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Cosmetics Stores Market Key Major Players, Growth, Overview 2033
Cosmetics Stores Market Major Players
According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Technological advancement is a key trend in the cosmetic stores market. Major players in the market are focusing their efforts on creating innovative technologies to strengthen their position in the market. For instance, in November 2022, Tata Group, an India-based conglomerate company, announced the opening of 'beauty tech' stores in India. These stores would utilize digital skin testing and virtual cosmetics kiosks in beauty tech stores to entice young, affluent shoppers to purchase high-end cosmetic products. Tata intends to put technology inside the stores that will let clients virtually try on dozens of lipstick tints and obtain digital skin testing to determine what items could work best for them.
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Major Key Players of the Market:
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.
Cosmetics Stores Market 2024 Key Insights:
• The cosmetics stores market will grow to $163.32 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%.
• Rising Demand For Cosmetic Products Drives Growth In The Cosmetic Store Market
• Innovative Technologies Transforming The Cosmetic Stores Market
• North America was the largest region in the cosmetics 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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