New York: Persistence Market Research (PMR) forecasts that the global beauty devices market will be pulsing with possibilities over the next five years. The demand for at-home beauty devices, especially, will be a fertile ground for innovation, with many companies receiving rich dividends from investments made during this decade. According to a PMR study, the global market for beauty devices will register a very encouraging 18.7% CAGR between 2013 and 2020, reaching US$54,186.9 million in 2020. North America represents the largest beauty devices market.
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One of the most discernible trends in the market is customers increasingly opting for at-home beauty devices because home-use devices now deliver results that are comparable to professional salons within a private, convenient setting. Hitherto, hair removal devices held sway over a significant chunk of market revenue. PMR predicts that the hair removal devices market will grow to US$10,977.5 million by the end of 2020, showing a 19.8% CAGR.
But the hair removal devices segment is gradually losing ground to the emerging segment of at-home beauty devices and LED and photorejuvenation therapy devices. Going forward, these two trends will have a strong impact on the global beauty devices market:
- Beauty market rewards innovators: Innovation and novelty are two winning formulas for the global beauty devices market. This market offers exciting opportunities for new product launches as customers are increasingly taking efforts to appear well groomed and youthful. Till 2013, the beauty devices market showed bullish growth. But as it tips towards maturity, players in this space will have to seek out niche growth pockets within existing segments. Players who already have a foothold in this market will find themselves compelled to launch second, third or even fourth generations of their existing products to stay firmly in the fray. In PMR’s view, this will be a sustainable growth strategy.
- Self-service is a big trend in the beauty market: At-home beauty devices such as hair removal systems, massagers, and photorejuvenation devices among others are widely regarded as being convenient and cost-effective. From wrinkles to aging skin to unwanted hair growth, there is an array of beauty devices available for various beauty and grooming needs in the market. The home-use beauty devices market is projected to show double-digit CAGR over the next four to five years, with Asia Pacific and Europe offering exciting opportunities for both innovation and growth.
Players in the global beauty devices market, however, will have to proceed with caution to ensure that health concerns commonly associated with beauty devices (contact dermatitis, fungal infections, and prolonged erythema) do not erode their profitability.
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