Jersey City, NJ, Aug. 29, 2023 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the " "Next-Generation Personalized Beauty Market by Product Types (Skincare, Haircare, Make-up, Fragrances, Others), Application (Consultation/digital questionnaires, Apps and specialized hardware, Home test kits, Others) - Market Trends, Competitive Landscape, Revenue and Forecast To 2030."
The Next-Generation Personalized Beauty Market Size is valued at 2355.60 Million in 2022 and is predicted to reach 9131.94 Million by the year 2031 at a 16.4 % CAGR during the forecast period for 2023-2031.
Personalized beauty products are alternatives to conventional multipurpose products. It consists of utilizing a person's genetic information and behaviour to design customized beauty products for the consumer. For teenagers, their beauty knowledge is still developing, and their tastes are frequently changing, so they require guidance and expertise to help them navigate the beauty market.
Next-Generation Personalized Beauty embraces various tailor-made products like Skincare, Haircare, Fragrances, Make-up, and Others. Skincare brand Proven says it feeds consumer data into its AI platform, which encompasses information on more than 100,000 products, 4,000+ scientific publications, 8M+ testimonials, etc., to deliver the most applicable ingredients for users.
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Moreover, Companies are progressively trying to personalize and differentiate their products. However, Covid-19 has a positive effect on Next Generation Personalized Beauty Market. During the COVID-19 pandemic, the demand for wellness and self-care products has accelerated on account of increased consumer focus on the essentials in beauty and personal care, as well as consumer products in general. According to a February 2021 PowerReviews study, consumers are now 40% more likely to test new cosmetic products than they were before the pandemic.
The growing tendency in the beauty industry is primarily driving market growth; raising awareness about personalized beauty products to catch unique beauty requirements is also supposed to fuel the market growth. Technological advancements in tailor-made beauty products are expected to boost the market forward. Covid-19 impact unveils that Beauty-industry players will capture and convert the attention of existing and new customers soon. The application of artificial intelligence for testing, discovery and customization will step up with collaboration amongst brands, consultants and retailers through data sharing, and inventory pooling is further expected to witness significant growth during the forecast period.
Regionally, Europe held the largest market share among the worldwide market, followed by America and the Asia Pacific. On the other hand, North America is expected to dominate the market during the analysis of the forecast period.
Key developments in the market:
- In Sept 2021, Coty, Inc. revealed a multi-channel partnership contract with Perfect Corp. Through this partnership, Company plans to reinforce its offering in virtual try-on, online skin diagnostics and data-driven personalization for brands consisting of CoverGirl, Sally Hansen and philosophy, as well as for Coty's broad fragrance portfolio.
- In Aug 2021, Sephora relaunched its in-store color IQ foundation matching service with new artificial intelligence technology to find the best foundation match for the customers. It includes scanning the skin with a unique lens that leverages AI (computer vision). Sephora also installed a digital mirror at its flagship store in Madrid to deliver personalized recommendations through AI.
- In Aug 2021, Function of Beauty acquired Atolla; the expansion revolutionizes beauty through customization and data science.
- In 2020, Loreal unveiled Perso for skincare; this 3-in-1 device will be able to create custom formulas for lipstick and foundation.
Some Of The Key Players In The Next-Generation Personalized Beauty Market:
- IOMA Paris,
- BITE Beauty,
- Curology,
- Coty Inc.,
- Estée Lauder Inc.,
- insitU Cosmetics Ltd.,
- FitSkin Inc.,
- Ulta Beauty, Inc.,
- Krigler,
- Kiehl’s Apothecary Preparations,
- SkinCeuticals Custom D.O.S.E.,
- Function of Beauty,
- The Buff,
- DermaCare,
- Skin Inc.,
- eSalon,
- Romy Paris,
- CODAGE,
- Duolab,
- Prose,
- Nomige,
- Atolla,
- Ave & Edam,
- Preemadonna Inc.,
- Laboté,
- Orig3n,
- SKINSHIFT,
- Skin Authority,
- NU SKIN,
- Sephora,
- SKINTELLI,
- AN EPIGENCARE BRAND,
- Proven Skincare,
- SkinAI LLC (Our Skin),
- Other Prominent Players
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Next-Generation Personalized Beauty Market Report Scope:
| Report Attribute | Specifications |
| Market Size Value In 2022 | USD 2355.60 Million |
| Revenue Forecast In 2031 | USD 9131.94 Million |
| Growth Rate CAGR | CAGR of 16.4 % from 2023 to 2031 |
| Quantitative Units | Representation of revenue in US$ Million and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report Coverage | The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
| Segments Covered | By Product, By Application |
| Regional Scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country Scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
Market Segments:
Global Next-Generation Personalized Beauty Market by Product Revenue (US$ Billion) Forecast 2019-2030
- Skincare
- Haircare
- Make-up
- Fragrances
- Others
Global Next-Generation Personalized Beauty Market Based on Application Revenue (US$ Billion) Forecast 2019-2030
- Consultation/digital questionnaires
- Apps and specialized hardware
- Home test kits
- Others
Global Next-Generation Personalized Beauty Market, by Region, 2019-2030 (Value US$ Bn)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
North America Next-Generation Personalized Beauty Market, by Country, 2019-2030 (Value US$ Bn)
- The U.S.
- Canada
Europe Next-Generation Personalized Beauty Market, by Country, 2019-2030 (Value US$ Bn)
- Germany
- France
- Italy
- Spain
- Russia
- Rest of Europe
Asia Pacific Next-Generation Personalized Beauty Market, by Country, 2019-2030 (Value US$ Bn)
- India
- China
- Japan
- South Korea
- Australia & New Zealand
Latin America Next-Generation Personalized Beauty Market, by Country, 2019-2030 (Value US$ Bn)
- Brazil
- Mexico
- Rest of Latin America
The Middle East & Africa Next-Generation Personalized Beauty Market, by Country, 2019-2030 (Value US$ Bn)
- South Africa
- GCC Countries
- Rest of the Middle East & Africa
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