New York, June 21, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Cosmetics Stores Global Market Report 2023” – https://www.reportlinker.com/p06464064/?utm_source=GNW
A.C Cosmetics, Sugar, Ulta Beauty, Natura & Co, Christian Dior SE, The Cosmetics Company Store, and Sephora.
The global cosmetics stores market is expected to grow from $107.25 billion in 2022 to $116.27 billion in 2023 at a compound annual growth rate (CAGR) of 8.4%. 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 stores market is expected to reach $151.63 billion in 2027 at a CAGR of 6.8%.
The cosmetic stores market includes revenues earned by entities by providing various store services to the customers such as makeup training, makeovers, hair 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.
Cosmetic stores also known as beauty stores or beauty supply stores refer to specialty retail stores that are involved in the selling and displaying of cosmetics products. Cosmetics products are any preparation that intends to apply to skin and other body parts to improve their appearance and make them more appealing it includes skincare, haircare, oral care, sun care, decorative cosmetics, body care, and perfumes.
North America was the largest region in the cosmetics stores market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in cosmetic stores report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main products of cosmetics stores are skin care, hair care, makeup, fragrance, and others.Skincare refers to overall hygiene, maintenance, support of skin integrity, enhancement of its appearance, and relieving skin conditions.
The various price ranges involved are premium and economy which are offered to men, women and unisex. It is distributed through the offline and online distribution channels.
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 July 2020, Amorepacific Corporation, a South Korea-based beauty and cosmetics company, installed an augmented reality (AR) mirror.The mirror takes a picture of the user’s face and analyses it, making product recommendations depending on the skin’s texture and taking care of any imperfections like pimples, wrinkles, or dark circles.
Then, customers can view an image created by a computer showing how they might appear while using a variety of foundations, blushes, eye cosmetics, and lipsticks.
In December 2021, Purplle Beauty, an India-based online shopping company operating in cosmetics acquired Faces Canada for an undisclosed amount.Through this acquisition, Purplle Beauty aims to expand its consumer offerings in a superior international makeup portfolio and intends to accelerate the company’s ambition to be a multibillion-dollar company.
Faces Canada is a Canada-based beauty brand that offers services in in-store shopping as well as online stores in different locations.
The countries covered in the cosmetic 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 cosmetics stores market research report is one of a series of new reports that provides cosmetics stores market statistics, including cosmetics stores industry global market size, regional shares, competitors with cosmetics stores market share, detailed cosmetics stores market segments, market trends, and opportunities, and any further data you may need to thrive in the cosmetics stores industry. This cosmetics stores market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06464064/?utm_source=GNW
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