Next-Generation Personalized Beauty Global Market Report 2024

Next-generation personalized beauty focuses on providing personalized products and services tailored to the specific needs of individuals. This approach spans a range of products, including skincare such as body lotions and creams, as well as haircare and makeup.

The primary product types in the next-generation personalized beauty market include skincare, haircare, makeup, fragrances, and others. Skincare in next-generation personalized beauty involves the customization of skincare products and services. This personalization process entails understanding the client's skin profile, addressing its unique needs, and selecting products suitable for specific skin types and environments. Next-generation personalized beauty is implemented through various methods, including consultations/digital questionnaires, apps, specialized hardware, and home test kits.

The next-generation personalized beauty research report is one of a series of new reports from The Business Research Company that provides next-generation personalized beauty statistics, including next-generation personalized beauty industry global market size, regional shares, competitors with next-generation personalized beauty share, detailed next-generation personalized beauty segments, market trends and opportunities, and any further data you may need to thrive in the next-generation personalized beauty industry. This next-generation personalized beauty research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The next-generation personalized beauty market size has grown rapidly in recent years. It will grow from $37.78 billion in 2023 to $43.26 billion in 2024 at a compound annual growth rate (CAGR) of 14.5%. The expansion observed in the historical period can be attributed to advertising and promotional activities, strong economic growth in emerging markets, and rising disposable income.

The next-generation personalized beauty market size is expected to see rapid growth in the next few years. It will grow to $74.71 billion in 2028 at a compound annual growth rate (CAGR) of 14.6%. The anticipated growth in the forecast period can be attributed to rapid urbanization, a swift expansion in e-commerce, and a tech-savvy customer and corporate base. Key trends projected for the forecast period include continued emphasis on advertising and promotional activities, strong economic growth in emerging markets, and an increase in disposable income.

The anticipated surge in demand from e-commerce platforms, catering to the increasing needs of end consumers, is expected to drive the demand for personal hygiene products and boost the market for next-generation personalized beauty in the foreseeable future. E-commerce, which involves online transactions and doorstep deliveries, heavily relies on logistics providers. According to the US Department of Commerce Retail Indicator Division, e-commerce sales in the US reached $870 billion in 2021, marking a 14.2% increase from the previous year. The demand for consumer goods is expected to rise due to efficient last-mile delivery and streamlined supply chains, thereby contributing to the demand for next-generation personalized beauty. With consumers exhibiting a 40% greater inclination to explore new beauty products and brands post-pandemic, a robust digital strategy becomes crucial for maximizing brand discovery. Virtual storefronts have played a pivotal role in transforming e-commerce into dynamic, ever-changing spaces that closely resemble physical stores, providing a competitive edge for online beauty businesses. Consequently, the expanding e-commerce sector is poised to fuel the demand for the next-generation personalized beauty market.

The ongoing trend of rising urbanization is expected to be a significant contributor to market growth in the forecast period. Urban consumers' perceptions and acceptance of fitness and beauty products have undergone a substantial shift, extending beyond the constraints of city living. With an increase in discretionary income, growing urbanization, and a desire for an improved lifestyle, the middle class in second and third-tier cities is demonstrating a heightened demand for wellness and beauty services. The United Nations predicts that by 2050, approximately 68% of the global population will reside in urban areas, compared to the current 55%. Notably, the rapid growth in urbanization, especially in developing economies, is anticipated to generate substantial demand for the next-generation personalized beauty market. For example, in India, Lakme is strategically expanding its presence in tier-3 cities, with 25% of its salons already located in these regions, aiming for a comprehensive pan-India reach.

Companies operating in the next-generation personalized beauty market are adopting strategic partnerships and collaborations to broaden their product portfolios and enhance their offerings. In April 2021, Revieve, a US-based company providing personalized products and services, partnered with BABOR, a Germany-based company offering customized skincare solutions. Another instance is the strategic collaboration between AptarGroup, Inc., a US-based personal care, beauty, and pharmaceutical company, and Yan An Tang, a China-based company providing personalized skincare products and consultations. These partnerships signify a concerted effort to leverage complementary strengths and expand the market reach of next-generation personalized beauty products.

Beauty industry players continue to integrate new technologies and refine their processes to offer more personalized formulas for consumers. While product customization is not a new trend, the advent of direct-to-consumer (D2C) personalized haircare businesses, utilizing quizzes to tailor products based on user preferences, has gained prominence. Companies such as Function of Beauty in the United States, Bare Anatomy in India, and Medulla in Japan have embraced this model. Custom printing is another avenue for creating unique products tailored to individual consumers, as exemplified by MAC Shanghai and Shespoke, offering 3D printed eye shadow palettes and custom-mixed lipsticks, respectively. Advanced technology, such as AI-powered devices such as L'Oreal's Perso, is also being employed to dispense custom-formulated cosmetics, enhancing the personalization trend. The impact is significant, with consumer studies indicating a strong preference for personalized services and experiences, driving brands to differentiate offerings through personalization.

In June 2021, Hims & Hers Health, Inc., a US-based company providing personalized health and wellness services through a multi-specialty telehealth platform, acquired Apostrophe. This strategic acquisition enhances Hims & Hers' ability to deliver advanced and personalized dermatology treatments at scale, meeting the growing consumer demand. Apostrophe, a teledermatology company, specializes in offering personalized dermatology services to consumers by connecting them with dermatologists.

Major companies operating in the next-generation personalized beauty market report are 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

Asia-Pacific was the largest region in the next-generation personalized beauty market in 2023 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.

The countries covered in the next-generation personalized beauty market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The next-generation personalized beauty market consists of revenues earned by entities by providing skin care products such as face creams and body lotions. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Next-Generation Personalized Beauty Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on next-generation personalized beauty market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for next-generation personalized beauty? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The next-generation personalized beauty market global report from the Business Research Company answers all these questions and many more.

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.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Product: Skincare; Haircare; Make-Up; Fragrances; Other Products
• 2) 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; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• 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,
• 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.
• Delivery Format: PDF, Word and Excel Data Dashboard.