Market Research Future (MRFR) affirms that the beauty tools market can record a significant growth rate of 17.40% between 2020 and 2027. MRFR adds that the market size should touch USD 97,882.1 Million by the end of 2027.
Growth Boosters and Impediments
Escalating consciousness regarding physical appearance and the desire to look healthy, attractive and young has raised the demand for electronic beauty tool. With their significant convenience, faster operation, and advanced automation features, beauty tools are witnessing massive demand in the market. beauty tools are available for a series of applications including facial, nail and hand treatments, body treatments, hair removal, hair treatments, and many more. Also, with the surge in hormonal changes, rise in fat composition, cellulite growth, escalating localized fat, discoloration, skin laxity, large pores, fine lines, age spots, broken blood vessels and acne scars, the demand for the beauty tools market is bound to heighten significantly in the ensuing years.
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Brand endorsements by well-known celebrities, especially on social media are helping customers grow aware about the latest products available in the market. With fashion and beauty trends turning bolder, consumers are striving to flaunt their aesthetic side, which in turn enhances the demand for various types of beauty tools. Apart from this, online retail has emerged as a significant gamechanger for the beaty tools industry, with most of the firms having their own sites offering extensive ranges of products. Meanwhile, other companies are collaborating with established online sites to foster brand recognition among consumers.
Product type, end-use and distribution channel are the major segments outlined in the MRFR report, to offer an enhanced framework of the beauty tools industry.
Depending on product type, the beauty tools market caters to sponges & puffs, razors, hair care, brushes & combs, trimmers, tweezers, manicure & pedicure tools, and others. Haircare types listed in the report are straighteners & flat irons, curling irons, hairdryers, and others. Manicure & pedicure tools can be split into segments like nail file, cuticle pusher & nipper, nail cutter, and others. The lead has been secured by the hair care segment, which is deemed to touch USD 34,472.2 million by 2025-end. Meanwhile, the fastest growth rate of 19.79% will be exhibited by the trimmers segment between 2019 and 2025.
Major end-users are household as well as commercial. For years, parlors and salons were the popular spots for customers, however; over the years, in view of time shortage and hectic schedules, the beauty sector has now shifted its focus on serving customers with customized devices as per their requirements. As a result, the household use of beauty tools has risen considerably in the past few years and this would mean that the segment will attain the leading spot in the years ahead.
Top distribution channels in the worldwide market are store based and non-store based. Store based types are specialty stores along with supermarkets and hypermarkets, and more. Supermarkets and hypermarkets have procured the top position in the industry, accounting for maximum sales. Specialty stores are also some of the most popular distribution channels in the global market.
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Europe, Asia Pacific or APAC, North America and RoW (rest of the world) are the major regions where the global market for beauty tools is expected to grow at varying rates during the forecast period.
North America should remain the market leader in the coming years, as the demand for beauty tools such as curling irons and straighteners is extremely high in the region. The regional market procured a share of 34.60% in 2018 while the US secured the leading position. The North American market is touted to capture a striking CAGR of 16.80% between 2016 and 2025. Majority of the players carry out several advertising and marketing activities to spread awareness among the customers, which helps enhance the sales rate. The Canadian market benefits from the soaring consumer preference for technology-driven beauty tools with multiple features.
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The European market is one of the strongest contenders, thanks to the high grooming standards in view of the prevalent fashion trends. These trends are quite popular among the mass, with the fashion industry in the region having a remarkable effect on the beauty tools market. The sales of flat irons, straighteners, trimmers, razors, brushes, pedicure and manicure tools in the region are booming, given the rising social medica influence over the millennials and the growing interest in making a style statement. Another growth rendering aspect has been the surging use of the internet and various electronics devices like smartphones and tablets that facilitate the expansion of the e-commerce sector. Online shopping is an exciting trend in the market, with people increasingly turning tech-savvy and growing aware of the latest beauty tools available.
The key manufacturers active in the global industry are Estée Lauder Companies Inc. (US), The Procter & Gamble Company (US), Paris Presents Incorporated (US), e.l.f. Cosmetics, Inc. (US), Avon Products, Inc. (UK), Edgewell Personal Care (US), Moët Hennessy – Louis Vuitton (LVMH) (UK), Coty, Inc. (UK), L’Oréal SA (France), Shiseido Co. Ltd. (Japan), to name a few.
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