Beauty Tech Global Market Report 2024

The beauty tech market size has grown rapidly in recent years. It will grow from $59.14 billion in 2023 to $68.78 billion in 2024 at a compound annual growth rate (CAGR) of 16.3%. The growth observed in the historic period can be attributed to several factors, including the heightened adoption of Internet of Things (IoT) devices, escalating investment in beauty tech startups and research initiatives, growing consumer demand for sustainable and clean beauty products, the rise of personalized beauty solutions, and the ongoing digital transformation within the retail sector.

The beauty tech market size is expected to see rapid growth in the next few years. It will grow to $116.17 billion in 2028 at a compound annual growth rate (CAGR) of 14%. The anticipated expansion during the forecast period can be credited to the growing consumer consciousness regarding clean beauty items, the surge in social media and influencer presence, the rising popularity of subscription beauty boxes, the advancement of e-commerce, globalization, and market expansion. Key trends expected in the forecast period comprise the utilization of artificial intelligence for ingredient exploration, advancements in beauty technology, AI-driven skin assessment and lip care, the emergence of wearable beauty gadgets, and the development of 3D virtual makeup solutions.

The escalating prevalence of skin-related disorders is poised to drive the growth of the beauty tech market in the foreseeable future. Skin-related disorders encompass a spectrum of medical conditions affecting the skin, ranging from infections and inflammations to allergic reactions, autoimmune disorders, skin cancers, and genetic conditions. The uptick in the prevalence of these disorders can be attributed to various factors including environmental pollution, evolving lifestyles, heightened UV exposure, and genetic predispositions. Beauty technology emerges as a vital tool in managing skin diseases, leveraging AI-driven applications for early detection, telemedicine platforms for virtual consultations, and tailored skincare solutions, thereby enhancing the accessibility and efficacy of treatments. Recent data from the American Academy of Dermatology Association highlights the significant impact of skin-related disorders, with over one million individuals affected by melanoma in the United States in April 2022. Moreover, an estimated 197,700 new cases of melanoma are anticipated to be diagnosed in the United States in 2022, comprising 97,920 noninvasive (in situ) cases and approximately 99,780 invasive cases, underscoring the driving force of skin-related disorders in propelling the beauty technology market forward.

Key players within the beauty tech market are doubling down on their efforts to introduce intelligent and cutting-edge solutions, with a focus on AI-powered skincare, aimed at gaining a competitive advantage in the market. The integration of artificial intelligence (AI) technology into skincare products and routines facilitates personalized analysis and recommendations tailored to individual skin types, concerns, and environmental factors. For instance, Nykaa, an India-based e-commerce company, unveiled ModiFace in December 2021, an advanced AI-powered virtual try-on technology designed to elevate the online beauty shopping experience. This technology ensures photo-realistic results and AI-enabled shade calibration, employing an automatic Augmented Reality simulation based on makeup brands' information and social media visuals. In the post-pandemic landscape, ModiFace places emphasis on safety and hygiene, offering a real-time, true-to-life view of beauty products through its sophisticated face tracker algorithm, thereby exemplifying the innovative strides being made in the beauty tech sector.

In September 2022, L'Oréal S.A., a renowned cosmetics company based in France, successfully acquired Skinbetter Science for an undisclosed sum. This strategic move is set to enrich L'Oréal's Active Cosmetics Division, reinforcing its steadfast commitment to pioneering advancements in health and beauty through science-driven skincare innovations. Skinbetter Science, a US-based derma skincare company, specializes in providing beauty technology products. The acquisition aligns with L'Oréal's strategy to further strengthen its position in the skincare market and offer cutting-edge solutions to consumers.

Major companies operating in the beauty tech market are Johnson & Johnson, The Procter & Gamble Company, Unilever PLC, Panasonic Corporation, L'Oréal S.A., Henkel AG & Co., The Estée Lauder Companies Inc., Kao Corporation, Ulta Beauty Inc., Sephora USA Inc., Shiseido Co. Ltd., Dyson Limited, Coty Inc., Amorepacific Corporation, Mary Kay Inc., Avon Products Inc., Nu Skin Enterprises Inc., Revlon Inc., Beiersdorf AG, Foreo AB, Clarins, Tatcha LLC, Quasar Bio-Tech Inc., Glossier Inc., Tria Beauty Inc., Skin Inc. Pte. Ltd., Murad, NuFACE, Dennis Gross Skincare LLC, NuFACE.

North America was the largest region in the beauty tech market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the beauty tech market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the beauty tech market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Beauty tech, a term derived from beauty technology, refers to the integration and application of technological advancements within the beauty and skincare sectors. This dynamic field encompasses the utilization of various cutting-edge technologies, including artificial intelligence, augmented reality, virtual reality, data analytics, among others, to elevate and transform various aspects of beauty, personal care, and grooming practices.

The primary types of beauty tech devices include acne devices, hair removal devices, hair growth devices, cleansing devices, oxygen steamer devices, rejuvenation devices, and others. Acne devices encompass a range of tools and gadgets such as light therapy devices, microdermabrasion tools, and high-frequency devices, designed to target acne-causing bacteria, reduce inflammation, and improve overall skin appearance. These devices come in different forms, including handheld, fixed, electric, battery-operated, and manual, providing users with portability options. Distribution channels for these devices include direct sales, retail outlets, and online platforms, catering to various applications such as salons, spas, homes, and more.

The beauty tech research report is one of a series of new reports that provides beauty tech market statistics, including the beauty tech industry's global market size, regional shares, competitors with an beauty tech market share, detailed beauty tech market segments, market trends and opportunities, and any further data you may need to thrive in the beauty tech industry. This beauty tech market 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 beauty tech market consists of revenues earned by entities providing services such as virtual beauty consultations, skincare analysis, and virtual makeup try-on services. The market value includes the value of related goods sold by the service provider or included within the service offering. The beauty tech market also includes sales of smart skincare devices, connected beauty mirrors, and beauty tech wearables. 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.


This product will be delivered within 3-5 business days.