Cosmetics and Personal Care Stores Global Market Report 2024

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 expansion observed during the historic period in cosmetics and personal care stores can be attributed to various factors, including evolving consumer beauty trends, economic conditions, effective marketing and branding strategies, the influential role of social media, and the expansion of retail outlets. These elements collectively contributed to the growth and development of the cosmetics and personal care retail sector during that timeframe.

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 anticipated growth in the forecast period for cosmetics and personal care stores can be attributed to the continued growth of e-commerce, the emphasis on sustainability and clean beauty practices, a focus on inclusivity and diversity, innovations in product formulations, and the impact of global beauty trends. Major trends expected during this period include the emergence of clean beauty retail spaces, the application of data-driven personalization in the beauty industry, the popularity of subscription services and beauty boxes, the adoption of green and sustainable packaging practices, and an increased focus on experiential retail and beauty services. These factors are poised to shape and influence the trajectory of the cosmetics and personal care retail sector in the upcoming forecast period.

The cosmetics and personal care stores market anticipates growth due to increasing demand for healthier lifestyles and hygienic living. Consumers' pursuit of wellness, balanced diets, exercise, stress management, and hygienic practices drive the need for products that aid in cleanliness and grooming. According to Statistics Canada's statistical report in March 2023, the consumer price index for health and personal care rose by 6.2% from February 2022 to February 2023, reflecting the escalating demand for maintaining better lifestyles and hygiene through these products.

The cosmetics and personal care stores market foresees a surge in growth propelled by the rapid expansion of digital media. The digital landscape's rapid evolution reshapes the operations of these stores, offering new avenues for marketing, sales, and customer engagement. A report by We Are Social Inc. and Hootsuite Inc. in October 2022 indicates a global increase of 190 million social media users over the past year, reaching 4.74 billion, which constitutes 59.3% of the world's population. This surge in digital media usage underlines its impact on the growth trajectory of cosmetics and personal care stores.

In the cosmetics and personal care stores market, a notable trend is the emphasis on product innovation to reinforce market position. Key market players focus on developing inventive solutions that align with evolving consumer preferences. Walmart Inc., in March 2023, introduced Clean Beauty, an online platform facilitating customers in discovering beauty products manufactured with sustainable packaging, cruelty-free, and ethical standards. This platform uniquely curates products by adhering to a 'Made Without List' that Walmart collaboratively developed with state, federal regulators, suppliers, and experts, including the Environmental Defense Fund (EDF).

Major players in the cosmetics and personal care stores market are driving innovations, exemplified by the introduction of omni-channel retail platforms, aiming to cater to larger customer bases, elevate sales, and boost overall revenue streams. An omni-channel retail platform denotes a cohesive retailing approach that seamlessly integrates various channels and touchpoints for a unified shopping experience. For instance, in March 2023, Reliance Retail, an India-based retail entity, unveiled Tira. Tira stands out by offering a diverse range of global and locally sourced brands, extending Indians access to premium products through multiple retail platforms. The Tira website is distinguished by immersive content, encompassing blogs, videos, personalized recommendations, virtual try-on features, and tutorials, presenting an extensive array of color cosmetics. A standout feature of Tira is its exclusive Fragrance Finder, a pioneering tool in India, assisting customers in discovering perfumes that resonate with their personal preferences.

In July 2021, iMedia, a Malaysia-based digital media enterprise, acquired Lovelife Technologies Sdn Bhd, the proprietor of Favful, a beauty e-commerce platform, and marketing company, for an undisclosed sum. This strategic acquisition signifies iMedia's expansion into e-commerce platforms, aiming to augment Favful's community and transform it into an all-encompassing digital platform in the realms of media, commerce, and influencer marketing. Lovelife Technologies, the Malaysian-based company, specializes in beauty advisory services and operates the online beauty store Favful.

Major companies operating in the cosmetics and personal care stores market report are Unilever plc, The Estée Lauder Companies Inc., Shiseido Co. Ltd., Revlon Inc., Procter & Gamble Co., L'Oréal S.A., Coty Inc., Kao Corporation, Sephora USA Inc., Ulta Beauty Inc., Lush Cosmetics, Bath & Body Works LLC, The Body Shop International Limited, Kiehl's LLC, MAC Cosmetics, Origins Natural Resources Inc., Aveda Corporation, Avon Products Inc., Mary Kay Inc., Amway Corporation, Nu Skin Enterprises Inc., Rodan & Fields LLC, Arbonne International LLC, Younique LLC, Beautycounter Inc., Tarte Inc., Glossier Inc., Morphe Inc., ColourPop Cosmetics, Fenty Beauty.

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

The main product types offered by cosmetics and personal care stores include skincare, hair care, color cosmetics, fragrances, and other related products. Skincare products are formulated for application to the skin, aiming to cleanse, moisturize, and protect it from potential damage. These products may utilize various raw materials, including both organic and inorganic substances. Distribution channels for these products include e-commerce platforms, direct selling, specialty stores, hypermarkets and retail chains, among others.

The cosmetic and personal care stores market research report is one of a series of new reports that provides cosmetic and personal care stores market statistics, including cosmetic and personal care stores industry global market size, regional shares, competitors with a cosmetic and personal care stores market share, detailed cosmetic and personal care stores market segments, market trends and opportunities, and any further data you may need to thrive in the cosmetic and personal care stores industry. This cosmetic and personal care 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 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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