Home-Use Beauty Devices Market Growth, Trends and Demands
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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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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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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