Press release
Overview of Segmentation, Market Dynamics, and Competitive Landscape in the Tech-Enhanced Cosmetics Market
Tech-Enhanced Cosmetics Market
Projected Growth Trajectory of the Tech-Enhanced Cosmetics Market Size
The tech-enhanced cosmetics market is forecasted to experience rapid growth, reaching $113.06 billion by 2030. This expansion corresponds to a robust compound annual growth rate (CAGR) of 17.6%. Several factors contribute to this upward trend, including increasing demand for AI-driven personalized products, the rise of beauty tech startups, deeper digital engagement within the beauty sector, heightened consumer skincare awareness, and continuous innovation in smart cosmetic devices. Notable trends fueling this growth encompass the rising use of smart skincare gadgets, the popularity of customized beauty formulas, greater incorporation of bioactive and clinically tested ingredients, the expansion of virtual try-on technologies, and growing demand for professional-grade beauty devices designed for home use.
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Key Market Leaders Shaping the Tech-Enhanced Cosmetics Industry
Several prominent companies hold influential positions in the tech-enhanced cosmetics landscape. These include L'Oréal S.A., Estée Lauder, Dyson, Coty, Amorepacific, Oddity Technology, Function of Beauty, Foreo AB, Perfect Corp., SkinKraft Labs, OneSkin, FFFACE.ME, Haut.AI, SkinIO, Revea, Codex Labs, Basetwo AI, Revieve, Il Makiage, MyGlamm, SmartSKN (Muilli AI Dermascope), GlamAR, ForYou (AR skincare app), Base (personalized cosmetics), PerfumeTech, Beauty Tech Group, e.l.f. Cosmetics (tech beauty initiatives), CurrentBody (beauty device technology), Nooance, myBlend by Clarins, Withings (Omnia smart mirror for skincare), and Samsung.
In a significant development during April 2023, US-based beauty tech company Oddity, Inc. acquired Revela for $76 million. This strategic move aims to enhance Oddity's research and development capabilities, broaden its portfolio in tech-enhanced cosmetics, and leverage Revela's expertise in biotechnology. Revela specializes in AI-driven skincare and biotechnology, focusing on discovering innovative cosmetic molecules for advanced skin treatments.
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Emerging Trends Highlighting the Future of Tech-Enhanced Cosmetics
Top companies in this market are heavily investing in artificial intelligence-powered personalization platforms to better engage consumers and deliver tailored skincare and makeup experiences. These platforms use machine learning algorithms and image analysis to evaluate individual skin types, tones, and preferences. This technology enables highly accurate product recommendations, virtual try-on features, and personalized beauty advice based on data-driven insights.
For example, in July 2024, South Korea's AmorePacific introduced the AI Beauty Lab platform. This platform offers consumers personalized foundation shades chosen from 205 options and recommends from 366 lip colors. It also allows virtual try-on to minimize product mismatch and enhance customer satisfaction. The platform continuously refines its suggestions by learning from user feedback, ensuring increasingly precise and evolving personalization.
Detailed Segmentation of the Tech-Enhanced Cosmetics Market by Product and Application
The tech-enhanced cosmetics market is broadly categorized as follows:
1) Product Type:
- Skin Care Devices
- Hair Care Devices
- Makeup Application Devices
- Nail Care Devices
- Other Product Types
2) Technology Type:
- Artificial Intelligence (AI)
- Internet of Things (IoT)
- 3D Printing
- Wearable Technology
- Other Technology Types
3) Distribution Channel:
- Offline Stores
- Online Stores
- Specialty Beauty Retailers
- Brand-Owned Stores
- E-Commerce Platforms
4) Application:
- Skin Analysis
- Personalized Beauty Solutions
- Virtual Try-On
- Anti-Aging Treatments
- Hair Growth and Scalp Treatments
5) End-User:
- Individual or Personal Use
- Salons and Spas
- Dermatology Clinics
- Beauty Tech Startups
- Retailers and Cosmetic Brands
Further breakdowns include:
Skin Care Devices such as facial cleansing tools, anti-aging devices, microcurrent devices, LED light therapy tools, dermarollers and microneedling devices, and skin tightening and lifting devices.
Hair Care Devices cover hair growth stimulators, laser hair removal tools, smart hair dryers and styling equipment, scalp massagers, and hair straighteners and curling irons with tech integration.
Makeup Application Devices consist of automated foundation applicators, airbrush makeup gadgets, smart lipstick applicators, digital makeup brushes, and virtual try-on devices.
Nail Care Devices include smart nail dryers, UV or LED gel nail lamps, automated nail polish applicators, devices for nail art and design, and tools for cuticle care and grooming.
Other product categories feature smart beauty mirrors, cosmetic fragrance dispensers, wearable beauty sensors, AI-powered beauty tools, and other innovative beauty devices.
This comprehensive segmentation captures the diverse and evolving nature of the tech-enhanced cosmetics industry, illustrating its potential to revolutionize beauty care worldwide.
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