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AI In Beauty And Cosmetics Market 2024 - Business Opportunities, Industry Growth, Regional Analysis And Forecast To 2033
AI In Beauty And Cosmetics Market
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According to The Business Research Company's, 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.
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Market Drivers and Trends:
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.
Technological advancements are a key trend gaining popularity in the AI in beauty and cosmetics market. 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. ELC VMA detects makeup on a user's face and uses artificial intelligence to estimate uniformity, application threshold, and coverage. VMA identifies all areas of the face that require a more precise application and sends a strong message where touch is needed.
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Major Key Players of the Market:
Procter & Gamble Company, Pure & Mine, L'Oréal S.A., Sephora Inc., Beiersdorf AG, Shiseido Co. Ltd., InsightAce Analytic, Elizabeth Arden Inc., OpenAI LP, GAN-powered solution, Anokai, EpigenCare Inc., Novi, Perfect Corp., ChatGPT, Lottie London, Banuba Inc., Luna Fofo, Revieve, Ciaté London, mySKIN, Haut.AI, YOUS Skincare, My Beauty Matches, Youth Laboratories, Brand Agency London, Econsultancy, Opte Wand, Perso Limited
AI In Beauty And Cosmetics Market 2024 Key Insights:
• 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%.
• Surging Demand For Personalized Beauty Spurs Growth In AI-Driven Beauty And Cosmetics Market
• Technological Advancements With Voice-Enabled Makeup Assistant
• North America was the largest region in the AI in beauty and cosmetics market in 2023
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