ESOMAR-certified consulting firm Future Market Insights has recently published a report on the global personalized beauty devices market for the forecast period 2021-2031. According to the study, the market is slated to expand at a CAGR of over 25.3% between 2021 and 2031. The market is expected to surpass a valuation of US$ 80.7 million by 2031-end on the back of the increasing prevalence of skin problems across the globe.
Rising cases of skin diseases such as photo-aging are increasing across the globe due to excessive pollution and worsening climate, resulting in sunburn, hair loss, acne, and other skin diseases. Furthermore, the rise in the aging population is also driving the market of personalized beauty devices.
Growing consciousness in men regarding skin issues coupled with manufacturers introducing unique technologies for age control among men will foster the sales of personalized beauty devices.
Moreover, the penetration of social media and the internet have created a conducive environment for manufacturers to market their products and reach a targeted audience, strengthening their brand value. Manufacturers are focusing on implementing technologies such as artificial intelligence and data science, facilitating the growing demand for anti-aging beauty devices among consumers.
The advent of ‘smart’ beauty devices and willingness among millennials and baby boomers to look young & attractive will drive the market demand exponentially over the coming years. The proliferation of online platforms is providing aid to the people about the ongoing trends and beauty products.
Beauty bloggers and professionals are actively posting about the new products and devices launched by key players. These trends are providing lucrative growth opportunities for prominent manufacturers, bolstering the market growth.
“Consumers’ willingness to look young and attractive coupled with a readiness to invest in smart & personalized beauty devices for healthy skin will create lucrative growth opportunities for the market,” says an FMI analyst
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Key Takeaways
- In terms of product, the skincare segment is expected to register higher growth as compared to other segments, expanding at over 28.4% CAGR
- Over 64% of personalized beauty devices sales concentrate within the in-store service type segment
- Online retail sales channels are gaining popularity with the growing penetration of the internet and social media
- The rising prevalence of skin issues across Germany will aid the growth of personalized beauty devices, exhibiting a CAGR of 25.8%
- India is expected to lead South Asia’s personalized beauty devices market, accounting for over 35% of sales
- Technological development in expanding beauty industry across Australia will account for 65% of sales in Oceania
Competitive Landscape
Product innovation to offer advanced technology, the launch of new products, and mergers and partnerships are some of the strategies adopted by key players to improve their market revenue. For instance:
- In November 2020, Lumen announced the launch of a hand-held personalized nutrition device to keep track of metabolism across the U.K. implementing artificial intelligence and real-time data to keep track.
- In October 2020, Fittop, a national high-tech enterprise announced the launch of its latest smart beauty device, Fittop’s upgraded facial cleansing brush L-Sonic that includes RF beauty device built to improve skin problems such as acne. Also, the company introduced its Plasma Acne Beauty Device and Blue LED Light Acne Beauty Device at Asia Digital Week.
Some of the leading companies operating in the personalized beauty devices market profiled by FMI include:
- L’Oréal S.A.
- Unilever PLC
- Kendo Holdings, Inc.
- L’Occitane Groupe SA
- Preemadonna Inc.
- Shiseido Company, Limited
- Amorepacific Corporation
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More Insights on the Global Personalized beauty devices Market
In its latest report, FMI offers detailed segmentation on the global personalized beauty devices market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of:
Product Type
- Skin Care
- Make-up
- Fragrances
- Nails
Service Type
- At-Home
- In-Store
Application Type
- Consultation
- Digital Questionnaire
- Apps
Sales Channel
- Direct Sales
- Modern Trade
- Departmental Stores
- Specialty Stores
- Online Retailers
- Mono Brand Stores
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East and Africa (MEA)
Key Questions Covered in the Report
- Which is the most lucrative market for personalized beauty devices?
- Which are the major companies leading the global personalized beauty devices market?
- What are the key challenges faced by personalized beauty devices suppliers?
- Which factors will drive the sales of the personalized beauty devices market?
- Which type of personalized beauty device is the most preferred?
- What is the impact of Covid-19 on the personalized beauty devices market?
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