The newly published report titled “Global Artificial Intelligence (A.I.) in Beauty and Cosmetics Market– Forecast Till 2030.” features in-depth analysis and an extensive study on the market, exploring its significant factors. Artificial Intelligence in Beauty and Cosmetics
According to the latest market intelligence research report by InsightAce Analytic, the global Artificial Intelligence (A.I.) in Beauty and Cosmetics market size was valued at US$ 2.70 Billion in 2021, and it is expected to reach US$ 13.34 Billion in 2030, record a promising CAGR of 19.7% from 2021 to 2030.
The beauty and cosmetic sector have witnessed a massive upsurge in Artificial Intelligence (A.I.) in recent years. Due to advancements in A.I. technologies and the fact that beauty is characterized as a personalized and engaging market that generates a large amount of data, A.I. appears to be a solution to deal with this complex environment, prompting beauty companies to make data-driven decisions on their strategies to remain competitive. The beauty market has changed dramatically over the last decade, owing to the introduction of new technology and a shift in customer shopping behaviors. The beauty sector has been incorporating digital transformation into its business models to give consumers individualized skin regimens and beauty products tailored to their specific needs.
The Artificial Intelligence (A.I.) In Beauty and Cosmetics Market, growth can be attributed to the Integration of advanced technology like A.I. in the beauty and cosmetic field, providing new ways of engaging with the consumer, bringing efficiency and custamised solutions to the beauty client such as virtual try-on and personalized products. Increased demand for beauty products and technological advancements is expected to positively impact market growth. The outbreak of Covid-19 has changed consumer purchasing patterns across the beauty and cosmetic industry due to strict lockdown situations and the practice of social distancing across various countries. However, The COVID-19 crisis is likely to create opportunities for beauty and cosmetic brands due to the growing demand for personalized beauty & cosmetic products and the rapidly evolving eCommerce sector. According to one of the fashion-industry trade journals, online sales at Sephora now account for 70-80% of total sales after the pandemic.
Competitive Analysis: Artificial Intelligence in Beauty and Cosmetics
There has been an influx of Beauty Tech implementations on the global market with the rapid expansion of the beauty and cosmetic industry. Key companies are constantly testing and launching new features with key strategic partners with innovative services, covering the market’s demands. Their focus on serving their clients’ needs, both brands and end-consumers, and the constant technological development are the key factors in boosting market growth. Companies like L’Oréal, and PROVEN, among others, have already recognized such potential and are applying A.I. in different ways. For instance, L’Oréal is implementing A.I. strategies on their business. Followed L’Oréal, by PROVEN has the largest skincare database and, with the input from the consumer, matches their data, creating unique and customized products using A.I. mechanisms.
The prominent players in the Artificial Intelligence (A.I.) in Beauty and Cosmetics industry include:
Beiersdorf (NIVEA SKiN GUiDE), L’Oréal’s (Modiface, Hair Coach), Olay (Skin Care App), CRIXlabs (DBA Quantified Skin), Shiseido (Optune System), Procter & Gamble (Opte Wand), My Beauty Matches, Yours Skincare, EpigenCare Inc., mySkin, Haut.AI, Luna Fofo, Revieve, ANOKAI. CA., Pure & Mine, Youth Laboratories, Spruce Beauty, Nioxin, New Kinpo Group, Perfect Corp, Symrise (Philyra), Sephora USA, Inc. (Virtual Artist), Function of Beauty LLC, Estée Lauder, Coty Inc. (Rimmel), Givaudan, Beautystack and Polyfins Technology Inc and Other Prominent Players.
Artificial Intelligence (A.I.) in Beauty and Cosmetics Market Regional Analysis: Artificial Intelligence in Beauty and Cosmetics
North America is expected to dominate the growth of A.I. in the beauty and cosmetic market due to the expansion of the beauty and cosmetic industry and prominent e-commerce companies like Amazon and Sephora. Asia Pacific region is expected to experience the fastest growth in the global A.I. in beauty and cosmetic market due to rapidly increasing consumer spending and expansion of the e-commerce sector across the region. In emerging countries like China, India, and Japan, the beauty e-commerce space is adapting to multiple models to enhance the e-commerce shopping experience for consumers.