Cosmetics And Personal Care Stores Market Forecast 2024-2033: Projected CAGR, Key Drivers

Overview and Scope

Cosmetics and personal care stores are retail establishments that sell products that are applied to areas on the exterior of the body, like the skin, nails, hair, lips, and external organs, or oral hygiene, in order to clean, protect from germs, prevent bad odor, change appearance, and keep in good condition.

Sizing and Forecast

The cosmetics and personal care stores market size has grown strongly in recent years. It will grow from $338.18 billion in 2023 to $366.38 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to consumer beauty trends, economic conditions, marketing and branding, social media influence, retail expansion..

The cosmetics and personal care stores market size is expected to see strong growth in the next few years. It will grow to $493.11 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to e-commerce growth, sustainability and clean beauty, inclusivity and diversity, innovations in formulations, global beauty trends.. Major trends in the forecast period include clean beauty retail spaces, data-driven personalization, subscription services and beauty boxes, green and sustainable packaging, experiential retail and beauty services..

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Segmentation & Regional Insights

The cosmetics and personal care stores market covered in this report is segmented –

1) By Product: Skin Care, Hair Care, Color Cosmetics, Fragrances, Other Products
2) By Raw Materials: Organic, Inorganic
3) By Distribution Channel: E – Commerce, Direct Selling, Specialty Stores, Hypermarkets And Retail Chains, Other Distribution Channels

Asia-Pacific was the largest region in the cosmetics and personal care stores market in 2023. Asia-Pacific is expected to be the cosmetics and personal care stores market report fastest-growing region in the forecast period. The regions covered in the cosmetics and personal care stores market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth

The demand for a healthier lifestyle and hygienic living is expected to propel the growth of the cosmetics and personal care stores market going forward. A healthier lifestyle is taking care of the body and mind by eating a balanced diet, exercising frequently, getting adequate sleep, managing stress, and engaging socially, whereas hygienic living refers to practices that promote cleanliness and good health, such as regular handwashing, face hygiene, soap and water bathing, and others. Cosmetics and personal care stores may aid in the maintenance of a better lifestyle and sanitary living by providing a diverse choice of items that can assist consumers in keeping their bodies clean, healthy, and well-groomed. For instance, in March 2023, according to a statistical report published by Statistics Canada, a Canada-based statistical agency, in February 2022, the consumer price index for health and personal care was 134.6, and it grew to 143.0 in February 2023, reflecting a 6.2% rise. Therefore, the demand for a healthier lifestyle and hygienic living drives the cosmetics and personal care stores market.

Key Industry Players

Major companies operating in the cosmetics and personal care stores market are developing innovations, such as omni-channel retail platforms to meet larger customer bases, more sales, and increase revenue. An omni-channel retail platform refers to a unified and integrated approach to retailing that provides a seamless shopping experience across various channels and touchpoints. For instance, in March 2023, Reliance Retail, an India-based retail company, launched Tira. Tira distinguishes itself by offering a diverse selection of global and locally sourced brands, providing Indians access to premium products through various retail platforms. The Tira website stands out with its immersive content, including blogs, videos, personal recommendations, virtual try-on features, and tutorials, showcasing an extensive range of color cosmetics. A distinctive feature of Tira is its exclusive Fragrance Finder, a first-of-its-kind in India, assisting customers in discovering perfumes that closely align with their personal preferences.

The cosmetics and personal care stores market report table of contents includes:

1. Executive Summary

2. Cosmetics And Personal Care Stores Market Characteristics

3. Cosmetics And Personal Care Stores Market Trends And Strategies

4. Cosmetics And Personal Care Stores Market – Macro Economic Scenario

5. Global Cosmetics And Personal Care Stores Market Size and Growth
…

31. Global Cosmetics And Personal Care Stores Market Competitive Benchmarking

32. Global Cosmetics And Personal Care Stores Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Cosmetics And Personal Care Stores Market

34. Cosmetics And Personal Care Stores Market Future Outlook and Potential Analysis

35. Appendix

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