The Taxable Retail Market involves sale of cosmetic and aesthetic products through retail outlets that are subject to sales tax. These products include skincare creams, haircare treatments, injectable fillers and botox which are used to improve appearance and give younger looks. With increasing disposable incomes and focus on self-care, demand for aesthetic procedures and associated products are rising globally.
The global Taxable Retail Market is estimated to be valued at US$ 13.49 Bn in 2024 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising demand for aesthetic procedures is one of the major trends fueling the growth of the Taxable Retail Market. More people are opting for non-invasive and minimally invasive treatments like Botox injections, dermal fillers and laser hair removal to enhance their appearance. They are willing to spend more on luxury skincare and haircare products promising aesthetic benefits. This growing preference for aesthetic treatments and associated retail products is expected to significantly drive the market during the forecast period. Social media is also influencing individuals’ desire to look younger and attractive, thereby boosting the market growth over the next few years.
Strength: Taxable Retail Market enjoys high customer retention due to recurring nature of product offerings. Weakness: High dependence on few key therapeutic areas makes the market vulnerable to regulatory changes. Opportunity: Emerging markets in Asia Pacific and Latin America offer significant growth prospects due to rising healthcare expenditure. Threats: Stringent regulations and entry of alternative treatment options pose major threats.
The Global Taxable Retail Market Size is expected to witness high growth. The global Taxable Retail Market is estimated to be valued at US$ 13.49 Bn in 2024 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030.
The North America region currently dominates the global Taxable Retail Market and is expected to maintain its dominance over the forecast period. This can be attributed to high awareness levels regarding product offerings and availability of well-established healthcare infrastructure in countries like the US and Canada.
Key players: Key players operating in the Taxable Retail Market are Allergan, Novartis. These players are focusing on new product launches and acquisitions to strengthen their market presence. For instance, Allergan received FDA approval for its new drug offering in 2019, which helped boost its revenue.
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it