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AI In Beauty And Cosmetics Market Size, Industry Trends And Forecast To 2032 - L'Oréal S.A., Beiersdorf AG, Olay, Shiseido, Procter & Gamble
AI In Beauty And Cosmetics Market Growth
The Business Research Company's AI In Beauty And Cosmetics Global Market Report 2023 identifies growing demand for personalized beauty and cosmetic products as the major driver for the AI In Beauty And Cosmetics market's growth in the forecast period. 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.
The global AI in beauty and cosmetics market size is expected to grow from $2.68 billion in 2022 to $3.27 billion in 2023 at a compound annual growth rate (CAGR) of 21.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global AI in beauty and cosmetics market size is expected to reach $6.8 billion in 2027 at a CAGR of 14.4%.
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Major competitors in the AI In Beauty And Cosmetics market are L'Oréal S.A., Beiersdorf AG, Olay, Shiseido, Procter & Gamble, Pure & Mine, YOus Skincare, My Beauty Matches, EpigenCare Inc., mySKIN, Haut.AI, Luna Fofo, Revieve, Anokai, and Youth Laboratories.
A key trend in the AI In Beauty And Cosmetics market includes technological advancement. Companies operating in AI in the beauty and cosmetics market are adopting new technologies to sustain their position in the market. For instance, in January 2023, The Estée Lauder Companies, Inc., a US-based makeup, skincare, fragrance, and hair care product manufacturer and marketer, launched a Voice-Enabled Makeup Assistant (VMA) application. VMA uses voice teaching technology to aid users in applying makeup. The users receive audio feedback and tips when applying lipstick, eyeshadow, or foundation evenly.
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The AI In Beauty And Cosmetics market is segmented -
By Type: Personalized Recommendation Tools, Performance Marketing Measurement Platforms, Demand Forecasting And Supply Chain Tools, Real-Time Customer Service Platforms, AI-Based Beauty Devices
By Distribution Channel: Specialist Retail Stores, Supermarkets And Hypermarkets, Convenience Stores, Pharmacies, Drug Stores, Online Retail, Other Distribution Channels
By End-User: Skincare, Haircare, Make-up, Fragrances, Other End-Users
By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the AI In Beauty And Cosmetics market.
The Business Research Company's "Global AI In Beauty And Cosmetics Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The AI In Beauty And Cosmetics Market Include:
1. Executive Summary
2. AI In Beauty And Cosmetics Market Characteristics
3. AI In Beauty And Cosmetics Market Trends And Strategies
4. AI In Beauty And Cosmetics Market - Macro Economic Scenario
5. AI In Beauty And Cosmetics Market Size And Growth
……
26. Africa AI In Beauty And Cosmetics Market
27. AI In Beauty And Cosmetics Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The AI In Beauty And Cosmetics Market
29. AI In Beauty And Cosmetics Market Future Outlook and Potential Analysis
30. Appendix
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