Rising Demand for Smart Beauty Solutions Driving Personalized Beauty Devices Market: FMI
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. According to a study by Future Market Insights (FMI) the market for personal beauty devices will rise at 25.3% CAGR between 2021 and 2031.
Personalized Beauty Devices Market
A recent market study published by Future Market Insights on the personalized beauty devic...
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.
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
“As consumers increasingly seek out novel beauty solutions suited to their specific needs, personalization will become a key strategy in the beauty industry. This will pave the way for expansion of the market in the near future” says an FMI analyst.
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.
Get Valuable Insights into Personalized Beauty Devices Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global personalized beauty devices market, presenting historical demand data (2016-2031) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the skin care devices market based on the product type (Skin care, make-up, fragrances, and nails), service type (at-home, and in-store), sales channel (direct sales, modern trade, departmental stores, specialty stores, online retailers, mono-brand stores, and other sales channel) across seven major regions.
About Consumer Products division of FMI
Expert analysis, in-depth insights, and strategic recommendations - the Retail & Consumer Products team at Future Market Insights helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 500+ reports, the team has analyzed the consumer goods industry lucidly in 80+ countries for over a decade. We provide end-to-end research database on retail & consumer products market and consulting services; reach out to explore how we can help.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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