Press release
Emerging Growth Patterns Driving Expansion in the Next-Generation Personalized Beauty Market
Next-Generation Personalized Beauty
Projected Market Size and Growth Trajectory of the Next-Generation Personalized Beauty Market
The next-generation personalized beauty market is poised for impressive growth over the coming years. It is forecasted to reach a market size of $84.98 billion by 2029, growing at a strong compound annual growth rate (CAGR) of 15.0%. This surge is driven by factors such as rapid urban development, the proliferation of e-commerce platforms, and an increasing base of tech-savvy consumers and companies. Important trends expected to influence the market during this period include intensified advertising and promotional efforts, robust economic expansion in emerging regions, and rising disposable incomes among consumers.
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Leading Corporations Shaping the Next-Generation Personalized Beauty Market
A wide array of prominent players operate within the next-generation personalized beauty market, spanning global beauty giants and innovative startups alike. Key companies include Estee Lauder Inc, Function of Beauty, Prose, Curology, Hims & Hers Health Inc, Skin Authority, Bite Beauty, Esalon, Codage, insitU Cosmetics Ltd, Lancome, Giorgio Armani Beauty, Kiehl's, Olay, Baccarose Perfumes & Beauty, Kanha Nature Oils, CKC Fragrances, Deon Pro Corporation, Flavaroma, Zhuhai Jiaxinkang Pharmaceutical Technology Co Ltd, Guangzhou Phero Perfume Co Ltd, Shandong Yingyang Flavors & Fragrances Co Ltd, Kao Chemicals, Takasago International Corporation, Guangzhou MT perfume Company, Zhejiang Qianliang Cosmetics Co Ltd, Guangzhou Baihua Flavors And Fragrances Company Ltd, Barry M Cosmetics, Beiersdorf UK Ltd, HC MedSpa, BEEVER Personal Care, Dendron Brands Ltd, Richards and Appleby Ltd, Skin Health Spa, Design Plus Health & Beauty Ltd, Famille Grasse Parfums, Dina Cosmetics France, Mikrocaps D.O. O, BASF SE, Firmenich SA, Solvay, Robertet Group, Symrise AG, Givaudan, Akvion JSC, Eleutere-Parfum Ltd, Atlantic Cosmetics (Atlantic Group), Tereza-Inter LLC, Verona Products Professional Sp. Z O.O, Binalex, Gabriella Salvete S.R.O, Paul's Bohemia Trading S.R.O, Hero Cosmetics, Momentive Performance Materials Inc, Ashland Inc, Stepan Company, Avon Products Inc, ROCSA, Surya Brasil, Natura & Co, Dacov Cosmeticos, Unilog Universal Logistics, Columbia Cosmetics, GlamBox ME, Huda Beauty, Glamazle, Source Beauty, Lavido, Gamila Secret, Beauty Treat, GlowByCindy, Fyzzoworld Skincare, Organic Therapy, Charlotte Rhys, Mented Cosmetics, and Esse Skincare.
Recent Strategic Moves in the Market
In October 2022, L'Oréal, the renowned French cosmetics firm, expanded its portfolio by acquiring US-based Skinbetter Science for an undisclosed sum. This acquisition strengthens L'Oréal's Active Cosmetics Division and enhances its footprint in the personalized skincare segment with science-based, clinically validated products tailored to individual needs.
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Innovative Trends Driving the Next-Generation Personalized Beauty Sector
Companies in this sector are prioritizing the development of cutting-edge products to diversify their offerings and capture more market share. For example, in June 2024, Unilever from the UK introduced BeautyHub PRO, an AI-powered platform leveraging computer vision to analyze up to 30 visual data points. This innovative technology enables BeautyHub PRO to deliver personalized product recommendations across various Unilever beauty brands, helping consumers choose products that perfectly suit their unique requirements. This AI-centric solution not only improves the consumer experience but also boosts Unilever's market growth by providing more targeted and precise beauty solutions.
Main Product and Application Segments in the Global Next-Generation Personalized Beauty Market
The report breaks down the next-generation personalized beauty market into several key categories:
1) By Product Type: Skincare, Haircare, Make-Up, Fragrances, and Other Products
2) By Application: Consultation or Digital Questionnaires, Apps and Specialized Hardware, and Home Test Kits
Further product subdivisions include:
- Skincare products such as moisturizers, serums, cleansers, exfoliants, and masks and treatments
- Haircare items like shampoos, conditioners, hair treatments, and styling products
- Make-up offerings including foundation, lip products, eye products, blush, and highlighters
- Fragrances comprising perfumes, body mists, and home fragrances
- Other products like beauty tools and accessories, sun care products, men's grooming products, and personalized beauty devices
This detailed segmentation helps capture the diverse and expanding nature of the personalized beauty market, reflecting consumer demand for customized solutions across multiple categories and applications.
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