SAN FRANCISCO, Aug. 7, 2024 /PRNewswire/ -- The retail industry
globally is witnessing a significant shift in consumer behavior,
resulting in innovations by market participants. According to
reports published by Grand View Research, the market is
experiencing a heightened demand for consumable products. Increased
personal care product sales, such as cosmetics, are expected to be
key factors driving growth. In addition, the growing demand for
luxury products such as footwear, apparel, and watches is expected
to augment market growth further. Major retail companies have been
customizing consumer experiences in these areas to maximize product
penetration.
Some of the key markets influencing the shape of the overall
industry include:
The global athleisure market size was USD 358.07 billion in 2023 and is projected to
grow at a CAGR of 9.3% from 2024 to 2030. The growing enthusiasm
for sports and outdoor recreational activities among the young
population is expected to drive the demand for athleisure. A key
factor contributing to this trend is the increasing awareness of
fitness and health, boosting the need for comfortable and stylish
clothing.
Cashmere clothing market size was USD 2.80 billion in 2023 globally and is expected
to grow at a CAGR of 6.2% from 2024 to 2030. Cashmere clothing has
gained significant traction globally, becoming synonymous with
luxury, comfort, and style.
Global cosmetics market size was USD 295.95 billion in 2023 and is expected to
grow at a CAGR of 6.1% from 2024 to 2030. One of the primary
factors driving market expansion is the increasing awareness among
consumers about enhancing their personal appearance.
False eyelashes market size was USD 1.62 billion in 2021 globally and is expected
to register a compound annual growth rate (CAGR) of 6.2% from 2022
to 2030. The growing trend of enhancing beauty through makeup,
cosmetics, and beauty products is driving the market's growth.
The global fitness equipment market size was
USD 16.04 billion in 2022 and is
expected to grow at a compound annual growth rate (CAGR) of 5.3%
from 2023 to 2030. The global market has experienced significant
growth in recent years due to the rising health consciousness among
individuals, growing awareness about the importance of regular
exercise for overall well-being, and rising disposable incomes.
Foot orthotic insoles market size was USD 3.36 billion in 2022 globally and is expected
to grow at a compound annual growth rate (CAGR) of 7.0% from 2023
to 2030. The rising geriatric population and a high incidence of
diabetes and plantar fasciitis are fueling the growth.
Hangover cure products market size was USD 2.34 billion in 2023 and is expected to grow
at a compound annual growth rate (CAGR) of 14.9% from 2024 to 2030.
The increasing consumption of alcohol across the world is one of
the key factors fueling the demand for hangover cure products over
the forecast period.
The global luxury footwear market size was
USD 35.72 billion in 2023 and is
expected to grow at a compound annual growth rate (CAGR) of 7.0%
from 2024 to 2030. The market is driven by an increasing number of
millionaires worldwide, especially among the millennial
demographic.
Luxury watch market size was USD 42.21 billion in 2022 globally and is
expected to grow at a compound annual growth rate (CAGR) of 5.0%
from 2023 to 2030. The growing inclination to use luxury watches as
a status sign amongst adults is an important factor driving the
industry. New product launches by key players, such as Titan,
Sonata, and Rolex, are anticipated to have a positive impact on the
industry growth.
The global medical footwear market size was
USD 8.30 billion in 2019 and is
expected to grow at a compound annual growth rate (CAGR) of 5.7%
from 2020 to 2027. The rising number of foot-related issues, such
as plantar fasciitis, bunions, arthritis, foot and ankle injuries,
corns, and flat feet, on account of poorly fitting shoes, is a key
factor driving the market.
Nail polish market size was USD 16.23 billion in 2023 globally and is
expected to grow at a compound annual growth rate (CAGR) of 6.9%
from 2024 to 2030. One of the primary factors driving market
expansion is the growing interest in nail art and care products
among consumers, especially millennials. Additionally, nail art
& extensions are becoming an integral part of grooming among
the millennials.
Global self-tanning products market size was USD 877.0 million in 2021 and is expected to grow
at a compound annual growth rate (CAGR) of 4.5% from 2022 to 2030.
Self-tanning products have become increasingly prevalent as
consumers have become aware of the health and long-term aesthetic
effects of excessive sun exposure.
Shea butter market size was USD 2.17 billion in 2022 globally and is expected
to grow at a compound annual growth rate (CAGR) of 7.1% from 2023
to 2030. Increasing demand for cocoa butter substitutes and rising
consumption of cocoa and bakery products are expected to drive the
growth of the market over the forecast period.
Global skin lightening products market size was
USD 9.96 billion in 2021 and is
expected to expand at a compound annual growth rate (CAGR) of 5.5%
from 2022 to 2030. Skin lightening products provide various
benefits, such as reducing pigmentation, lightening discoloration,
promoting even skin tone, and eliminating blemishes. The rising
inclination of consumers toward a specific solution to different
skin problems, such as age spot or acne spot reduction, has
increased the adoption of various skin lighteners in the
market.
Sports equipment market size was USD 331.4 billion in 2021 globally and is
expected to expand at a compound annual growth rate (CAGR) of 6.4%
from 2022 to 2030. Continuous innovations and rapid technological
advancements to keep pace with dynamic consumer preferences are
driving the growth of the market. The increasing awareness about
the benefits of a healthy lifestyle and the importance of sports
and fitness activities is further stimulating the demand for such
equipment.
Global sportswear market size was USD 335.92 billion in 2023 and is expected to
grow at a compound annual growth rate (CAGR) of 9.9% from 2024 to
2030. Increasing awareness about leading a healthy lifestyle and
the health benefits of fitness activities, such as swimming, yoga,
running, and aerobics, are expected to drive the market.
The global baby care products
market size was USD 18.17
billion in 2020 and is expected to expand at a compound
annual growth rate (CAGR) of 4.3% from 2021 to 2028. The market has
been witnessing rapid growth as consumer preferences are shifting
towards high-quality, utility-driven, and premium baby
products.
Wet shave market size was USD
11.2 billion in 2018 globally and is estimated to progress
at a CAGR of 9.5% from 2019 to 2025 owing to an increasing number
of people becoming a part of corporate culture and giving
importance to personal grooming. The market is anticipated to be
driven by increasing spending on personal care products and
continuous innovations with regard to wet shave products.
About Grand View Research
Grand View Research, U.S.-based market research and consulting
company, provides syndicated as well as customized research reports
and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425
analysts and consultants, adding more than 1200 market research
reports to its vast database each year. These reports offer
in-depth analysis on 46 industries across 25 major countries
worldwide. With the help of an interactive market intelligence
platform, Grand View Research Helps Fortune 500 companies and
renowned academic institutes understand the global and regional
business environment and gauge the opportunities that lie
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