Asia Pacific Beauty Devices Market to 2027 - Regional Analysis and Forecasts by Device Type; Usage Areas; Distribution Channel, and Country

Asia Pacific, the beauty devices market, is anticipated to reach US$ 15,260.14 Mn in 2027 from US$ 6,000.30 Mn in 2019. The market is projected to grow with a CAGR of 14.3% from 2020-2027.

The beauty devices market is growing primarily due to changing consumer psyche towards beauty and wellness with rising geriatric population, and increasing prevalence of skin and hair problem in the Asia Pacific region that are boosting the market over the years. Restraining factors, such as undesirable side effects of beauty devices and availability of cheaper beauty products likely to damage the growth of the market in the coming years. On the other hand, increasing disposable income and expanding middle-income class population; and technological innovations in the beauty device market is expected to have a positive impact on the growth of the Asia Pacific beauty devices market in the coming years.

Beauty devices are made and sold for the purpose of enhancing the physical attractiveness of users. These devices come in handy and are very useful for the cosmetic usage area including skin related issues, such as acne, wrinkles and scars usage areas among others. The market for beauty device is expected to witness huge growth due to changing consumer psyche towards beauty and wellness and increasing prevalence of age-related skin issues.

According to the World Bank, 16.98% population of Japan and 6.91% population of China was aged 65 or above, and the percentage increased to 27.05 % and 10.64% respectively by 2017. For Instance, China and Japan are among the countries with higher aging population which is one of the major factors driving the beauty devices market in Asia Pacific. The country's high population provides a potential customer base for market companies. The skin and hair care devices and products account for the lion's share of the market in these countries. The aging population, old age is related with loss of fibrous tissues and a reduced vascular network and glandular in the skin layers. Also, in geriatric population, the appearance and characteristics of the skin gets altered leading to sagging of the skin, dryness, wrinkles, and pigment alteration. Population aged 30-65 years is estimated to grow at a faster and is likely to increase the number of target consumers with signs of aging, such as lack of skin elasticity, wrinkles, and dark spots. In addition, products and devices for anti-aging helps in giving younger look and reducing skin aging by tightening and revitalizing the skin which further fuels the market demand for beauty devices.

The beauty devices market is expected to obtain significant growth opportunities from growing urbanization and the adoption of advanced lifestyle. There has been a significant increase in the percentage of working women, which is anticipated to drive the sales of beauty devices and products at a significant rate. This number is increasing significantly in developed and developing nations. The disposable income in the emerging countries such as China and India have increased over the years, which has increased the affordability and availability of beauty. Most of this growth will be in Asia. By 2030, China and India together will represent 66% of the global middle-class population and 59% of middle-class consumption. While the expanding middle-class could be a driver for economic development, changes in consumer behavior and consumption patterns. For instance, according to the World bank data, the GDP per capita of India was US$ 447.01 in 2001, which increased to USD 1,942.1 in 2017. Similarly, the GDP per capita of China was US$ 1,053.11 in 2001 which increased to USD 8,826.99 by 2017.

With increased employment of women, leading to the rise in disposable income, there has been a shift in lifestyle, leading to increased use of feminine products such as beauty devices by the working population. Furthermore, India's huge population and growing middle-class individuals have been explicitly targeted by multi-national corporations in the beauty industry since the opening of their consumer market. Hence, the increase in disposable income, the adoption rate of beauty devices subsequently increases, thereby offering lucrative opportunities for the market growth.

In 2019, the hair removal devices accounted for the largest market share in the Asia Pacific beauty devices market. Shaving has been among the widely adopted methods to remove unwanted body hair. However, with repeated shaving, thick hair grows back in a short time. To get over these issues, there are a number of advanced hair removal devices, varying from epilators to light-based home-use devices, currently available in the market. Also, the growing popularity of beauty clinics has increased the demand for hair removal devices for better treatment services. Moreover, growing physical consciousness among millennial has enhanced the need for alternative methods such as regular hair trimming and body hair shaving. The growth of hair removal devices is also increasingly influenced by the rising application of intense pulsed light (IPL) devices. The demand for these devices has hiked due to their precision in removing hair.

In 2019, the salon segment, held the most significant market share of the beauty devices market by the usage area. This segment is also anticipated to hold a considerable portion of the market in 2027, owing to the changing consumer perception, coupled with increasing capita income, has enabled people flocking to spa and salons for various skin treatments, such as facial rejuvenation and acne treatment. The segment is also anticipated to witness growth at a significant rate during the forecast period.

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