USD 52.23 billion
Beauty Tech Market Size, Share, Growth Analysis, By Type(Acne Devices, Hair Removal Devices, Hair Growth Devices, Cleansing Devices), By Application(Salon, Spa, Home, Others), By Portability(Pocket-Sized/Handheld Device, Fixed), By Mode of Operation(Electric, Battery, Operated, Manual), By Distribution Channel(Direct Sales, Retail, Online), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG30L2058 |
Region:
Global |
Published Date: April, 2024
Pages:
165
|Tables:
150
|Figures:
82
Beauty Tech Market Insights
Beauty Tech Market size was valued at USD 52.23 billion in 2019 and is poised to grow from USD 62.12 billion in 2023 to USD 189.15 billion by 2031, growing at a CAGR of 19% in the forecast period (2024-2031).
Beauty gadgets are primarily used to improve the appearance of the skin. Depending on their intended use and whether they affect the structure or function of the body, they may or may not be controlled by the Food and Drug Administration (FDA). Consumers often employ beauty tech devices for cosmetic or personal health reasons. The increase in the number of people using these devices to treat their acne or psoriasis drives market growth. Most people also purchase beautification devices to remove excess hair from their bodies. Furthermore, there has been an increase in the number of people acquiring aesthetic products that aid in the reduction of age symptoms such as wrinkles and sagging skin.
US Beauty Tech Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Salon
Fastest Growth
Salon
Growth Rate
19% CAGR
Global Beauty Tech Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
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Beauty Tech Market Segmental Analysis
The global Beauty Tech market is segmented based on type, application, portability, mode of operation, distribution channel and region. Based on type, the market is segmented into Acne Devices, Hair Removal Devices, Hair Growth Devices, Cleansing Devices, Oxygen and Steamer Devices, Rejuvenation Devices, Others. Based on application, the market is segmented into Salon, Spa, Home, Others. Based on portability, the market is segmented into Pocket-Sized/Handheld Device, Fixed. Based on mode of operation, the market is segmented into Electric and Battery, Operated and Manual. Based on distribution channel, the Beauty Tech Market is segmented into Direct Sales, Retail, Online. Based on region, the Beauty Tech market is categorized into North America, Europe, Asia-Pacific, and MEA.
Beauty Tech Market Analysis by product type
The Hair Removal Devices segment is predicted to have the largest market share. The factors include an increase in the number of cases of hormonal imbalance, the global prevalence of polycystic ovary syndrome (PCOS), and hormonal disorders in women that result in facial hair growth.
Beauty Tech Market Analysis by application
Based on the Application, the market is segmented into Salon, Spa, Home, and Others. The salon & spa segment are anticipated to register highest CAGR over the forecast period. The factors can be attributed to the increasing awareness of beauty treatments, upsurge in disposable income, and rise in the number of salon & spa.
Global Beauty Tech Market By Application, 2021 (%)
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Beauty Tech Market Regional Insights
North America is anticipated to dominate the Global Market in 2021 and is expected to maintain this dominance throughout the forecast period owing to the availability of advanced devices and the large number of an aging population. Also, growing awareness of Beauty Tech is one of the major factors driving the growth of the Market in this region. Furthermore, Asia-Pacific is expected to grow at a significant rate, owing to increase in the geriatric population. Over the last few years, globalization has increased purchasing power in nations such as China, India, South Korea, and Malaysia. Rapid urbanization, robust economic growth, and rising use of Beauty Tech are some of the primary drivers driving growth in the region's Beauty Tech Market. The intense competition is expected to create opportunities for future market growth. Moreover, advantageous trends related with cosmetics and medical industries would enhance the market sales within this region.
Global Beauty Tech Market By Geography, 2021-2028
- Largest
- Fastest
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Beauty Tech Market Dynamics
Beauty Tech Market Driver
Rise in the Geriatric Population
- A rise in the global elderly population, an increase in the prevalence of skin-related disorders, and a rising lifestyle quotient are likely to boost the Beauty Tech Market over the forecast years. Skin problems, such as photo-aging, are becoming more common around the world as a result of excessive exposure to pollutants and ultraviolet (UV) radiation, leading in sunburns, diminished skin elasticity, and hair loss. Excessive alcohol use, pollution, and tobacco use are also causes of skin problems. Some of the most common skin disorders are acne, hyperpigmentation, depigmentation, psoriasis, freckles, deep wrinkles, atopic dermatitis, and melisma. Beauty Tech are increasingly being used to treat them. People with freckles, for example, can be treated with beautification equipment. As a result, the number of skin cancer cases is increasing. As a result, increased incidences of skin problems are propelling the Beauty tech industry forward.
Rising consumer awareness about Beauty Tech
- The growing awareness of the safety profile and benefits of energy-based aesthetic devices, particularly laser-based devices, is a key driver of the Beauty Tech Market. Laser skin tightening is a procedure recognized by the Food and Drug Administration (FDA) for the removal of fine lines, wrinkles, and skin laxity. When compared to traditional, surgical beauty treatments, the main advantages of energy-based aesthetic devices are little skin invasion, quick recovery, fewer side effects, and less discomfort. Furthermore, these technologies are inexpensive, painless, and provide quick results. All of these factors contribute to an increase in the demand for energy-based aesthetic devices, which in turn contributes to the global growth of the Beauty Tech Market. Facial care products have accounted for over 70% of total sales in the skin care sector in recent years. Customers value these products; thus manufacturers have moved their focus to facial beauty products.
Beauty Tech Market Restraint
Lack of regulation within the beauty industry is hampering Beauty Tech market growth
- One of the major challenges in the beauty and cosmetics sector is a lack of regulation. The majority of components in cosmetic goods are not regulated and so do not exceed environmental and safety standards. In addition, a lack of regulation leads to corporations employing dangerous chemicals in goods and loosely labeling them as perfumes, which can hurt consumers and hinder the uptake of such cosmetic items. Furthermore, because there is no scientific proof to back up the claims, marketing myths can further confuse customers. The growing need for openness and better labeling is putting pressure on significant corporations and driving them to change their goods to meet the expectations of their customers. Other obstacles that may impede market growth in the future include a complex selling environment owing to the mix of offline and online sales, as well as difficulties in viewing and experiencing the items. Furthermore, the lack of cosmetic items for adults aged 40 and older limits product extension and acceptance. This underdeveloped area offers several prospects for cosmetic enterprises; however, ignoring this segment may limit cosmetic product sales and, as a result, restrain market expansion to some extent during the projection period.
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Beauty Tech Market Competitive Landscape
The Global Beauty Tech market research report will provide valuable insight into the global market, with an emphasis on some of the major players such as L'Oréal SA, Panasonic Corporation, Home Skinovations Ltd, Photomedax Inc., Carol Cole Company, Lumenis Ltd., The Proctor & Gamble Company, Syneron Medical, TRIA Beauty, Inc., and Koninklijke Philips N.V.
Beauty Tech Market Top Players Company Profiles
- L'Oreal
- Estee Lauder
- Coty Inc.
- Shiseido
- Johnson & Johnson
- Procter & Gamble
- Unilever
- Avon Products
- Revlon
- AmorePacific
- Colgate-Palmolive
- Kao Corporation
- Henkel AG & Co. KGaA
- Beiersdorf AG
- The Body Shop International Limited
- Ulta Beauty
- Sephora
- Glossier Inc.
- Cotarde
- Foreo
Beauty Tech Market Recent Development
- In July 2022, PROVEN, the expert in personalized skincare, announced its international expansion into the European Union and the United Kingdom.
- In November 2021, Perfect Corp. the leading artificial intelligence (AI) and augmented reality (AR) beauty and fashion tech solutions provider, partnered with No7, to launch its first-ever virtual try-on foundation matching diagnostic solution, powered by Perfect Corp.’s AI Foundation Shade Finder Technology.
- In January 2021, Nu Skin Enterprises Inc. introduced the ageLOC Boost device, which combines microcurrent waveforms with variable pulse technology to produce significantly brighter, plumper, and more bouncy skin.
- In July 2020, Potomac Equity Partners announced the acquisition of Laser MD Medspa which is a brand that specializes in hair removal services. This acquisition is expected to boost Laser MD Medspa growth opportunities and brand recognition.
Beauty Tech Key Market Trends
- The hair removal device sector dominates the overall beauty tech industry. The development and marketing of different revolutionary laser hair removal equipment aids market growth.
- Printed makeup is an emerging trend in the Beauty tech market. P&G has made it feasible by introducing the Opté cosmetic printer. It features a built-in camera that captures 200 frames per second, and a CPU analyzes the data to provide you with perfectly toned cosmetics. The little gadget analyzes the skin and then applies cosmetics on it exactly. This can assist you in concealing age spots, burst blood vessels, and other imperfections. It can apply cosmetics with more consistency and accuracy by utilizing technology. It has the potential to transform the way people get their makeup done if it becomes more widely available on the market.
- Smart skincare tools are gaining traction in the Beauty tech market. Taiwan's New Kinpo Group has introduced the HiMirror, a device that can assess the health of your skin. It works in a fairly straightforward manner: it captures pictures of your face and uses artificial intelligence to scan the images to detect abnormalities. It can detect wrinkles, redness, dark spots, pores, fine lines, and other issues. It can provide you with a daily study of your skin so you can see how well you are progressing. Furthermore, it can provide you personalized cosmetic suggestions based on your skin problems.
Beauty Tech Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates, and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.
According to our analysis, the beauty tech industry is changing and growing rapidly. People now want things that are customized for them rather than what firms have to offer. Aside from the improved appearance, buying personalized products also makes the buyer feel more satisfied. Beauty firms are working hard to meet people's exclusive needs, from robotic cosmetics in the form of printers to delivering bespoke foundation colours.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 52.23 billion |
| Market size value in 2031 | USD 189.15 billion |
| Growth Rate | 19% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
Beauty Tech Market Recent Development
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Beauty Tech Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Beauty Tech Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Beauty Tech Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Beauty Tech Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Beauty Tech Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Beauty Tech Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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