Beauty Devices Market Outlook and Opportunities in Grooming Regions
As per the United Nations, by 2050, the population of people aged 60 years or above will reach 324 million in India, 437 million in China, 58 million in Brazil, and 107 million in the U.S. With age, people suffer from reduced vascular and glandular network in the skin layers and loss of fibrous tissue, which can result in a number of skin problems, such as dryness, wrinkles, skin sagging, and pigmentary alteration.
This is why these people are rapidly looking at ways to minimize the physical symptoms of these issues and also rectify them to whatever extent possible. Thus, owing to the rising geriatric population, the global beauty devices market, which generated $47.4 billion in 2019, would grow at a CAGR of 19.7% between 2020 and 2030 (forecast period).
The hair removal classification is expected to continue dominating the beauty devices market till 2030, on account of people becoming more conscious about their appearance and being able to spend more on aesthetic treatments, due to economic growth. In addition, the incidence of hormonal problems is surging, as is the number of spas and salons offering hair removal services, around the world.
During the forecast period, the at-home category would witness the highest CAGR, of 20.4%, in the beauty devices market, as the devices designed for individual customers are easy to use, don’t require the user to be technically or medically inclined, and offer quick treatment. In addition, these devices can be easily bought from superstores, pharmacies, and online shopping channels, thus resulting in easy accessibility and high adoption.
The major global beauty devices market players are Panasonic Corporation, TRIA Beauty Inc., Lumenis Ltd., Carol Cole Company Inc., Home Skinovations Ltd., Nu Skin Enterprises Inc., L’Oréal SA, MTG Co. Ltd., Candela Corporation, LightStim, Koninklijke Philips N.V., YA-MAN LTD., Spectrum Brands Holdings Inc., Amorepacific Corporation, and Conair Corporation.
This study covers
• Major factors driving the market and their impact during the short, medium, and long terms
• Market restraints and their impact during the short, medium, and long terms
• Recent trends and evolving opportunities for the market participants
• Historical and the present size of the market segments and understand their comparative future potential
• Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
• Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders
• Major players operating in the market and their service offerings