AI In Beauty And Cosmetics Market Growth Trajectory Through 2024-2033

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The AI In Beauty And Cosmetics Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s AI In Beauty And Cosmetics Global Market Report 2024, The AI in beauty and cosmetics market size has grown exponentially in recent years. It will grow from $3.27 billion in 2023 to $3.97 billion in 2024 at a compound annual growth rate (CAGR) of 21.5%. The growth in the historic period can be attributed to personalized beauty recommendation, skin analysis and diagnostics, virtual makeup artists, social media influences, enhanced customer engagement.

The AI in beauty and cosmetics market size is expected to see rapid growth in the next few years. It will grow to $8.1 billion in 2028 at a compound annual growth rate (CAGR) of 19.5%. The growth in the forecast period can be attributed to AI in product formulation, ai-generated content creation, AI in augmented reality (AR) shopping, smart beauty devices, data-driven personalization, AI in sustainability practices. Major trends in the forecast period include color-matching technologies, virtual try-on technologies, personalized beauty recommendations, chatbots for customer support, AR-based beauty content creation.

The growing demand for personalized beauty and cosmetic products is expected to propel the growth of AI in the beauty and cosmetics market going forward. Personalized beauty and cosmetic products are customized to each customer’s unique needs and tastes, including ingredients, textures, perfumes, and packaging. AI is significant in generating personalized beauty and cosmetic experiences by utilizing data analysis, picture recognition, formulation optimization, and virtual try-on technologies. For instance, in April 2023, according to statistics sourced from Euromonitor International 2023 published on the official website of the International Trade Administration, U.S. Department of Commerce, beauty and personal care sales in China hit $88 billion in 2021, a 10% increase over the previous year. Therefore, the growing demand for personalized beauty and cosmetic products is driving the growth of AI in the beauty and cosmetics market.

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The AI in beauty and cosmetics market covered in this report is segmented –

1) By Type: Personalized Recommendation Tools, Performance Marketing Measurement Platforms, Demand Forecasting And Supply Chain Tools, Real-Time Customer Service Platforms, AI-Based Beauty Devices

2) By Distribution Channel: Specialist Retail Stores, Supermarkets And Hypermarkets, Convenience Stores, Pharmacies, Drug Stores, Online Retail, Other Distribution Channels

3) By End-User: Skincare, Haircare, Make-up, Fragrances, Other End-Users

Major companies in the AI in beauty and cosmetics market are focused on developing AI-powered technology, such as virtual try-on technology, to elevate the beauty shopping experience and maximize their profits in the market. Virtual try-on technology is a digital tool that employs augmented reality (AR) to simulate the appearance of products, allowing users to preview and experience them virtually before making a purchase. For instance, in December 2021, Nykaa, an India-based e-commerce beauty company, with L’Oreal, a France-based cosmetics company, launched the ModiFace, the AI-powered virtual try-on technology. The technology, available on Nykaa’s website and mobile app, provides photo-realistic results and shade calibration for makeup enthusiasts. Using an advanced face tracker algorithm, it automatically simulates each shade through Augmented Reality (AR), providing a real-time, true-to-life view of the products based on AI analysis of information from makeup brands and social media.

The ai in beauty and cosmetics market report table of contents includes: