The Next-Generation Personalized Beauty by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Next-Generation Personalized Beauty, 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 growth in the historic period can be attributed to advertising & 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 growth in the forecast period can be attributed to rapid urbanization, rapid growth in ecommerce and tech savy customers and companies. Major trends in the forecast period include advertising & promotional activities, strong economic growth in emerging markets and rising disposable income.
Increasing demand from e-commerce companies for consumer goods to cater to the growing demand from end customers is expected to increase the demand for personal hygiene products and drive the demand for next-generation personalized beauty during the forecast period. The e-commerce sector relies heavily on logistic delivery providers, who are currently being serviced by logistic companies. According to the US Department of Commerce Retail Indicator Division, e-commerce sales were $870 billion in the US in 2021, a 14.2% increase over 2020. With reduced delivery times and leaner supply chains, the demand for last-mile delivery in e-commerce is expected to drive the demand for consumer goods, thus generating demand for next-generation personalized beauty. With consumers 40% more eager to explore new beauty products and brands than they were before the pandemic, a solid digital strategy is critical to maximizing brand discovery potential. Virtual storefronts have aided in the transformation of e-commerce from static product catalogs to dynamic, changing locations that seem much more like something you may encounter in a physical store—a significant competitive advantage for online beauty firms. Hence, the growing e-commerce market is expected to drive demand for the next-generation personalized beauty market.
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The next-generation personalized beauty market covered in this report is segmented –
1) By Product: Skincare, Haircare, Make-Up, Fragrances, Other Products
2) By Application: Consultation/Digital Questionnaires, Apps And Specialized Hardware, Home Test Kits
Companies in the next-generation personalized beauty market are strategically partnering and collaborating with other companies to broaden their product portfolios and expand their next-generation personalized beauty products. For example, in April 2021, Revieve, a US-based company engaged in offering personalized products, services, and treatments, entered into a partnership with BABOR, a Germany-based company offering customized skin care solutions to its customers. In July 2021, AptarGroup, Inc., a US-based personal care, beauty, and pharmaceutical company, entered into a strategic collaboration with Yan An Tang, a China-based company that offers customized, personalized skincare products, nursing programs, and one-on-one skincare consultations.
The next-generation personalized beauty market report table of contents includes:
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Top Major Players:
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