July 2022

The global luxury hotel market size is projected to reach USD 238.49 billion by 2028, exhibiting a CAGR of 10.4% during the forecast period. Fortune Business Insights™ diagnoses this market in its report, titled “Luxury Hotel Market, 2021-2028”, which also states that the market value stood at USD 93.43 billion in 2020.

COVID-19 to Create Widespread Instability in the Hospitality Industry

The luxury hotel market growth is expected to shrink due to the COVID-19 pandemic, with a market registering an astonishing decline of 60.82% in 2020 and reaching a value of USD 119.55 billion in 2021. One main reason for this unprecedented downturn in the hospitality industry is the steep drop in tourist activities worldwide. As per the estimations released by the UN World Tourism Organization (UNWTO), export revenues from tourist arrivals fell by approximately USD 910 billion to 1.2 trillion in 2020, potentially shrinking the global GDP by 1.5% to 2.8%. Hotels, in particular, have been the hardest hit. For example, according to the American Hotel & Lodging Association (AHLA), 71% of hotels will not survive the next six months without federal assistance and 77% will have to lay-off workers. Luxury hotel chains, such as Le Meridien, have also resorted to cost-cutting, given the new travel bans and the possibility of movement restrictions. In sum, markets associated with the travel, tourism, and hospitality industry are set to enter a period of deep financial stress on account of the coronavirus.

Fortune Business Insights™ lists out all the luxury hotel market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:

• Mandarin Oriental Hotel Group (Quarry Bay, Hong Kong)
• Accor SA (Issy-les-Moulineaux, France)
• Shangri-La Asia Limited (Quarry Bay, Hong Kong)
• Four Seasons Hotel Limited (Toronto, Canada)
• Hyatt Hotels Corporation (Chicago, U.S.)
• The Indian Hotels Company Limited (Mumbai, India)
• Kempinski Hotels S.A. (Geneva, Switzerland)
• Hilton Hotels & Resorts (McLean, U.S.)
• InterContinental Hotels Group plc (Denham, U.K.)
• Marriott International, Inc. (Maryland, U.S.)

Emergence of Eco-friendly Luxury Hotels to Accelerate the Market

The development of hotels guided by the principles of environmental sustainability has altered perceptions surrounding luxury accommodations. The increasing environmental consciousness among new-age travelers has redefined the dynamics hitherto governing the hospitality industry, leading to the construction of eco-friendly luxury hotel brands. For example, the Andaz Maui at Wailea Resort in Hawaii has been conceived to minimize waste and emissions. The resort features a solar water heater system and variable speed chillers, while in the in-room settings, the glassware is made from recycled materials along with automated temperature controls. Similarly, at the Saffire Freycinet in Tasmania, Australia, Modwood is used as a wood substitute, LED technology is extensively utilized to make the entire facility energy-efficient, and natural cycle airflow systems have also been installed. The growing popularity of such premium properties in exotic locations is set to accelerate the expansion of this market.

Highlights of the Report

This report offers a detailed analysis of the various market drivers and trends, along with a careful study of the various market restraints. Moreover, the report contains a comprehensive examination of the regional dynamics of the market, as well as an in-depth evaluation of the competitive landscape of the market. In addition to these factors, the report supplies an exhaustive assessment of all market segments.

Market Segments

Based on room type, the market has been divided into luxury, upper-upscale, and upscale. By category, the market has been segmented into chain and independent. On the basis of geography, this market has been segregated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

Regional Insights

High Spending Capacity of Travelers to Fuel the Market in North America

Backed by a high spending potential of consumers, North America is anticipated to dominate the luxury hotel market share during the forecast period. A report by the US Travel Association showed that in 2019, domestic travelers spent USD 972 billion, of which roughly 25% was spent on lodging facilities. Furthermore, expenditures on hotels and resorts of both domestic and international travelers rose by 4.1% in 2019 from 2018 levels, as per the report, indicating a strong willingness to spend on vacations by consumers. The North America market size stood at USD 30.66 billion in 2020.

In Europe, the market will enjoy a period of sustained growth as the continent is home to some most attractive tourist places on the planet. The UNWTO, for instance, observed that Europe accounted for nearly half of all tourist arrivals globally in 2018. In Asia Pacific, on the other hand, the expanding upper-middle-class and middle-class populations are pulling international luxury hotel chains to establish their presence in countries such as India, China, and Indonesia.

Competitive Landscape

Key Players to Tap Opportunities in Developing Markets

With the standard of living transforming in the emerging markets of Asia and Africa, luxury hotel brands are actively amplifying their presence and operations in these countries. Several hotel chains are coming up with new offers and creating unique economy segments and services to attract travelers and entrench their regional position.

Industry Developments:

• January 2021: Marriott International announced its plans of opening 100 new properties across Asia Pacific in 2021. The aim is to bring brands and exquisite experiences to travelers and guests in unexplored destinations in the region.
• March 2020: Luxe Collection opened its first branded property in New York City, the Luxe Life Hotel New York. To this will be added new 4- and 5-star hotels – Zeavola Resort (Thailand), Il Tornabuoni (Florence), Eurostars Magnificent Mile (Chicago), CoolRooms Atocha (Spain), and The Belmont (Dallas).

Browse Detailed Summary of Research Report:

https://www.fortunebusinessinsights.com/luxury-hotel-market-104408

The vegan cosmetics market size was USD 12.72 billion in 2020. The market is projected to grow from USD 15.87 billion in 2021 to USD 24.79 billion in 2028 at a CAGR of 6.57% during the 2021-2028 period. This vital information is presented by Fortune Business Insights™, in its report, titled, “Vegan Cosmetics Market, 2021-2028.” Factors such as veganism turning into a mainstream trend and increasing consumer base focusing on sustainability activities will increase the footprint of the market during the forecast period. Additionally, the rising rate of product renovation will boost the market growth.

COVID-19 Impact-

Supply Chain Disruptions to Hamper Market Growth During Pandemic Era

The COVID-19 pandemic caused severe economic backlash to various sectors. Production delays and disruptions in supply chains affect the market in a negative manner. Vegan cosmetics were deemed as non-essentials at the beginning of the pandemic, which created a stagnant product supply demand. The pandemic accelerated online distribution channels, which is expected to revive the market in a post-pandemic era. Sales pertaining to luxury beauty products will also see a surge due to reflecting consumer preferences and the rising prospects of luxurious beauty.

Fortune Business Insights™ lists out all the vegan cosmetics market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:

• GABRIELCOSMETICS (Washington, U.S.)
• PHB Ethical Beauty Ltd (Brighton, U.K.)
• Natur’Alley Ltd (London, Japan)
• GoNature Sp. z o.o. (Poznań, Poland)
• Seraphine Botanicals (New Jersey, U.S)
• Nutriglow Cosmetics (Uttar Pradesh, India)
• Plum (Maharashtra, India)
• Disguise Cosmetics (Maharashtra, India)
• COTY INC. (New York, U.S.)
• G&M Cosmetics (New South Wales, Australia)

Report Coverage-

The report is highly analytical and contains valuable insights into the industry by shedding light on critical aspects such as related markets, competitive landscape, and recent industry developments. Additionally, the report also sheds light on mergers & acquisitions, SWOT analysis, the regulatory scenario in critical countries, and key industry trends. The report also contains factors that are expected to affect the market in a positive/negative manner.

Drivers & Restraints-

Increasing Popularity of Plant-based Products and Rising Bans on Animal Testing to Bolster Growth

Factors such as increasing global concerns regarding production and consumption of cosmetics with synthetic ingredients and shifting consumer behavior towards plant-based substitutes will boost the vegan cosmetics market growth during the forecast period. Also, evolving vegan lifestyles among consumers from emerging economies and improving raw material procurement measures will increase the footprint of the market. Additionally, the rising ban on animal testing will further fuel the market towards extended growth.

However, the rising number of counterfeit products will limit the market growth during the forecast duration.

Segments-

On the basis of type, the market can be divided into skin care, hair care, makeup, and others.

By distribution channel, the market can be broken into e-commerce, hypermarkets/supermarkets, departmental stores, specialty stores, and others.

In terms of geography, the market can be categorized into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

Regional Insights-

Europe to Hold Market Dominance due to Immense Focus on R&D

Europe will witness the largest vegan cosmetics market share during the advent of the forecast period due to the region being the breeding ground for banning animal testing activities and rising focus toward research & development. Additionally, the rising number of scientific innovative centers in the region will increase the footprint of the market.

North America will hold a significant market share in terms of global contribution owing to the increasing popularity of natural ingredients and the rising population of working women. Also, a rising dearth of beauty clinics across the region and the presence of prominent players will fuel the growth of the market in an exponential way.

Competitive Landscape-

Product Innovation & Novel Launched to Contribute to Rocketing Market Growth

The report for vegan cosmetics is highly fragmented, with the market being divided into a regional and international overviews for a litany of product differentiation. The rising popularity of e-commerce platforms is expected to further push distributors and vendors towards a ballooned state regarding sales. For example, Plum unveiled its first exclusive standalone store in Mumbai, India. The brand further revealed its plan to locate more than 50 stores across the Indian sub-continent by 2023. The market is further plagued with an increasing number of small entrants who enter the market every year. An additional certification from the People for the Ethical Treatment of Animals (PETA) will help brands build a significant image for its consumer, further extending growth.

Industry Development-

• November 2021: CoverGirl, launched a new collection of vegan makeup essentials under its Clean Fresh label. The brand advertised its new collection to feature natural ingredients and vegan formulas extracted from aloe extract and coconut milk.

Browse Detailed Summary of Research Report:

https://www.fortunebusinessinsights.com/vegan-cosmetics-market-106594