COVID-19 Impact on Beauty Devices Market size is expected to grow at a 7.8 % CAGR by 2023, says Market Research Future (MRFR). Electronic beauty devices market and home-use beauty devices market is expected to witness a substantial rise due to the online beauty retailers. Dropping prices of these devices are acting as a key growth driver for market sales.
Online selling of skincare tools categories is estimated to rise 112% during the lockdown as customers prioritize home-use beauty care and look for products that give them comfort and a feeling of being looked after.
The global beauty devices market had always been an ever-increasing space. Surprisingly, the market is continuously growing during the imposed lockdown to control the spread of coronavirus pandemic. Industry experts say that beauty products are witnessing this unexpected increase in sales as people like to look their best on video calls and behind masks. Also, the home-use beauty devices market is experiencing booming sales worldwide, especially in the American regions.
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In Japan, although the economic growth is plunged into recession in the first quarter due to the coronavirus pandemic, the sale of beauty products in departmental stores are rising at a record rate. And even if, squelched production and exports are expected to grow worse with times, industry players are gearing up for the boost, reading the signs of recovery from consumers. They are setting up strategies and action plans to gain a larger competitive share during the impact of COVID-19 on beauty devices market.
Beauty Devices Market Segmentation
By Product, the global beauty devices market is segmented into Hair Care (Growth & Styling Devices, Hair Removal, others), Skin Care (Light/Led, Acne Removal, Photo Rejuvenation Therapy, Cellulite Reduction, others), Oral Care, and others.
By Application, the global beauty devices market is segmented into Personal & Commercial Purposes and others.
By End User, the global beauty devices market is segmented into Professional, Personalized, and others.
Beauty Devices Market Regional Insights
North America dominates the global beauty devices market share attributes to the well-developed technology and increasing prevalence of polycystic ovary syndrome (PCOS) & hormonal problems among demographics of the region. Besides, the presence of a large consumer base and major industry players in the region fosters market growth. Moreover, increasing investments in research & development by major beauty device companies in the region drive the growth of the market.
Europe stands second in the global beauty devices market. The growth is driven by the availability of funds required for research activities and the rising popularity of beauty devices for the home care convenience that they offer. Countries like Germany and France contribute to the regional market growth, majorly, with their increased investments in technologies required for the developments of devices, The European beauty devices market is estimated to create a substantial revenue pocket over the assessment period.
The Asia Pacific beauty devices market has emerged as a promising market globally. Factors such as the presence of rapidly developing technology, rising numbers of consumers, and high expenditures on the purchase of beauty devices drive the regional market growth. Moreover, increasing demand for home beauty treatments in countries like India and China substantiates the growth of the regional market. China commands the largest share in the regional market, followed by India due to the tremendous economic development.
Beauty Devices Market Competitive Outlook
Highly competitive, the global beauty devices market appears fragmented due to the presence of many well-established players. To gain a larger competitive share in the market, players incorporate strategic initiatives such as mergers & acquisitions and collaboration. However, industry players accentuate on product launch, improvement, and brand reinforcement.
Manufacturers strive to deliver the most high-performance device powered by the latest clinical advances and technology that can offer effective solutions for various beauty concern solutions. Some of the devices have even branched out with lower-priced options and men with male-specific devices to target new consumers. The immense revenue generation opportunities demonstrated by the market attract several new players, which, in turn, intensify the market competition.
Major Players:
Players leading the global beauty devices market include Nu Skin Enterprises, L’Oreal S.A., Panasonic Corporation, L’Oreal S.A., Home Skinovations Ltd, Syneron Medical Ltd, PhotoMedex Inc, Procter & Gamble Co, and Tria Beauty Inc., among others.
Beauty Devices Industry/ Innovations/Related News:
Foreo (Sweden), a beauty technology company, introduced its first IPL (intense pulse light) device – Peach to South Korean market, partnering with SK Hyundai Duty-Free dept. The peach device offers at-home hair removal, which eliminates the need for personal visits to salons for costly IPL services. Foreo further said that it is expecting the Peach to be the hottest device for summer 2020, particularly relevant during the era of COVID-19.
Foreo noted that it was already looking forward to recovering sales during the COVID-19 Outbreak. South Korea is among the markets in travel retail, already seeing a rebound in consumer spending. The hair removal category has experienced steady growth in Asia Pacific travel retail in recent years, especially with frequent travelers. The company hopes sales of the device to catch momentum when the recovery of travel retail begins.
NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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