Let’s discuss some facts about the cosmetic franchise:
According to recent reports, the cosmetic industry is likely to cross the $716 billion mark with a staggering compounded growth of 4.75% worldwide. Such a booming industry offers ample business opportunities to new entrepreneurs and startups.
According to the US market, the industry classification based on market share by revenue is 23.7% skincare, 24% hair care and styling, and 14.6% skincare.
The beauty industry and the cosmetic industry, in particular, benefitted from social media and influencer marketing. Businesses can utilize Instagram, Facebook, YouTube, among other social media channels, to attract and engage young customers.
The current industry trends show the increasing popularity of organic and natural beauty products, estimated to generate $54 billion in 2027. In addition, Gen Z and young consumers play a significant role in its growth.
Consumer trends are evolving every day. Today, beauty and personal care are as important as health and wellness. By offering products (of both the industries) side-by-side, you can further diversify your business and attract a larger audience.
Niching down can, however, improve your credibility. Owning and running a small cosmetic franchise allows you to target specific niches. For instance, you may introduce products that cater to people struggling with allergies or the vegan consumer base.
Even during challenging economic times, self-care remains in demand. It means that the makeup franchise is recession-proof and lucrative. Like any other franchise business, it has a proven system and business model with low risks. Furthermore, brands are easily recognizable, so you don’t have to overboard to market your business.
Perfume franchises are becoming increasingly popular because of the growing interest in personal care and aesthetics. This is why it is a profitable and less competitive market.
Blow Dry Bar Franchise
As haircare has the largest share in the US market, the hair salon is a lucrative industry valued at $39.5 billion. The blow-dry bar franchises are gaining popularity due to current hairstyling trends. Invest in a blow dry bar franchise for a unique business idea with a proven success rate. Offer your customers a consistent and high-quality experience to boost your revenue.