Our in-depth analysis of the global beauty devices market includes the following segments:
Regionally, the global beauty devices market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to hold the largest share over the forecast period on the back of growing appearance consciousness in countries, such as, Korea, and Japan. Korea has the highest number of cosmetic surgeries every year, with almost 20% of the women getting a cosmetic surgery in the region. This is estimated to increase the demand for beauty devices in the region. Moreover, stressful lifestyle in developing countries, along with increasing disposable income is expected to boost the market growth. The market in the North America is anticipated to hold a considerable share over the forecast period owing to the growing influence of Hollywood celebrities on the masses, which encourages them to use skin and hair care devices.
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The global beauty devices market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Anil Kumar, Ipsheeta Dash
Ans: Increasing cases of skin diseases and hair problems due to pollution and poor lifestyle is a major factor driving the market growth.
Ans: The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2021-2029.
Ans: Side effect of beauty devices is one of the factors estimated to hamper the market growth.
Ans: The market in Asia Pacific is estimated to provide most growth opportunities owing to the increasing consciousness about personal appearance in the region.
Ans: The major players in the market are Oriflame Cosmetics AG, L’Oreal S.A., Panasonic Corportion, Johnson & Johnson Consumer Inc., Tria Beauty, The Procter & Gamble Company, Home Skinovations Ltd., Candela Corporation and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, portability, mode of operation, application, end-user, and by region.
Ans: The salon segment is anticipated to hold largest market over the forecast period owing to the growing footfall in salons.