Data for the report was drawn from the Retail Market Monitor, with forecasts extended to 2023.
According to the report:
- Consumer spending on health and beauty is increasing globally, with Asia-Pacific driving most of the growth.
- North America is currently the largest region in terms of spending, accounting for 36% of global revenue. While strong growth is projected, its share will decline to 34%.
- Walgreens and CVS dominate the health & beauty sector, contributing to 64% of the top 10 specialists’ sales in 2018. The companies are also driving innovation in the health & beauty sector by introducing more in-store digital solutions and services.
- Among the top 10 health & beauty specialists, the ecommerce channel currently contributes only 1.5% of total sales. However, this is set to grow at a faster rate than store-based retail, with a CAGR through 2018-2023e of 15%, compared to 4% for store-based sales.
- Amazon and JD.com are projected to see double-digit growth in health and beauty over the next five years, resulting from a range of recent initiatives such as Amazon’s launch of a private label beauty range.
For the full report, please visit www.planetretail.net