Skin Care Stores Market Global Market Report 2024

The skin care stores market has grown rapidly in recent years. It will grow from $58.97 billion in 2023 to $65.42 billion in 2024 at a compound annual growth rate (CAGR) of 10.9%. The growth observed in the historical period can be attributed to several factors, including prevailing beauty and wellness trends, heightened awareness of skin health, the endorsement of brands by celebrities, the increase in disposable income among consumers, and innovations in ingredient formulations. These elements collectively contributed to the positive trajectory experienced during the historic period.

The skin care stores market is expected to see strong growth in the next few years. It will grow to $95.65 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%. The anticipated growth in the forecast period can be attributed to several factors, including a shift towards clean and sustainable beauty practices, the integration of e-commerce and online retailing, the demand for personalized and customized skincare solutions, an emphasis on inclusive beauty and diversity representation, and the integration of health and wellness concepts. Noteworthy trends expected in the forecast period include the rise in men's skincare products, the integration of health and wellness into beauty products, global expansion and market penetration strategies, technological advancements in beauty devices, and the impact of COVID-19 on changing consumer behavior. These trends are poised to significantly influence and shape the dynamics of the skincare industry during the forecast period.

The anticipated growth in the skin care store market is expected to be propelled by the increasing awareness of personal hygiene and regular grooming. Personal hygiene involves the regular cleansing of body parts and hair with soap and water to prevent diseases, while regular grooming includes activities such as scrubbing, blow drying, and brushing that contribute to a healthy lifestyle. The preference for using skin care products to improve skin texture and enhance overall appearance aligns with the goals of maintaining personal hygiene. The growing awareness of these practices is expected to boost the demand for skin care stores. For instance, in July 2023, UNICEF reported that 3 out of 4 people globally had access to basic hygiene services in 2022, indicating a significant increase from previous years. Additionally, 75% of the world's population, or 6 billion people, had access to a basic handwashing facility with soap and water in their homes in 2022. Therefore, the rising awareness of personal hygiene and grooming is poised to fuel the growth of the skin care store market.

The growth of the skin care stores market is expected to be driven by the rising aging population. An aging population is characterized by a demographic shift with an increasing proportion of elderly individuals within a society or population. Skincare stores play a significant role by offering products, such as anti-aging creams, tailored to address skincare concerns related to aging. According to the World Health Organization in October 2022, it was projected that 1 out of every 6 individuals globally would be 60 years old or older by 2030. During this period, the proportion of the population aged 60 and over is expected to rise from 1 billion in 2020 to 1.4 billion. Furthermore, the global population of individuals aged 60 and older is anticipated to double, reaching 2.1 billion by 2050. Therefore, the rising aging population is a key driver of the skin care stores market.

Major companies in the skin care stores market are strategically focusing on developing innovative stores that offer services, particularly hyper-personalized services, to enhance the beauty retail experience and gain a competitive advantage. Hyper-personalized services involve providing customized and individualized experiences, often leveraging advanced technologies and data analytics, to meet the unique needs of each customer. For instance, in June 2023, Sephora, a US-based retailer of personal care and beauty products, introduced the Store of the Future in Shanghai. This store integrates differentiated services, exclusive brand curation, and immersive digital elements, featuring over 220 new products from 36 global beauty brands. It provides hyper-personalized services through advanced skin analysis, AI-generated makeup trends, and RFID-equipped panels, tailored to Chinese preferences.

Major companies in the skin care stores market are also investing in revolutionary platforms such as omnichannel beauty platforms to address the increasing demand for beauty and personal care products and boost their market revenues. An omnichannel beauty platform integrates various channels, both online and offline, to offer consumers a unified and consistent beauty shopping experience. In April 2023, Reliance Retail Limited, an India-based connectivity retailer, launched Tira, an omnichannel beauty platform featuring shoppable videos, blogs, tutorials, personal recommendations, and virtual try-on features. Tira stores, both online and physical, emphasize curated services and leverage beauty tech tools such as virtual try-ons and skin analyzers to create personalized looks.

In July 2022, Procter & Gamble, a US-based manufacturing firm of skincare products, acquired Tula for an undisclosed amount. This acquisition aims to support Tula's team in driving brand growth, expansion, and innovation. Tula is a US-based store that manufactures products to improve skin balance and nourish the skin for enhanced hydration. This strategic move aligns with Procter & Gamble's objective to strengthen its presence and offerings in the skincare stores market.

Major companies operating in the skin care stores market market report are L'Oréal SA, Unilever plc, The Estée Lauder Companies Inc., Shiseido Co. Ltd., Revlon Inc., Procter & Gamble Co., Coty Inc., Kao Corporation, LVMH Moët Hennessy Louis Vuitton SE, Ulta Beauty Inc., Beiersdorf AG, Amorepacific Corporation, Johnson & Johnson Services Inc., Colgate-Palmolive Company, Avon Products Inc., Mary Kay Inc., Natura & Co., Oriflame Cosmetics AG, Clarins Group, Babor Cosmetics America Corp., Deciem Beauty Group Inc., The Body Shop International Limited, Nu Skin Enterprises Inc., Rodan & Fields LLC, Tatcha LLC, Drunk Elephant LLC, Glossier Inc., Sunday Riley Modern Skincare LLC, Murad LLC, Mario Badescu Skin Care Inc., Dermalogica Inc., Kate Somerville Skincare LLC.

Asia-Pacific was the largest region in the skin care stores market in 2023. The regions covered in the skin care stores market market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the skin care stores market market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of skincare stores include facial care, lip care, and body care. Facial care products are intended to enhance facial features and come in various packaging types such as tubes, jars, and bottles. These products span different categories, including premium skincare and mass skincare products suitable for both genders, including males and females. They are distributed through various channels, including supermarkets, hypermarkets, convenience stores, pharmacies, and online platforms.

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

The skin care stores market includes revenues earned by entities by providing various store services to the customers such as skincare services, trial services, product customization, and testing of products. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

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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