Next-Generation Personalized Beauty Market Size, Share and Scope Analysis to 2031

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the " "Next-Generation Personalized Beauty Market by Product Types (Skincare, Haircare, Make-up, Fragrances, Others), Application (Consultation/digital questionnaires, Apps and specialized hardware, Home test kits, Others) - Market Trends, Competitive Landscape, Revenue and Forecast To 2030."

According to the latest research report version by InsightAce Analytic, the global Next-Generation Personalized Beauty market is valued at US$ 41.9 Billion in 2021, and it is expected to reach US$ 143.6 Billion by 2030, with a CAGR of 15.3% during the forecast period of 2022-2030.

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Alternatives to conventional multipurpose products are personalized cosmetic products. Utilizing a person's genetic information and behavior to create customized cosmetic products for the consumer is included. Teenagers' beauty knowledge is still developing, and their preferences fluctuate frequently; therefore, they need guidance and expertise to navigate the beauty market. Next-Generation Personalized Beauty encompasses a variety of customized products, including Skincare, Haircare, Fragrances, and Cosmetics, among others. The skincare brand Proven states that it integrates consumer data into its artificial intelligence (AI) platform, which contains information on more than 100,000 products, 4,000+ scientific publications, 8M+ testimonials, etc., in order to provide users with the most relevant ingredients.

In addition, businesses are increasingly attempting to personalize and differentiate their products. Covid-19 has a positive influence on the Next Generation Personalized Beauty Market. During the COVID-19 pandemic, wellness and self-care product demand has increased due to heightened consumer interest in cosmetics and personal care essentials, as well as consumer goods in general. According to a study conducted by PowerReviews in February 2021, consumers are now 40% more likely to try out new cosmetic products than they were prior to the pandemic.

Primarily, the growing trend in the beauty industry is driving market growth; increasing awareness of personalized beauty products to meet specific beauty needs is also expected to propel market growth. It is anticipated that technological advances in customized cosmetic products will propel the market forward. Covid-19 impact reveals that players in the Beauty industry will soon captivate and convert the attention of existing and new customers. The use of artificial intelligence for testing, discovery, and customization will increase as a result of collaboration between brands, consultants, and retailers through data sharing, and inventory aggregation is also anticipated to experience significant growth over the forecast period.

Regionally, Europe held the greatest share of the global market, followed by the United States and Asia-Pacific. North America, on the other hand, is anticipated to dominate the market during the forecast period.

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Global Next-Generation Personalized Beauty market reports feature prominent players like Ulta Beauty, Inc., Proven Skincare, BITE Beauty, Coty Inc., BASF Care Creations, Curology, Estée Lauder Inc., Function of Beauty, insitU Cosmetics Ltd., FitSkin Inc., Krigler, Kiehl's Apothecary Preparations, CODAGE, SkinCeuticals Custom D.O.S.E., SKINSHIFT, FitSkin Inc., DermaCare Skin Inc., eSalon, Romy Paris, Duolab, Prose, Nomige, Atolla, Ave & Edam, Preemadonna Inc., Laboté, Orig3n, Skin Authority, NU SKIN, IOMA Paris, Sephora, SKINTELLI, AN EPIGENCARE BRAND , SkinAI LLC (Our Skin) , L'Oréal S.A., L'Occitane Groupe SA, Unilever PLC, Kendo Holdings, Inc., Preemadonna Inc., Shiseido Company, Limited, Amorepacific Corporation and Other Prominent Players.

Key developments in the market:

·      In Sept 2021, Coty, Inc. revealed a multi-channel partnership contract with Perfect Corp. Through this partnership, Company plans to reinforce its offering in virtual try-on, online skin diagnostics and data-driven personalization for brands consisting of CoverGirl, Sally Hansen and philosophy, as well as for Coty's broad fragrance portfolio.

·      In Aug 2021, Sephora relaunched its in-store color IQ foundation matching service with new artificial intelligence technology to find the best foundation match for the customers. It includes scanning the skin with a unique lens that leverages AI (computer vision). Sephora also installed a digital mirror at its flagship store in Madrid to deliver personalized recommendations through AI.

·      In Aug 2021, Function of Beauty acquired Atolla; the expansion revolutionizes beauty through customization and data science.

·      In 2020, Loreal unveiled Perso for skincare; this 3-in-1 device will be able to create custom formulas for lipstick and foundation.

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Market Segments

Global Next-Generation Personalized Beauty Market by Product Revenue (US$ Billion) Forecast 2019-2030

·      Skincare

·      Haircare

·      Make-up

·      Fragrances

·      Others

Global Next-Generation Personalized Beauty Market Based on Application Revenue (US$ Billion) Forecast 2019-2030

·      Consultation/digital questionnaires

·      Apps and specialized hardware

·      Home test kits

·      Others

Global Next-Generation Personalized Beauty Market, by Region, 2019-2030 (Value US$ Bn)

·      North America

·      Europe

·      Asia Pacific

·      Latin America

·      Middle East & Africa

North America Next-Generation Personalized Beauty Market, by Country, 2019-2030 (Value US$ Bn)

·      The U.S.

·      Canada

Europe Next-Generation Personalized Beauty Market, by Country, 2019-2030 (Value US$ Bn)

·      Germany

·      France

·      Italy

·      Spain

·      Russia

·      Rest of Europe

Asia Pacific Next-Generation Personalized Beauty Market, by Country, 2019-2030 (Value US$ Bn)

·      India

·      China

·      Japan

·      South Korea

·      Australia & New Zealand

Latin America Next-Generation Personalized Beauty Market, by Country, 2019-2030 (Value US$ Bn)

·      Brazil

·      Mexico

·      Rest of Latin America

The Middle East & Africa Next-Generation Personalized Beauty Market, by Country, 2019-2030 (Value US$ Bn)

·      South Africa

·      GCC Countries

·      Rest of the Middle East & Africa

Why should buy this report:

Ø To receive a comprehensive market insights for the global next-generation personalized beauty market

Ø To receive an industry overview and future trends of the Next-Generation Personalized Beauty market

Ø To analyze the Next-Generation Personalized Beauty market drivers and challenges

Ø To get information on the Next-Generation Personalized Beauty market size (Value US$ Bn) forecast to 2030

Ø Significant investments, mergers & acquisitions in the Next-Generation Personalized Beauty market industry

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