AI in Beauty and Cosmetics Market Anticipates 19.14% CAGR Growth, reaching $14,051.5 Million | Says KR
The latest report titled AI in Beauty and Cosmetics Market: Trends, Share, Size, Growth, Opportunities, and Forecast 2024-2031" by Kings Research delivers a thorough analysis of the industry, encompassing market insights. It also covers competitor and regional analysis, along with recent advancements in the market.
AI in Beauty and Cosmetics Market was valued at USD 3,537.0 million in 2024 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.
Explore More Info : https://www.kingsresearch.com/ai-in-beauty-and-cosmetics-market-701
List of Key Companies in AI in Beauty and Cosmetics Market
- L’Oréal
- Procter & Gamble
- Shiseido Company, Limited
- FOREO
- MEITU
- Estée Lauder Inc.
- Beiersdorf
- Haut.AI
- EveLab Insight, Inc.
Key Industry Developments:
April 2024 (Collaboration): Estee Lauder Companies and Microsoft unveiled plans for an AI Innovation Lab to enhance their strategic alliance. Utilizing Microsoft's Azure OpenAI Service, the collaboration aims to accelerate innovation across ELC's 20+ prestige beauty brands, fostering consumer engagement and quicker market responsiveness. This initiative solidifies Estee Lauder reshaping the beauty sector through advanced generative AI technology.
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.
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
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