Overview and Scope
Artificial intelligence in beauty and cosmetics refers to the utilization of advanced artificial intelligence and machine learning techniques to analyze and comprehend different elements of beauty and cosmetics to provide the best beauty matching. It allows facial visualization, skin assessment, and more personalized suggestions when it involves to skincare and possible treatments
Sizing and Forecast
The AI in beauty and cosmetics market size has grown exponentially in recent years. It will grow from $3.27 billion in 2023 to $3.97 billion in 2024 at a compound annual growth rate (CAGR) of 21.5%. The growth in the historic period can be attributed to personalized beauty recommendation, skin analysis and diagnostics, virtual makeup artists, social media influences, enhanced customer engagement.
The AI in beauty and cosmetics market size is expected to see rapid growth in the next few years. It will grow to $8.1 billion in 2028 at a compound annual growth rate (CAGR) of 19.5%. The growth in the forecast period can be attributed to AI in product formulation, ai-generated content creation, AI in augmented reality (AR) shopping, smart beauty devices, data-driven personalization, AI in sustainability practices. Major trends in the forecast period include color-matching technologies, virtual try-on technologies, personalized beauty recommendations, chatbots for customer support, AR-based beauty content creation.
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Segmentation & Regional Insights
The AI in beauty and cosmetics market covered in this report is segmented –
1) By Type: Personalized Recommendation Tools, Performance Marketing Measurement Platforms, Demand Forecasting And Supply Chain Tools, Real-Time Customer Service Platforms, AI-Based Beauty Devices
2) By Distribution Channel: Specialist Retail Stores, Supermarkets And Hypermarkets, Convenience Stores, Pharmacies, Drug Stores, Online Retail, Other Distribution Channels
3) By End-User: Skincare, Haircare, Make-up, Fragrances, Other End-Users
North America was the largest region in the AI in beauty and cosmetics market in 2023. The regions covered in the ai in beauty and cosmetics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing demand for personalized beauty and cosmetic products is expected to propel the growth of AI in the beauty and cosmetics market going forward. Personalized beauty and cosmetic products are customized to each customer’s unique needs and tastes, including ingredients, textures, perfumes, and packaging. AI is significant in generating personalized beauty and cosmetic experiences by utilizing data analysis, picture recognition, formulation optimization, and virtual try-on technologies. For instance, in April 2023, according to statistics sourced from Euromonitor International 2023 published on the official website of the International Trade Administration, U.S. Department of Commerce, beauty and personal care sales in China hit $88 billion in 2021, a 10% increase over the previous year. Therefore, the growing demand for personalized beauty and cosmetic products is driving the growth of AI in the beauty and cosmetics market.
Key Industry Players
Major companies operating in the AI in beauty and cosmetics market report are Procter & Gamble Company, Pure & Mine, L’Oréal S.A., Sephora Inc., Beiersdorf AG, Shiseido Co. Ltd., InsightAce Analytic, Elizabeth Arden Inc., OpenAI LP, GAN-powered solution, Anokai, EpigenCare Inc., Novi, Perfect Corp., ChatGPT, Lottie London, Banuba Inc., Luna Fofo, Revieve, Ciaté London, mySKIN, Haut.AI, YOUS Skincare, My Beauty Matches, Youth Laboratories, Brand Agency London, Econsultancy, Opte Wand, Perso Limited
The ai in beauty and cosmetics market report table of contents includes:
- Executive Summary
- AI In Beauty And Cosmetics Market Characteristics
- AI In Beauty And Cosmetics Market Trends And Strategies
- AI In Beauty And Cosmetics Market – Macro Economic Scenario
- Global AI In Beauty And Cosmetics Market Size and Growth
- AI In Beauty And Cosmetics Market Segmentation
- AI In Beauty And Cosmetics Market Regional And Country Analysis
…………..
- Key Mergers And Acquisitions In The AI In Beauty And Cosmetics Market
- AI In Beauty And Cosmetics Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global AI In Beauty And Cosmetics Market, Segmentation By Typer, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global AI In Beauty And Cosmetics Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global AI In Beauty And Cosmetics Market, Segmentation By End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
…………..
Table 74: Procter & Gamble Company Financial Performance
Table 75: Pure & Mine Financial Performance
Table 76: L’Oréal S.A. Financial Performance
Table 77: Sephora Inc. Financial Performance
Table 78: Beiersdorf AG Financial Performance
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