AI in Beauty and Cosmetics Market Anticipates 19.14% CAGR Growth, Reaching $14,051.5 Million | Says KR
Global AI in Beauty and Cosmetics Market was valued at USD 3,537.0 million in 2023 and is expected to reach USD 14,051.5 million by 2031, increasing at a 19.14% CAGR between 2024 and 2031. The trend toward personalized regimens reflect the growing need for customized beauty solutions, as customers seek items that target their specific concerns and provide tangible results.
Top Key Players Profiles:-
L’Oréal, Procter & Gamble, Shiseido Company, Limited, FOREO, MEITU, Estée Lauder Inc., Beiersdorf, Haut.AI, EveLab Insight,
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Marketing and Customer Engagement:-
AI-driven marketing strategies are enhancing customer engagement and driving sales. Personalized marketing campaigns, powered by AI, target consumers with relevant product recommendations and promotions based on their browsing and purchasing behavior. Chatbots and virtual assistants, integrated with AI, provide instant customer support, answering queries and assisting with product selection. These AI tools ensure a seamless and interactive customer experience, fostering stronger brand-consumer relationships.
Sustainability and Ethical Practices:-
The beauty industry is increasingly focusing on sustainability, and AI is aiding in this effort. By optimizing production processes and reducing resource consumption, AI contributes to more sustainable practices. Furthermore, AI-driven transparency tools allow consumers to trace the origins and ingredients of their beauty products, promoting ethical consumption. Brands that leverage AI to enhance their sustainability efforts not only appeal to environmentally conscious consumers but also contribute to a greener planet.
Virtual Try-Ons and Augmented Reality (AR)
Virtual try-on solutions, powered by AI and AR, have gained immense popularity, especially with the rise of online shopping. These technologies enable customers to virtually try on makeup products, such as lipsticks and eyeshadows, using their smartphone cameras. By simulating the appearance of the products on their faces in real-time, consumers can make informed purchasing decisions without physically trying the products. This not only enhances the shopping experience but also reduces product returns, benefiting both consumers and retailers.
Smart Beauty Devices:-
The market is witnessing a surge in smart beauty devices equipped with AI capabilities. These devices, ranging from smart mirrors to AI-powered skincare tools, offer advanced features that assist users in their beauty routines. Smart mirrors, for example, can analyze the skin and provide real-time feedback on skincare regimens, while AI-enabled skincare devices can adjust their settings based on the user’s skin condition. These innovations provide users with professional-grade beauty treatments in the comfort of their homes.
Global AI in Beauty and Cosmetics Market is Segmented as:-
By Technology:-
Computer Vision
Machine Learning
Chatbot and virtual assistants
By Type:-
Skincare
Makeup
Haircare
By Application:-
Residential
Commercial
