Press release
Beauty Tech Market Size Projected To Reach $130.93 Billion By 2034 With A Cagr Of 13.2%
Beauty Tech
What Is the Projected Growth of the Beauty Tech Market?
In recent times, there has been a swift rise in the size of the beauty tech market. It is anticipated to expand from $68.87 billion in 2024 to $79.87 billion in 2025, with a compound annual growth rate (CAGR) of 16.0%. Factors like the growing usage of IoT devices, surging investments in beauty tech start-ups and innovative research, the call for sustainable and pure beauty products, and bespoke beauty solutions have all contributed to the growth during the historical period. Additionally, the digital revolution in the retail sector has also played a significant role.
Expectations are high for the beauty tech market with predicted substantial expansion in the coming years. By 2029, it is believed that it will attain the size of $130.93 billion, propelled by a compound annual growth rate (CAGR) of 13.2%. This expected growth in the projection period is primarily due to the soaring consumer comprehension of clean beauty products, the impact of social media and influencers, the increasing popularity of subscription-based beauty boxes, e-commerce growth, globalization, and market expansion endeavors. Notable trends anticipated in the projection period consist of the utilization of artificial intelligence in ingredient discovery, numerous innovations in beauty tech, ai empowered skin analysis, lip care, the advent of wearable beauty devices, and 3D virtual makeup applications.
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What Are the Different Beauty Tech Market Segments?
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
Subsegments:
1) By Acne Devices: Blue Light Therapy Devices, Microdermabrasion Devices, LED Acne Masks, Pore Cleansing Tools
2) By Hair Removal Devices: Laser Hair Removal Devices, IPL (Intense Pulsed Light) Devices, Electric Shavers, Waxing Devices
3) By Hair Growth Devices: Laser Caps And Helmets, Hair Growth Serums, Microneedling Devices, Scalp Massagers
4) By Cleansing Devices: Facial Cleansing Brushes, Sonic Cleansing Devices, Portable Facial Steamer, Exfoliating Tools
5) By Oxygen Steamer Devices: Facial Oxygen Steamer, Aromatherapy Steamers, Portable Oxygen Steamers, Home Spa Steamers
6) By Rejuvenation Devices: Radiofrequency Devices, Ultrasound Therapy Devices, LED Light Therapy Devices, Microneedling Devices
7) By Other Types: Anti-Aging Devices, Skin Tightening Devices, Hair Styling Tools, Makeup Tools And Gadgets
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What Are the Primary Drivers Shaping the Beauty Tech Market?
The rise in skin-related disorders is predicted to fuel the advancement of the beauty tech market. Medical conditions that impact the skin, inclusive of infections, inflammations, allergic responses, autoimmune disorders, skin cancers,and hereditary conditions, are termed as skin-related disorders. Elements such as environmental pollution, lifestyle alterations, heightened UV exposure, and genetic tendencies contribute to the escalation of such disorders. Beauty tech aids in managing skin conditions using AI-powered apps for early detection, telemedicine procedures for remote consultations, and tailored skincare regimens, thus enhancing treatment accessibility and effectiveness. For instance, the American Academy of Dermatology Association, a US-based governmental entity, stated in April 2022 that melanoma had afflicted over one million individuals in the United States. It was forecasted that 197,700 fresh instances of melanoma would be identified in the United States in 2022. Of these, 97,920 are predicted to be noninvasive (in situ), while approximately 99,780 cases are expected to infiltrate. Consequently, the upsurge in skin-related disorders will catalyze the growth of the beauty technology market.
Which Companies Are Leading in the Beauty Tech Market?
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
What Trends Are Expected to Dominate the Beauty Tech Market in the Next 5 Years?
Leading corporations in the beauty tech sector are prioritizing the development of cutting-edge solutions such as the big bang beauty tech innovation programs to cater to diverse industry needs. This specific program leverages artificial intelligence for bespoke recommendations, data analysis for garnering insights, augmented reality for simulated testing, and adheres to sustainable practices for environmentally-friendly products. Take, for example, L'Oréal, based in France, which in June 2024, unveiled the Big Bang Beauty Tech Innovation Program in the SAPMENA region, claiming it as the biggest open innovation challenge in the cosmetic industry. The objective behind this initiative is to align startups with L'Oréal's commercial and digital pioneers to jointly develop sophisticated beauty technologies and marketing solutions. The participating startups will tackle issues within five main areas, namely consumer experience, content, media, new commerce, and tech for good. The highest performing three startups will be awarded funds to facilitate a commercial trial project and will also benefit from mentorship delivered by L'Oréal executives and partners including Google and accenture*. Given the SAPMENA region accounts for 40% of the global population along with a vibrant startup climate, this program underscores L'Oréal relentless commitment to fostering innovation in the realm of beauty tech and evolving consumer experiences in fast-paced markets.
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What Are the Top Revenue-Generating Geographies in the Beauty Tech Market?
North America was the largest region in the beauty tech market in 2024. 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Beauty Tech Market?
2. What is the CAGR expected in the Beauty Tech Market?
3. What Are the Key Innovations Transforming the Beauty Tech Industry?
4. Which Region Is Leading the Beauty Tech Market?
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