Overview and Scope
Beauty tech, short for beauty technology, refers to integrating and applying technological advancements in the beauty and skincare industries. This field involves using various technologies, including artificial intelligence, augmented reality, virtual reality, data analytics, and more, to enhance and revolutionize different aspects of beauty, personal care, and grooming.
Sizing and Forecast
The beauty tech market size has grown rapidly in recent years. It will grow from $59.14 billion in 2023 to $68.78 billion in 2024 at a compound annual growth rate (CAGR) of 16.3%. The growth in the historic period can be attributed to increased adoption of IoT devices, increasing investment in beauty tech startups and research, demand for sustainable and clean beauty, personalized beauty solutions, digital transformation in retail.
The beauty tech market size is expected to see rapid growth in the next few years. It will grow to $116.17 billion in 2028 at a compound annual growth rate (CAGR) of 14.0%. The growth in the forecast period can be attributed to increasing consumer awareness of clean beauty products, rise of social media and influencers, increasing prevalence of subscription beauty boxes, growth of e-commerce, globalization and market expansion. Major trends in the forecast period include artificial intelligence for ingredient discovery, innovations in beauty tech, ai-powered skin analysis and lip care, wearable beauty devices, 3d virtual makeup.
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Segmentation & Regional Insights
The beauty tech market covered in this report is segmented –
1) By Type: Acne Devices, Hair Removal Devices, Hair Growth Devices, Cleansing Devices, Oxygen Steamer Devices, Rejuvenation Devices, Other Types
2) By Portability: Handheld Device, Fixed
3) By Mode Of Operation: Electric, Battery Operated, Manual
4) Distribution Channel: Direct Sales, Retail, Online
5) By Application: Salon, Spa, Home, Other Applications
North America was the largest region in the beauty tech market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the beauty tech market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing prevalence of skin-related disorders is expected to propel the growth of the beauty tech market going forward. Skin-related disorders are medical conditions that affect the skin, including infections, inflammations, allergic reactions, autoimmune disorders, skin cancers, and genetic conditions. The prevalence of skin-related disorders is increasing due to factors such as environmental pollution, changing lifestyles, increased UV exposure, and genetic predispositions. Beauty technology is utilized in managing skin diseases by employing AI-driven applications for early detection, telemedicine platforms for virtual consultations, and customized skincare solutions, thereby improving the accessibility and efficacy of treatments. For instance, in April 2022, according to the American Academy of Dermatology Association, a US-based government organization, melanoma had affected over one million individuals in the United States, and it’s anticipated that 197,700 new cases of melanoma will be diagnosed in the United States in 2022. Among these cases, 97,920 are expected to be noninvasive (in situ), while roughly 99,780 cases are projected to be invasive. Therefore, the increasing prevalence of skin-related disorders will drive the beauty technology market.
Key Industry Players
Major companies operating in the beauty tech market are Johnson & Johnson, The Procter & Gamble Company, Unilever PLC, Panasonic Corporation, L’Oréal S.A., Henkel AG & Co., The Estée Lauder Companies Inc., Kao Corporation, Ulta Beauty Inc., Sephora USA Inc., Shiseido Co. Ltd., Dyson Limited, Coty Inc., Amorepacific Corporation, Mary Kay Inc., Avon Products Inc., Nu Skin Enterprises Inc., Revlon Inc., Beiersdorf AG, Foreo AB, Clarins, Tatcha LLC, Quasar Bio-Tech Inc., Glossier Inc., Tria Beauty Inc., Skin Inc. Pte. Ltd., Murad, NuFACE, Dennis Gross Skincare LLC, NuFACE
The beauty tech market report table of contents includes:
1. Executive Summary
2. Beauty Tech Market Characteristics
3. Beauty Tech Market Trends And Strategies
4. Beauty Tech Market – Macro Economic Scenario
5. Global Beauty Tech Market Size and Growth
……
32. Global Beauty Tech Market Competitive Benchmarking
33. Global Beauty Tech Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Beauty Tech Market
35. Beauty Tech Market Future Outlook and Potential Analysis
36. Appendix
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