New York, Aug. 01, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “AI In Beauty And Cosmetics Global Market Report 2023” – https://www.reportlinker.com/p06480008/?utm_source=GNW
The global AI in beauty and cosmetics market is expected to grow from $2.68 billion in 2022 to $3.27 billion in 2023 at a compound annual growth rate (CAGR) of 21.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The AI in beauty and cosmetics market is expected to reach $6.8 billion in 2027 at a CAGR of 14.4%.
The Artificial intelligence in the beauty and cosmetics market includes revenues earned by entities through personalized product suggestions, skin analysis chatbots, smart mirrors, and virtual assistants.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.Artificial intelligence in the beauty and cosmetics market also includes sales of smart skincare devices, smart mirrors, smart makeup tools, smart hair tools, and custom fragrance creation.
Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Artificial intelligence in beauty and cosmetics refers to the utilization of advanced artificial intelligence and machine learning techniques to analyze and comprehend different elements of beauty and cosmetics to provide the best beauty matching. It allows facial visualization, skin assessment, and more personalized suggestions when it involves to skincare and possible treatments
North America was the largest region in the AI in beauty and cosmetics market in 2022. The regions covered in AI in beauty and cosmetics report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of AI in beauty and cosmetics market are personalized recommendation tools, performance marketing measurement platforms, demand forecasting and supply chain tools, real-time customer service platforms, and AI-based beauty devices.Personalized recommendation tools are software systems or algorithms that analyze user data and make personalized suggestions or recommendations based on the user’s choices, passions, and behavior.
They are distributed through various channels including specialist retail stores, supermarkets, hypermarkets, convenience stores, pharmacies, drug stores, online retail, and others, that are utilized for skincare, haircare, make-up, fragrances, and others.
The growing demand for personalized beauty and cosmetic products is expected to propel the growth of AI in the beauty and cosmetics market going forward.Personalized beauty and cosmetic products are customized to each customer’s unique needs and tastes, including ingredients, textures, perfumes, and packaging.
AI is significant in generating personalized beauty and cosmetic experiences by utilizing data analysis, picture recognition, formulation optimization, and virtual try-on technologies. For instance, in April 2023, according to statistics sourced from Euromonitor International 2023 published on the official website of the International Trade Administration, U.S. Department of Commerce, beauty and personal care sales in China hit $88 billion in 2021, a 10% increase over the previous year. Therefore, the growing demand for personalized beauty and cosmetic products is driving the growth of AI in the beauty and cosmetics market.
Technological advancements are a key trend gaining popularity in the AI in beauty and cosmetics market.Companies operating in AI in the beauty and cosmetics market are adopting new technologies to sustain their position in the market.
For instance, in January 2023, The Estée Lauder Companies, Inc., a US-based makeup, skincare, fragrance, and hair care product manufacturer and marketer, launched a Voice-Enabled Makeup Assistant (VMA) application. VMA uses voice teaching technology to aid users in applying makeup. The users receive audio feedback and tips when applying lipstick, eyeshadow, or foundation evenly. ELC VMA detects makeup on a user’s face and uses artificial intelligence to estimate uniformity, application threshold, and coverage. VMA identifies all areas of the face that require a more precise application and sends a strong message where touch is needed.
In April 2021, Givaudan, Switzerland-based flavorings, perfumes, and active cosmetic component manufacturer, acquired Myrissi for an undisclosed sum.This acquisition broadens, diversifies, and enriches AbbVie’s portfolio by assisting its customers in evoking the smell of their goods in the most creative way possible, thereby assisting consumers in selecting the product that best fits their tastes.
Myrissi is a France-based company that has created an intelligent sensory translator specialized in producing aromatic products that operate in AI in the beauty and cosmetics market.
The countries covered in the AI in beauty and cosmetics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The AI in beauty and cosmetics market research report is one of a series of new reports that provides AI in beauty and cosmetics market statistics, including the AI in beauty and cosmetics industry global market size, regional shares, competitors with an AI in beauty and cosmetics market share, detailed AI in beauty and cosmetics market segments, market trends, and opportunities, and any further data you may need to thrive in the AI in beauty and cosmetics industry. This AI in beauty and cosmetics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06480008/?utm_source=GNW
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