Artificial Intelligence (AI) In Beauty and Cosmetics Market

The Global Artificial Intelligence (AI) In Beauty and Cosmetics Market is estimated to reach over USD 13.34 billion by 2030, exhibiting a CAGR of 19.7% during the forecast period.

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AI technologies have been penetrating several industries in recent years and are projected to develop in the next years. The beauty industry is experiencing a digital shift as the world emerges from the pandemic. The capacity of AI technology to adapt to individual consumers and their distinct beauty demands makes it so valuable for beauty companies. Deep learning algorithms are powering AI beauty tech to assist firms in providing mass-scale customization to consumers. With these technologies, each customer may virtually test products and receive a customized product regimen. To remain competitive in the market, most beauty companies are already using AI in their strategy. Since AI has become more prevalent in skincare and beauty solutions, an increasing number of cosmetic companies are embracing virtual technology, as they provide an extra layer of analysis and virtual try-on that helps the customer to make the most matched purchase possible. The increasing usage of artificial intelli gence among beauty companies, as well as the introduction of more customer-centric technologies to construct digital infrastructure, is expected to show significant growth opportunities during the forecast period.

Companies are embracing technology advancements in their plans to remain competitive in the market by providing individualized products and services. Growing customer preferences for customized solutions increased technical advancement throughout the beauty sector, and increased use of Augmented Reality (AR) in the beauty industry are some of the key drivers expected to drive the market over the projected period. The increasing frequency of skin diseases, as well as the growing demand for anti-ageing treatments, are likely to drive market growth. The Covid-19 outbreak has altered consumer purchasing patterns in the beauty and cosmetics industries. However, the market is further driven by the increasing demand for personalized beauty and cosmetic products, as well as the rapidly developing eCommerce sector.

North America is expected to have the most significant revenue share in Artificial Intelligence (AI) in Beauty & Cosmetics market by 2030. This high share can be attributed to positive government initiatives encouraging the use of AI in the beauty industry. Growing research and innovation directed by technology is encouraging the adoption of new technologies among beauty industries, which is likely to fuel regional growth. The overall market in North American countries has been driven by new product development, and a growing number of start-ups focused on bringing new and improved items to consumers. In Asia Pacific, the market is expected to grow at a rapid pace during the forecast period. This expansion is due to expanding digitalization and dramatically increased investments in artificial intelligence in the Beauty Industry.

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List of Prominent Players in the Artificial Intelligence (AI) In Beauty and Cosmetics Market:
L’Oréal’s (Modiface, Hair Coach)
Beiersdorf (NIVEA SKiN GUIDE)
Olay (Skin Care App)
Shiseido (Optune System)
CRIXlabs (DBA Quantified Skin)
Procter & Gamble (Opte Wand)
Yours Skincare
My Beauty Matches
EpigenCare Inc.
mySkin
Haut.AI
Luna Fofo
Reviveve
ANOKAI. CA.
Youth Laboratories
Pure & Mine
Glory Skincare
Nioxin
New Kinpo Group
Perfect Corp
Symrise (Philyra)
Function of Beauty LLC
Coty Inc. (Rimmel)
Estée Lauder
Sephora USA, Inc. (Virtual Artist)
Spruce Beauty
Givaudan
Beautystack
Polyfins Technology Inc

Recent Developments:
• In Sept 2022, JCPenney, in collaboration with Revive, will launch an artificial intelligence (AI) skincare advisor and hyper-real augmented reality (AR) makeup try-on technology to tailor the customer shopping experience. JCPenney strengthens its position as the ” go-to inclusive in-store” and online shopping destination through this collaboration.
• In July 2022, L’Oréal joined with the Nasscom Centre of Excellence (CoE) to develop and deploy emerging technologies for use in the company’s commercial operations. The collaborative initiative will investigate the possible applications of emerging technologies such as Artificial Intelligence, Machine Learning , the Internet of Things (IoT), augmented reality, virtual reality, mixed reality, and so on for the cosmetic or dermatological industries. It would assist L’Oréal in the development of new products, consumer evaluations, personalization, and process optimization.
• In May 2022, Proven Skincare will release a personalized eye cream duo which contains Personalized Day Eye Cream and Personalized Night Eye Cream. Proven Skincare will raise USD 60 million in a Regulation A round under the Securities and Exchange Commission in 2021. These funds will be used to invest in more AI innovation and talent, to increase domestic and global marketing efforts for its existing items, and to invest in new product lines and categories.
• In April 2022, Revive® and Shiseido collaborated to launch a new beauty innovation in the makeup category. Shiseido’s commitment to beauty innovation is combined with Revive’s AI Selfie Analysis, AI-powered personalized recommendations, and true-to-life virtual try-on technologies to offer the world’s first digital cosmetics expert experience.

Segmentation of Artificial Intelligence (AI) In Beauty and Cosmetics Market-
By Service/Product
• Personalized Recommendation Tools
• Performance Marketing Measurement Platforms
• Demand Forecasting and Supply Chain Tools
• Real-time Customer Service Platforms
• AI-based Beauty Devices
By End-use
• Skincare
• Haircare
• Make-up
• Fragrances
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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