Home-Use Beauty Devices Market Forecast to 2023 with Global Key Companies Profile, Demand and Cost Structure
Global home-use beauty devices market is expected to reach $16.7 billion by 2023, according to P&S Market Research.The market is mainly driven by increasing inclination of consumers toward easy-to-use home-use beauty devices, rising prevalence of skin diseases, growing appearance consciousness in people and awareness about these devices, expanding product portfolio of market players, and surge in disposable income.
Based on type, the home-use beauty devices market for anti-aging is expected to reach $3.9 billion by 2023, registering a CAGR of 21.7% during the forecast period. As stated by the United Nations (U.N.), in 2017, there are around 962 million people aged 60 or above, comprising 13% of the global population. The population aged 60 or above is growing at a rate of about 3% every year. Thus, various beauty-related problems associated with aging, such as wrinkles, loosening of the skin, increase in facial hair, and drooping eyebrows and eyelids, are contributing to the market growth of this category.
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During the forecast period, the European home-use beauty devices market is expected to outpace the North American home-use beauty devices market, on account of rising geriatric population, increasing prevalence of hair- and skin-related diseases, and introduction of specialized hair regrowth devices in addition to apps that educate consumers on the usage of such devices.
The prevalence of androgenetic alopecia (hair loss) is reportedly higher in the European population as compared to the Asians, Native Americans, and African-Americans. The introduction of specialized hair regrowth devices in Europe has witnessed increased adoption by people, as problems such as hair loss are more common among Europeans as compared to the people in other regions. Besides, France is considered the fashion-hub of the world and is home to some of the renowned fashion brands. L’Oreal SA is one such brand based in France that commercializes cosmetics and home-use beauty devices.
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In order to increase their market share, key players in the home-use beauty devices industry are acquiring other companies operating in the domain. For instance, in May 2018, L'Oréal SA (L'Oréal) announced 100% acquisition of Nanda Co. Ltd., a Korean lifestyle make-up and fashion company. With this acquisition, L'Oréal plans to expand the sales of the 3CE cosmetics brand, internationally. The company expects to complete the transaction in two months, after receiving customary regulatory approvals.
Furthermore, in March 2018, the company completed its previously announced acquisition of ModiFace Inc., a provider of augmented reality and artificial intelligence in the beauty industry. The acquisition is in line with L'Oréal's digital acceleration strategy to integrate these technologies in its 34 international brands in order to enhance customer experience with the brand.
Some of the other key players operating in the home-use beauty devices market are Nu Skin Enterprises Inc., TRIA Beauty Inc., Home Skinovations Ltd., The Procter & Gamble Company, iluminage Beauty Inc., Koninklijke Philips N.V., Spectrum Brands Holdings Inc., YA-MAN LTD., MTG Co. Ltd., and Carol Cole Company.
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