As per a recent study by market research and competitive intelligence provider Fact.MR, the global beauty device market is poised for a massive boom. The market, valued at US$ 34.45 billion in 2024, is likely to grow at a CAGR of 12.1% through 2034.
The beauty market is witnessing a major paradigm shift, giving rise to unprecedented affinity towards beauty devices. Owing to this shift in preferences, the global beauty device market is likely to expand at a CAGR of 12.1% by 2034. Pathbreaking technological advancements, clubbed with a growing inclination towards at-home beauty solutions, are further fuelling this growth.
The massive global market encompasses an array of products catering to various concerns and body parts. Under its umbrella, the beauty device market includes products such as facial cleansing brushes, epilators, anti-ageing tools, hair colouring tools, etc. These tools, revolutionising the industry, empower individuals to take control of their beauty routines and make them easier, affordable, and effective.
What’s driving the growth
The primary reason behind the market growth is the inclination towards achieving salon-like services from the comfort of home. Due to increased time restrictions in today’s hectic lives, consumer behaviour is changing and the need for flexible options is at its peak. At-home beauty devices help consumers follow a consistent, salon-like skincare regime and it also gives them the flexibility of schedules and preferences.
Additionally, the growing innovation is another factor driving growth. With a variety of devices, backed by impeccable science, consumers have an option to cater to various needs with ease. Furthermore, the increase in integration of smart technology such as AI and IoT is helping people use these devices to analyse their concerns better and achieve personalised and effective skincare solutions. The rampant R&D ensures that new devices are user-friendly, sustainable, and efficient, thereby skyrocketing their sales.
The impediment to growth
While the overall sentiment towards beauty devices is positive, certain factors act as an impediment to the market’s growth. Usually, brands market at-home beauty devices as premium products. Owing to the same, they retail for a high price, limiting their reach and accessibility to a wider audience. The high cost can be a deterrent for those who aim to experiment with beauty purchases or even impulsive buyers. In all, this leads to slower growth in the mass market.
Country-wise insights
Due to high consumer awareness and technological breakthroughs, the US is one of the biggest contributors to the global beauty device market. East Asia, owing to disposable incomes and a deep interest in beauty, is another one of the biggest contributors to the market.
