Dublin, July 19, 2022 (GLOBE NEWSWIRE) -- The "Next-Generation Personalized Beauty Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
The global next-generation personalised beauty market is expected to grow from $29.25 billion in 2021 to $37.72 billion in 2022 at a compound annual growth rate (CAGR) of 11.87%. The market is expected to reach $51.64 billion in 2026 at a CAGR of 12.08%.
The next-generation personalized beauty market consists of sales of next-generation personalized beauty services and products by entities (organizations, sole traders, and partnerships) that are involved in personalized beauty. Next-generation personalized beauty includes products and services that are personalized or designed according to the needs of every individual. Next-generation personalized beauty products can be found in various ranges from skincare such as body lotion, creams to haircare and makeup.
The main product types in the next-generation personalised beauty market are skincare, haircare, make-up, fragrances, and others. The next-generation personalised beauty skincare includes personalised skincare products and services. Skincare personalization includes the process of knowing the client's skin better, suiting its needs, and also selecting the products that are suitable for skin in a particular environment. Next-generation personalised beauty is applied through consultations/digital questionnaires, apps, specialised hardware, home test kits, and others.
The growing concern of consumers regarding skin problems such as acne, cold sores, blisters, and hives across the globe is contributing to the growth of the next-generation personalised beauty market. Skin diseases can be temporary or permanent, painless or painful, and situational or genetic. With the increasing number of skin disorders, people are becoming more conscious of their skin and opting for personalised services and products to overcome skin problems.
According to the Medscape report 2020, approximately 50 million Americans suffer from acne each year, with 80 percent of Americans having acne at some point in their lives. Further, around 50 million men and 30 million women are suffering from hair loss due to skin diseases. Skin diseases rank fourth among the most common causes of all human illnesses, which affect around one-third of the world's population. The increase in skin problems among consumers is demanding more personalised solutions, driving the market for next-generation personalised beauty.
Companies in the next-generation personalised beauty market are strategically partnering and collaborating with other companies to broaden their product portfolios and expand their next-generation personalised beauty products. For example, in April 2021, Revieve, a US-based company engaged in offering personalised products, services, and treatments, entered into a partnership with BABOR, a Germany-based company offering customised skin care solutions to its customers.