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What Is the Forecasted Revenue Growth of the Next-Generation Personalized Beauty Market Over the Next Decade?
The market size of the next-generation personalized beauty industry has seen a fast-paced expansion in the past few years. Scheduled to expand from $43 billion in 2024, it will reach the mark of $48.57 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 13.0%.
This growth during the historic period is the resultant of various factors such as promotional and advertising activities, robust economic upgrade in developing markets, and an increase in disposable income.
The size of the next-generation personalized beauty market is predicted to expand rapidly in the coming years, with an anticipated value of $84.98 billion by 2029, reflecting a compound annual growth rate (CAGR) of 15.0%. The key drivers propelling this surge during the predicted timeline include rapid urbanization, explosive e-commerce growth, and the onslaught of technologically adept consumers and businesses.
Prominent trends that are likely to shape the forecast period encompass promotional and advertising initiatives, robust economic expansion in burgeoning markets, and escalating disposable incomes.
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What Are the Core Drivers Influencing Growth in the Next-Generation Personalized Beauty Sector?
The escalating requirements of e-commerce corporations for consumer products, as a response to amplified demand from end-users, are anticipated to heighten the need for personal hygiene commodities and fuel the growth of the next-generation personalized beauty market within the forecasted period. The e-commerce sector relies heavily on logistic delivery service providers, currently supported by logistics firms.
As per the records from Digital Commerce 36, a US-based media and research company specializing in e-commerce, there was a rise in U.S. e-commerce sales to $1.119 trillion in 2023, up from $1.040 trillion in 2022.
Owing to shortened delivery intervals and optimize supply chains, the e-commerce’s surge of last-mile delivery is expected to steer consumer goods demand, thereby generating a requirement for next-generation personalized beauty. Customers are now 40% more willing to try out novel beauty brands and products than before the pandemic, underlining the importance of a robust digital strategy in optimizing brand discovery potential.
The conversion of e-commerce from fixed product catalogs to dynamic, shifting spaces that resemble physical store experiences has been facilitated by virtual storefronts, giving online beauty companies a substantial competitive edge. Therefore, the expanding e-commerce industry is anticipated to spur the demand for the next-generation personalized beauty market.
What Type-Based Segments Dominate the Next-Generation Personalized Beauty Industry?
The next-generation personalized beauty market covered in this report is segmented –
1) By Product: Skincare, Haircare, Make-Up, Fragrances, Other Products
2) By Application: Consultation Or Digital Questionnaires, Apps And Specialized Hardware, Home Test Kits
Subsegments:
1) By Skincare: Moisturizers, Serums, Cleansers, Exfoliants, Masks And Treatments
2) By Haircare: Shampoos, Conditioners, Hair Treatments, Styling Products
3) By Make-Up: Foundation, Lip Products, Eye Products, Blush And Highlighter
4) By Fragrances: Perfumes, Body Mists, Home Fragrances
5) By Other Products: Beauty Tools And Accessories, Sun Care Products, Men’s Grooming Products, Personalized Beauty Devices
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What Disruptive Trends Are Reshaping the Next-Generation Personalized Beauty Industry Landscape?
Firms in the emerging custom beauty market are honing their focus on the creation of sophisticated products to widen their product ranges and boost their personalized beauty offerings. For instance, in June 2024, consumer goods conglomerate Unilever, based in the UK, unveiled BeautyHub PRO.
Leveraging artificial intelligence, this platform uses computer vision technology to analyze up to 30 distinct visual data elements. This innovative feature enables BeautyHub PRO to offer customized product suggestions from a variety of Unilever’s beauty lines, assisting customers in finding products that align with their unique needs.
This AI-centric method not only enriches the consumer experience, but also propels the growth of Unilever’s beauty collection by providing more precise and efficient product advice.
Who Are the Top Innovators in the Global Next-Generation Personalized Beauty Industry?
Major companies operating in the next-generation personalized beauty market 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, Esse Skincare
What Are the Top-Performing Regions in the Next-Generation Personalized Beauty Market Outlook?
Asia-Pacific was the largest region in the next-generation personalized beauty market in 2024 and is also expected to be the fastest-growing region in the forecast period. The regions covered in the next-generation personalized beauty market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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