LONDON, March 28, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s AI In Beauty And Cosmetics Global Market Report 2024, the AI in beauty and cosmetics market has experienced remarkable growth in recent years, driven by technological advancements and changing consumer preferences.
Market Growth and Projections
The AI in beauty and cosmetics market has witnessed exponential growth, with revenues surging from $3.27 billion in 2023 to an estimated $3.97 billion in 2024, reflecting a robust compound annual growth rate (CAGR) of 21.5%. Looking ahead, the AI in beauty and cosmetics market is poised for rapid expansion, with projected revenues reaching $8.1 billion by 2028, growing at a CAGR of 19.5%.
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Augmented Reality Driving Growth
The increasing adoption of augmented reality (AR) in shopping is expected to be a major driver of market growth. Augmented reality technology enhances shopping experiences by providing realistic simulations of products, particularly in the beauty and cosmetics industry. AI plays a pivotal role in AR shopping experiences, facilitating virtual try-on capabilities, personalized product recommendations, and improved customer engagement. As per Intelivita, a UK-based software development company, the prevalence of AR technology in shopping is on the rise, with over 32% of consumers utilizing AR while shopping, indicating a significant market opportunity. The adoption of AR technology is expected to further boost the growth of the AI in beauty and cosmetics market.
Innovation in Virtual Try-On Technologies
Companies in the AI in beauty and cosmetics market are actively developing advanced solutions to gain a competitive edge. One such innovation is AI-powered virtual try-on technologies, which utilize artificial intelligence algorithms to enable customers to virtually try on cosmetics and beauty products. For example, Nykaa, an India-based e-commerce company, launched ModiFace, an AI-powered virtual try-on technology that enhances the online beauty shopping experience. This technology provides security and hygiene in the post-pandemic world while offering customers a real-time, true-to-life view of products through innovative face tracker algorithms.
Market Landscape and Competition
The global AI in beauty and cosmetics market is characterized by fragmentation, with numerous small players operating in the market. However, several major competitors hold significant AI in beauty and cosmetics market shares. Elizabeth Arden Inc, Beiersdorf AG, and Procter & Gamble Company are among the top competitors in the market, each contributing to the market's dynamism and competitiveness.
Regional Analysis
North America emerged as the largest region in the AI in beauty and cosmetics market, accounting for a substantial portion of total market revenues in 2023. This was followed by Asia Pacific, Western Europe, and other regions, underscoring the global nature of market growth and opportunities.
Segment Analysis
The AI in beauty and cosmetics market is segmented based on type, distribution channel, and end-user industry. Key segments include:
- Type: Personalized Recommendation Tools, Performance Marketing Measurement Platforms, Demand Forecasting And Supply Chain Tools, Real-Time Customer Service Platforms, AI-Based Beauty Devices
- Distribution Channel: Specialist Retail Stores, Supermarkets And Hypermarkets, Convenience Stores, Pharmacies, Drug Stores, Online Retail, Other Distribution Channels
- End-User: Skincare, Haircare, Makeup, Fragrances, Other End-Users
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The AI in beauty and cosmetics market is experiencing rapid growth, driven by technological innovations, shifting consumer preferences, and the increasing integration of AI and AR technologies in shopping experiences. As the AI in beauty and cosmetics market continues to evolve, companies are leveraging advanced solutions to enhance customer engagement and gain a competitive edge. With substantial opportunities projected in personalized recommendation tools and other segments, the AI in beauty and cosmetics market presents significant prospects for growth and innovation in the coming years.
AI In Beauty And Cosmetics Global Market Report 2024 by The Business Research Company provides insights on the AI in beauty and cosmetics market size, AI in beauty and cosmetics market segments, AI in beauty and cosmetics market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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