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According to a study by Future Market Insights (FMI) the Personalized Beauty Devices Market will rise at 25.3% CAGR between 2021 and 2031. In addition to feminine beauty, focus on beauty products particularly suitable for men has become very strong in the last few years, thus redefining the trends in the personalized beauty devices market.
Men are becoming increasingly image conscious, which is why they spend more time on grooming. This in itself is an indication that with the growing concern for beauty among men, sales of personalized beauty devices are expected to increase.
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In view of the growing importance of beauty among men, well-established beauty companies have now turned their promotional campaigns to show personality beyond physical strength. Also, the increasing exposure of social media has been contributing to the healthy demand for men’s personalized solutions.
Moreover, the digital tools are becoming a trend in the beauty industry enabling at-home personalized beauty devices to gain more momentum. For instance, L’Oreal S.A. is set to enter the personalized beauty device industry with the advent of PERSO, a smart device that creates custom formulas for lipstick, foundation and skin care.
Le Teint Particulier formula, a patented product of Lancome Paris, L’Oreal, is customized to offer precise skin tone measurements using a proprietary algorithm that analyses and then matches your exact skin tone. FMI in its latest study has forecasted the market to rise at a CAGR of 25.3% between 2021 and 2031.
In terms of product type, over half of sales in the market concentrates in the make-up segment. The demand in skin care category also is expected to rise at an impressive pace in the coming years.
Key Takeaways from the Personalized Beauty Devices Market Study
- The global personalized beauty devices market was valued at ~US$ 8.4 Mn in 2021.
- In-store sales will continue to rise in the coming years, accounting for over 64% of personalized beauty devices sold in 2021
- Beauty bloggers in the U.S. have been encouraging personalized and hi-tech beauty, creating attractive prospects for growth. Driven by this, the U.S. will account for over 92% of sales in North America in 2021
- Presence of a thriving beauty industry will enable the U.K. market to exhibit more than 30% y-o-y growth in Europe
- China will account for over half of personalized beauty devices sold in East Asia, followed by Japan
- Increasing willingness to spend on hi-tech beauty will drive sales in India
Who is winning?
Key players in the skin care devices market are L’Oréal S.A., Unilever PLC, Kendo Holdings, Inc., L’Occitane Groupe SA, Preemadonna Inc., Shiseido Company Limited, and Amorepacific Corporation among others.
Targeted and unique product offerings are being introduced into the market in order to attract the attention of a specific community. In the coming years, focus on offering smart beauty solutions will increase as market players aim for competitive edge.
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Personalized Beauty Devices Market by Category
Product Type
- Skin Care
- Make-up
- Fragrances
- Nails
Service Type
Application Type (% of Demand)
- Consultation
- Digital Questionnaire
- Apps
- Other Applications
Sales Channel
- Direct Sales
- Modern Trade
- Departmental Stores
- Specialty Stores
- Online Retailers
- Mono Brand Stores
- Other Sales Channel
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa (MEA)
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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Website: https://www.futuremarketinsights.com
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