New York, June 21, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Cosmetics And Personal Care Stores Global Market Report 2023” – https://www.reportlinker.com/p06464098/?utm_source=GNW
The global cosmetics and personal care stores market is expected to grow from $313.80 billion in 2022 to $342.43 billion in 2023 at a compound annual growth rate (CAGR) of 9.1%.The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The cosmetics and personal care stores market is expected to reach $458.40 billion in 2027 at a CAGR of 7.6%.
The cosmetics and personal care stores market includes revenues earned by selling makeup, oral care, and toiletries.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.
Cosmetics and personal care stores are retail establishments that sell products that are applied to areas on the exterior of the body, like the skin, nails, hair, lips, and external organs, or oral hygiene, in order to clean, protect from germs, prevent bad odor, change appearance, and keep in good condition.
Asia-Pacific was the largest region in the cosmetics and personal care stores market in 2022.Asia-Pacific is expected to be the 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 and Africa.
The main product types of cosmetics and personal care stores are skin care, hair care, color cosmetics, fragrances, and other products.Skincare products are those that are designed to be applied to the skin to cleanse, moisturize, and protect it from damage.
The various raw materials include organic and inorganic. The various distribution channels include e–commerce, direct selling, specialty stores, hypermarkets & retail chains, and others.
The demand for a healthier lifestyle and hygienic living is expected to propel the growth of the cosmetics and personal care stores market going forward.A healthier lifestyle is taking care of the body and mind by eating a balanced diet, exercising frequently, getting adequate sleep, managing stress, and engaging socially, whereas hygienic living refers to practices that promote cleanliness and good health, such as regular handwashing, face hygiene, soap and water bathing, and others.
Cosmetics and personal care stores may aid in the maintenance of a better lifestyle and sanitary living by providing a diverse choice of items that can assist consumers in keeping their bodies clean, healthy, and well-groomed. For instance, in March 2023, according to a statistical report published by Statistics Canada, a Canada-based statistical agency, in February 2022, the consumer price index for health and personal care was 134.6, and it grew to 143.0 in February 2023, reflecting a 6.2% rise. Therefore, the demand for a healthier lifestyle and hygienic living drives the cosmetics and personal care stores market.
Product innovations are a key trend gaining popularity in the cosmetics and personal care stores market.Major companies operating in the cosmetics and personal care stores market are focused on developing innovative solutions to strengthen their position in the market.
For instance, in March 2023, Walmart Inc., a US-based retail company, developed Clean Beauty, an online shopping platform that assists customers in finding beauty items produced. Additionally, many beauty brands sold at Walmart are exploring more sustainable packaging alternatives, assessing their carbon footprint, and adopting cruelty-free and ethical standards. The uniqueness of this platform is that they make products without certain ingredients mentioned on a “Made Without List” that Walmart produced in collaboration with state and federal regulators, suppliers, and experts, including the Environmental Defense Fund (EDF).
In July 2021, iMedia, a Malaysia-based digital media company acquired Lovelife Technologies Sdn Bhd, the owner and operator of beauty e-commerce platform and marketing company, Favful for an undisclosed amount.Through this acquisition, iMedia expands its portfolio in e-commerce platforms and aims to expand Favful’s community to become a fully integrated digital platform in the media, commerce, and influencer marketing business.
Lovelife Technologies is a Malaysia-based beauty advisory service company operating an online beauty store Favful.
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.
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.
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.
Read the full report: https://www.reportlinker.com/p06464098/?utm_source=GNW
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