Overview and Scope
Cosmetic stores also known as beauty stores or beauty supply stores refer to specialty retail stores that are involved in the selling and displaying of cosmetics products. Cosmetics products are any preparation that intends to apply to skin and other body parts to improve their appearance and make them more appealing it includes skincare, haircare, oral care, sun care, decorative cosmetics, body care, and perfumes.
Sizing and Forecast
The cosmetics stores market size has grown strongly in recent years. It will grow from $115.03 billion in 2023 to $123.92 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to changing beauty trends, social and cultural influences, economic conditions, marketing and branding strategies, e-commerce growth..
The cosmetics stores market size is expected to see strong growth in the next few years. It will grow to $163.32 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to sustainability and ethical consumerism, digital marketing and online presence, personalization and customization, innovations in beauty products, wellness and self-care trends.. Major trends in the forecast period include inclusive beauty, wellness and beauty integration, pop-up stores and limited editions, social media influencer collaborations, contactless shopping experiences, subscription services..
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Segmentation & Regional Insights
The cosmetics stores market covered in this report is segmented –
1) By Product: Skin Care, Hair Care, Makeup, Fragrance, Other Products
2) By Price Range: Premium, Economy
3) By Gender: Men, Women, Unisex
4) By Distribution Channel: Offline, Online
North America was the largest region in the cosmetics stores market in 2023. Asia-Pacific is expected to be the fastest-growing region in the cosmetic stores market report during the forecast period. The regions covered in the cosmetics 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
Increasing demand for cosmetic products is expected to propel the cosmetic store market going forward. Cosmetic products refer to any preparation that intends to be applied to the skin and other body parts to improve their appearance and make them more appealing. The demand for cosmetic products is mainly driven by the growing awareness of personal hygiene and skin health, the availability of a wide range of affordable and effective cosmetic products, increasing disposable income, and others. Most individuals prefer buying cosmetic and beauty care products from cosmetic stores due to the availability of personalized products, high in-store experiences, higher discount rates, and convenience in buying and product placement which has driven the cosmetic stores. For instance, in 2021, according to the annual report published by L’Oréal S.A, a France-based cosmetic and personal care company, the global cosmetic market is estimated at approximately $248.61 million (Euros 228 million) with a growth of around 8% as compared to its previous year. Therefore, increasing demand for cosmetic products is anticipated to fuel the cosmetic stores market.
Key Industry Players
Major companies operating in the cosmetics stores market are focused on adopting strategic partnerships to expand their product line-up and gain a competitive edge in the market. Such collaborations by key players enhance their growth, expand their brand visibility, and offer diverse products to consumers. These partnerships have been instrumental in increasing brand visibility, accessing new customer groups, and expanding into new territories. For instance, in May 2023, Elizabeth Arden Inc., a US-based cosmetics, skin care, and fragrance company, in partnership with Obsess, a US-based experiential e-commerce platform, launched a virtual store that enables browsing, gameplay, and shopping. With the interactive elements of the new virtual store, users may play games and take quizzes to learn about skin care products and regimens, collect tokens as they browse the site in order to win prizes, and immerse themselves in historical pictures that chronicle the narrative of the company and its founder. The solution is an augmented reality (AR) or virtual reality (VR) experience that allows shoppers to feel like they’re browsing in a store.
The cosmetics stores market report table of contents includes:
1. Executive Summary
2. Cosmetics Stores Market Characteristics
3. Cosmetics Stores Market Trends And Strategies
4. Cosmetics Stores Market – Macro Economic Scenario
5. Global Cosmetics Stores Market Size and Growth
…
31. Global Cosmetics Stores Market Competitive Benchmarking
32. Global Cosmetics Stores Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Cosmetics Stores Market
34. Cosmetics Stores Market Future Outlook and Potential Analysis
35. Appendix
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