Cosmetics Stores Global Market Report 2024

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 expansion observed during the historic period in cosmetic stores can be attributed to various factors, including changing beauty trends, the influence of social and cultural factors, economic conditions, effective marketing and branding strategies, and the growth of e-commerce. These elements collectively contributed to the growth and development of the cosmetic retail sector during that timeframe.

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 anticipated growth in the forecast period for cosmetic stores can be attributed to several factors, including a growing emphasis on sustainability and ethical consumerism, the importance of digital marketing and establishing a robust online presence, a rising demand for personalization and customization of beauty products, ongoing innovations in beauty offerings, and the influence of wellness and self-care trends. Major trends expected during this period include the promotion of inclusive beauty, the integration of wellness and beauty experiences, the popularity of pop-up stores and limited editions, collaborations with social media influencers, the adoption of contactless shopping experiences, and the expansion of subscription services. These factors are poised to shape and influence the trajectory of the cosmetic retail sector in the upcoming forecast period.

The projected surge in demand for cosmetic products is set to drive the growth of the cosmetic store market in the future. Cosmetic products encompass various preparations aimed at enhancing the appearance of the skin and other body parts. Factors fueling this demand include increased awareness about personal hygiene and skin health, the availability of cost-effective and efficient cosmetic products, rising disposable income, and other related factors. Preference for purchasing cosmetic and beauty care items from specialized stores is driven by the availability of personalized products, superior in-store experiences, attractive discounts, and the convenience of purchase and product placement. In 2021, as indicated in L'Oréal S.A's annual report, the global cosmetic market was estimated at approximately $248.61 million (Euros 228 million), exhibiting an 8% growth compared to the previous year. Thus, the growing demand for cosmetic products is poised to propel the cosmetic stores market further.

Anticipated growth in the cosmetics stores market is expected due to the escalating instances of hair loss. Hair loss, also known as alopecia or baldness, signifies the loss of hair from specific regions of the body or head. Cosmetics stores offer various hair care products such as shampoos, conditioners, hair dyes, and henna, aiding in enhancing patient compliance with alopecia and scalp treatments. According to the Hair Society's March 2022 report, an estimated 35 million men and 21 million women in the US suffer from hair loss. The prevalence of hair loss starts at the age of 35, with a 40% occurrence rate in men, escalating to 70% among 80-year-old men. By the age of 60, approximately 80% of women experience hair loss. Therefore, the rising incidence of hair loss is a significant driver for the growth of cosmetics stores.

Technological advancements emerge as a pivotal trend in the cosmetic stores market. Leading market players concentrate their endeavors on developing innovative technologies to solidify their market standing. For example, in November 2022, Tata Group, a conglomerate based in India, unveiled plans for 'beauty tech' stores in the country. These stores will leverage digital skin testing and virtual cosmetics kiosks to attract young, affluent shoppers seeking high-end cosmetic products. Tata aims to integrate technology within the stores, enabling customers to virtually experiment with numerous shades of lipstick and undergo digital skin testing to identify the most suitable products.

Major players in the cosmetics stores market are strategically forging partnerships to widen their array of products and secure a competitive advantage. These collaborations among key industry participants serve to bolster their growth trajectory, amplify brand presence, and furnish consumers with a broader spectrum of products. These partnerships play a pivotal role in augmenting brand visibility, facilitating access to new customer segments, and facilitating market expansion into unexplored territories. For instance, in May 2023, Elizabeth Arden Inc., a US-based company specializing in cosmetics, skincare, and fragrances, joined forces with Obsess, a US-based experiential e-commerce platform, to unveil a virtual store. This virtual platform offers interactive features allowing users to engage in browsing, gaming, and shopping. Users can partake in games and quizzes to gain insights into skincare products, earn tokens while navigating the site for winning rewards, and immerse themselves in historical imagery depicting the company's journey and its founder. This augmented reality (AR) or virtual reality (VR) experience is designed to simulate an in-store browsing sensation for shoppers.

In December 2021, Purplle Beauty, an Indian online cosmetics retailer, executed the acquisition of Faces Canada for an undisclosed sum. This strategic move by Purplle Beauty aims to diversify its consumer offerings by incorporating a high-quality international makeup portfolio while fast-tracking its aspiration to evolve into a multibillion-dollar enterprise. Faces Canada, a Canadian beauty brand, operates both physical in-store outlets and online stores across various geographical locations. The acquisition reinforces Purplle Beauty's position in the market and strengthens its product portfolio by integrating Faces Canada's diverse makeup offerings into its business model.

Major companies operating in the cosmetics stores market report are Avon Beauty Products India Private Limited, Kao Corporation, L'Oréal S.A., Oriflame Cosmetics S.A., Revlon Inc., Shiseido Company, The Estée Lauder Companies Inc., Bluemercury Inc., Estée Lauder Companies Inc., Sugar, Ulta Beauty Inc., Natura & Co., Christian Dior SE, The Cosmetics Company Store, Sephora USA Inc., The Procter & Gamble Company, Coty Inc., Beiersdorf AG, Chanel Limited, Unilever plc, Johnson & Johnson Services Inc., Henkel AG & Co. KGaA, Amorepacific Corporation, LVMH Moët Hennessy Louis Vuitton SE, Colgate-Palmolive Company, Mary Kay Inc., Yves Rocher Spol. S R.O., Clarins Group, Elizabeth Arden Inc., Kose Corporation, Shu Uemura Cosmetics Inc., Kanebo Cosmetics Inc., SK-II, OPI Products Inc.,.

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. The countries covered in the cosmetics stores market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main products offered by cosmetic stores include skincare items, hair care products, makeup, fragrances, and various other cosmetic products. Skincare involves practices related to overall hygiene, maintenance, support of skin integrity, enhancement of its appearance, and the relief of skin conditions. Products are often categorized into premium and economy price ranges, catering to men, women, and unisex consumers. These products are distributed through both offline and online distribution channels.

The cosmetics stores market research report is one of a series of new reports that provides cosmetics stores market statistics, including cosmetics stores industry global market size, regional shares, competitors with cosmetics stores market share, detailed cosmetics stores market segments, market trends, and opportunities, and any further data you may need to thrive in the cosmetics stores industry. The cosmetics stores market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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