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Skin Care Stores Market Demand, Share And Overview 2024-2033
Skin Care Stores Market Demand
According to The Business Research Company's, The skin care stores market size 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 in the historic period can be attributed to beauty and wellness trends, increased awareness of skin health, celebrity-endorsed brands, rising disposable income, innovations in ingredient formulations..
The skin care stores market size 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 growth in the forecast period can be attributed to shift towards clean and sustainable beauty, e-commerce and online retailing integration, personalized and customized skincare solutions, inclusive beauty and diversity representation, health and wellness integration.. Major trends in the forecast period include rise in men's skincare products, health and wellness integration, global expansion and market penetration, technological advancements in beauty devices, covid-19 impact and changing consumer behavior..
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Market Drivers and Trends:
The growing awareness of personal hygiene and regular grooming is expected to propel the growth of the skin care store market going forward. Personal hygiene refers to regularly washing parts of the body and hair with soap and water to prevent any diseases, whereas regular grooming refers to scrubbing, blow drying, and brushing which helps to maintain a healthy lifestyle. People are preferring to use skin care products as it helps to improve the skin texture and enhances the overall appearance and maintain personal hygiene. Hence, the growing awareness of personal hygiene and regular grooming will increase the demand for skin care stores. For instance, in July 2023, according to United Nations International Children's Emergency Fund (UNICEF), a US-based agency of the United Nations, 3 out of 4 people globally had access to basic hygiene services in 2022, which has increased significantly from the past years. Furthermore, the population with access to a basic handwashing facility with soap and water in their homes was 6 billion (75%) of the world's population in 2022. Therefore, increasing awareness of personal hygiene and regular grooming will fuel the skin care store's market growth.
Major companies in the skin care stores market are focused on developing innovative stores that provide services, such as hyper-personalized services, to elevate the beauty retail experience and gain a competitive edge in the market. Hyper-personalized services refer to customized and individualized experiences, often leveraging advanced technologies and data analytics, to meet the specific and unique needs of each customer. For instance, in June 2023, Sephora, a US-based retailer of personal care and beauty products, launched Store of the Future in Shanghai. This store integrates differentiated services, exclusive brand curation, and immersive digital elements. Tailored to Chinese preferences, this store features over 220 new products from 36 global beauty brands, including renowned names such as Tatcha, Pat McGrath Labs, and Hourglass. This store offers hyper-personalized services through advanced skin analysis, AI-generated makeup trends, and RFID-equipped panels.
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Major Key Players of the Market:
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
Skin Care Stores Market 2024 Key Insights:
• The skin care stores market will grow to $95.65 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%.
• Rising Awareness Of Personal Hygiene And Grooming Driving Growth In The Skin Care Store Market
• Innovative Store To Elevate Beauty Retail Experience
• Asia-Pacific was the largest region in the skin care stores market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide."
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