The global next-generation personalized beauty market reached a value of nearly $29,250.4 million in 2021, having increased at a compound annual growth rate (CAGR) of 18.0 % since 2016. The market is expected to grow from $29,250.4 million in 2021 to $51,637.7 million in 2026 at a rate of 12.0 %. The market is then expected to grow at a CAGR of 12.4% from 2026 and reach $92,530.4 million in 2031.
Growth in the historic period resulted from advertising & promotional activities, strong economic growth in emerging markets and rising disposable income. Factors that negatively affected growth in the historic period were the COVID-19 impact and health hazards.
Going forward, rapid urbanization, rapid growth in ecommerce and tech savy customers and companies. Factors that could hinder the growth of the next-generation personalized beauty market in the future include stringent regulations and Russia-Ukraine war impact.
The next-generation personalized beauty market is segmented by product into skincare, haircare, make-up, fragrances, and other products. The skincare market was the largest segment of the next-generation personalized beauty market by end user, accounting for $10,443.3 million or 35.7% of the total market in 2021. The skincare market is expected to be the fastest-growing segment going forward at a CAGR of 12.5%.
The next-generation personalized beauty market is also segmented by application into consultation/digital questionnaires, apps and specialized hardware and home test kits. The consultation/digital questionnaires was the largest segment of the next-generation personalized beauty market by application, accounting for $15,199.3 million or 52.0 % of the total market in 2021. The apps and specialized hardware market is expected to be the fastest-growing segment going forward at a CAGR of 12.4 %.
North America was the largest region in the next-generation personalized beauty market, accounting for 35.8 % of the global market in 2021. It was followed by Asia Pacific, Western Europe, and the other regions. Going forward, the fastest growing regions in the next-generation personalized beauty market will be Asia Pacific and the North America, where growth will be at CAGRs of 12.9% and 12.5% respectively from 2021-2026.
The global next-generation personalized beauty market is highly fragmented, with many small players. The top ten competitors in the market made up to 1.98% of the total market in 2021. This can be due to the existence of several local players in the market serving customers in particular geographies. Estee Lauder Inc. was the largest competitor with 0.86% share of the market, followed by Function of Beauty with 0.29%, Prose with 0.27%, Curology with 0.24%, Hims & Hers Health, Inc. with 0.19%, Skin Authority with 0.05%, Bite Beauty with 0.03%, Esalon with 0.03%, Codage with 0.02%, and insitU Cosmetics Ltd with 0.02%.
The top growth potential in the next-generation personalized beauty market by product will arise in the skincare market, which will gain $8,412.9 million of global annual sales by 2026. The top growth potential in the next-generation personalized beauty market by application will arise in the consultation/digital questionnaires market, which will gain $11,615.1 million of global annual sales by 2026. The next-generation personalized beauty market size will gain the most in the USA at $8,036.7 million.
Market-trend-based strategies for the next-generation personalized beauty market include investing in new technology development, investing in virtual try-on enables product, investing in biosynthetic ingredients, adopting personalized 3-D printed face masks, offering personalized men grooming products and offering hyper-personalization.
Player-adopted strategies in the next-generation personalized beauty industry includes strategic partnerships and collaborations, strengthening business operations through strategic acquisitions, enhancing product portfolio, offering personalized skincare through the launch of new products.
To take advantage of the opportunities, the publisher recommends the next-generation personalized beauty companies to focus on customized products, focus on virtual try-on technology, increase focus on biosynthetic ingredients, offer personalized 3D printed face masks, expand in emerging markets, provide competitively priced offerings, leverage online portals to maximize reach and revenues, focus on aggressive advertising and promotional activities, continue to target fast-growing applications.
This report describes and explains the next-generation personalized beauty market and covers 2016 to 2021, termed the historic period, and 2021 to 2026 termed the forecast period, along with further forecasts for the period 2026-2031. The report evaluates the market across each region and for the major economies within each region.
Growth in the historic period resulted from advertising & promotional activities, strong economic growth in emerging markets and rising disposable income. Factors that negatively affected growth in the historic period were the COVID-19 impact and health hazards.
Going forward, rapid urbanization, rapid growth in ecommerce and tech savy customers and companies. Factors that could hinder the growth of the next-generation personalized beauty market in the future include stringent regulations and Russia-Ukraine war impact.
The next-generation personalized beauty market is segmented by product into skincare, haircare, make-up, fragrances, and other products. The skincare market was the largest segment of the next-generation personalized beauty market by end user, accounting for $10,443.3 million or 35.7% of the total market in 2021. The skincare market is expected to be the fastest-growing segment going forward at a CAGR of 12.5%.
The next-generation personalized beauty market is also segmented by application into consultation/digital questionnaires, apps and specialized hardware and home test kits. The consultation/digital questionnaires was the largest segment of the next-generation personalized beauty market by application, accounting for $15,199.3 million or 52.0 % of the total market in 2021. The apps and specialized hardware market is expected to be the fastest-growing segment going forward at a CAGR of 12.4 %.
North America was the largest region in the next-generation personalized beauty market, accounting for 35.8 % of the global market in 2021. It was followed by Asia Pacific, Western Europe, and the other regions. Going forward, the fastest growing regions in the next-generation personalized beauty market will be Asia Pacific and the North America, where growth will be at CAGRs of 12.9% and 12.5% respectively from 2021-2026.
The global next-generation personalized beauty market is highly fragmented, with many small players. The top ten competitors in the market made up to 1.98% of the total market in 2021. This can be due to the existence of several local players in the market serving customers in particular geographies. Estee Lauder Inc. was the largest competitor with 0.86% share of the market, followed by Function of Beauty with 0.29%, Prose with 0.27%, Curology with 0.24%, Hims & Hers Health, Inc. with 0.19%, Skin Authority with 0.05%, Bite Beauty with 0.03%, Esalon with 0.03%, Codage with 0.02%, and insitU Cosmetics Ltd with 0.02%.
The top growth potential in the next-generation personalized beauty market by product will arise in the skincare market, which will gain $8,412.9 million of global annual sales by 2026. The top growth potential in the next-generation personalized beauty market by application will arise in the consultation/digital questionnaires market, which will gain $11,615.1 million of global annual sales by 2026. The next-generation personalized beauty market size will gain the most in the USA at $8,036.7 million.
Market-trend-based strategies for the next-generation personalized beauty market include investing in new technology development, investing in virtual try-on enables product, investing in biosynthetic ingredients, adopting personalized 3-D printed face masks, offering personalized men grooming products and offering hyper-personalization.
Player-adopted strategies in the next-generation personalized beauty industry includes strategic partnerships and collaborations, strengthening business operations through strategic acquisitions, enhancing product portfolio, offering personalized skincare through the launch of new products.
To take advantage of the opportunities, the publisher recommends the next-generation personalized beauty companies to focus on customized products, focus on virtual try-on technology, increase focus on biosynthetic ingredients, offer personalized 3D printed face masks, expand in emerging markets, provide competitively priced offerings, leverage online portals to maximize reach and revenues, focus on aggressive advertising and promotional activities, continue to target fast-growing applications.
This report describes and explains the next-generation personalized beauty market and covers 2016 to 2021, termed the historic period, and 2021 to 2026 termed the forecast period, along with further forecasts for the period 2026-2031. The report evaluates the market across each region and for the major economies within each region.
Table of Contents
1. Executive Summary2. Table of Contents3. List of Figures4. List of Tables5. Report Structure
6. Introduction and Market Characteristics
7. Major Market Trends
8. Global Market Size And Growth
10. Global Market, Regional And Country Analysis
11. Asia-Pacific Market
12. Western Europe Market
13. Eastern Europe Market
14. North America Market
15. South America Market
16. Middle East Market
17. Africa Market
18. Competitive Landscape And Company Profiles
19. Key Mergers and Acquisitions
20. Opportunities And Strategies
21. Next-Generation Personalized Beauty Market, Conclusions And Recommendations
22. Appendix
Executive Summary
Next-Generation Personalized Beauty Global Market Opportunities And Strategies To 2031 provides the strategists; marketers and senior management with the critical information they need to assess the global next-generation personalized beauty market as it emerges from the COVID 19 shut down.Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 12 geographies.
- Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market research findings.
- Benchmark performance against key competitors.
- Utilize the relationships between key data sets for superior strategizing.
- Suitable for supporting your internal and external presentations with reliable high-quality data and analysis
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider next-generation personalized beauty market; and compares it with other markets.
The report covers the following chapters:
- Introduction and Market Characteristics
- Key Trends
- Global Market Size and Growth
- Regional And Country Analysis
- Market Segmentation
- Regional Market Size and Growth
- Competitive Landscape
- Key Mergers and Acquisitions
- Market Opportunities And Strategies
- Conclusions And Recommendations
- Appendix
Scope
Markets Covered
1) By Product: Skincare; Haircare; Make-Up; Fragrances; Other Products2) By Application: Consultation/Digital Questionnaires; Apps And Specialized Hardware; Home Test Kits
Companies Mentioned: Estee Lauder Inc.; Function of Beauty; Prose; Curology; Hims & Hers Health, Inc.
Countries: Australia, China, India, Indonesia, Japan, South Korea, USA, Brazil, France, Germany, UK, Russia
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; next-generation personalized beauty indicators comparison.
Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Companies Mentioned
- Estee Lauder Inc.
- Function of Beauty
- Prose
- Curology
- Hims & Hers Health, Inc.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 255 |
| Published | January 2023 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 29250.4 Million |
| Forecasted Market Value ( USD | $ 92530.4 Million |
| Compound Annual Growth Rate | 12.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 5 |
