By 2025, Amazon is predicted to surpass Walmart Inc. as the largest U.S. beauty retailer, according to an article from business and markets news company Bloomberg.
Amazon will make up about 14.5% of a market that could hit $180 billion in value by 2025, followed by Walmart at about 13%, the article reports.
Beauty retailers such as Sephora and Ulta have been slowly taking away shares from grocery retailers, who lead the U.S. beauty market with about 29% of the category.
Amazon isn't the only company trying to get into the beauty world. Rite Aid also announced an expansion of its beauty selection with a focus on clean and healthy beauty products.
Bloomberg also said that by 2025, Amazon is set to have about 46.5% of the shares in the ecommerce market. This growth doesn’t come without some challenges as last year Amazon lost almost half of its share value due to routs, which ravaged technology and growth stocks but have now risen to 50%.
In comparison to Walmart, Amazon gained 0.6% on Tuesday whereas Walmart lost less than 1%. Walmart shares have been growing at a steadier curve over the last five years with stocks up 9.3% in 2023.