The AI in beauty and cosmetics market has seen rapid growth, with the market size increasing from $3.27 billion in 2023 to $3.97 billion in 2024, reflecting a CAGR of 21.5%. This growth is attributed to personalized beauty recommendations, skin diagnostics, virtual makeup artists, and the influence of social media. By 2028, the market is expected to expand to $8.1 billion, with a CAGR of 19.5%. This expansion is driven by advancements in AI-driven product formulation, content creation, AR shopping, smart beauty devices, and data-driven personalization. Key trends include color-matching technologies, virtual try-ons, personalized beauty recommendations, chatbots for support, and AR-based beauty content.
Major Driver In The AI In Beauty And Cosmetics Market
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, 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.
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AI In Beauty And Cosmetics Market Competitive Landscape
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
Key AI In Beauty And Cosmetics Market Trend
Technological advancements are a key trend gaining popularity in the AI in beauty and cosmetics market. Companies operating in AI in the beauty and cosmetics market are adopting new technologies to sustain their position in the market. For instance, in January 2023, The Estée Lauder Companies, Inc., a US-based makeup, skincare, fragrance, and hair care product manufacturer and marketer, launched a Voice-Enabled Makeup Assistant (VMA) application. VMA uses voice teaching technology to aid users in applying makeup. The users receive audio feedback and tips when applying lipstick, eyeshadow, or foundation evenly. ELC VMA detects makeup on a user's face and uses artificial intelligence to estimate uniformity, application threshold, and coverage. VMA identifies all areas of the face that require a more precise application and sends a strong message where touch is needed.
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AI In Beauty And Cosmetics Market Segmentation
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
By Geography:The regions covered in the ai in beauty and cosmetics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the AI in beauty and cosmetics market in 2023.
The AI In Beauty And Cosmetics Global Market Report 2024 furnishes information about the global ai in beauty and cosmetics market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
