods in driving market expansion, fueled by the desire of individuals, particularly younger generations, to showcase their affluence and social status. The report offers valuable insights and intelligence that can inform strategic decision-making, guide product development efforts, and help businesses capitalize on emerging opportunities.
Specialty Consumer Products Global Market Report 2023 by The Business Research Company provides insights on the name market size, name market segments, name market trends, drivers and restraints, major competitors' market positioning, revenues and market shares.
The Business Research Company has published over 4,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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