Luxury Beauty Tools Market is Growing at CAGR of 5.00% from 2023-2030: Cognitive Market Research
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Introduction of Luxury Beauty Tools Market
Cosmetics are products that are used to clean and beautify the physical features of humans. Luxury beauty tools are products that are manufactured with premium and organic quality ingredients and are sold at a higher price than drugstore products. Key players in the luxury beauty tools market increase the number of educational lessons and videos, and information published online in conjunction with DIY trends are key market drivers enhancing market growth. With the growth of certified organic and natural beauty products, the growth of cosmetics and personal care tools, and the escalating demand for halal cosmetics, e-commerce is expected to continue to be the fastest-growing sales channel. Additionally, natural components are in great demand; as a result, most companies are developing goods containing natural ingredients, such as high-end botanical substances originating from plants and those with numerous applications. These strategies help key players capture a significant market share and competitive in the dynamic luxury beauty tools market.
For instance, in September 2020, Philips India partnered with Indian cricketer Virat Kohli to launch the limited addition of the Philips signature series Trimmers through a digital campaign to invite consumers to their own inspiring stories of hard work and dedication.
Key Insights from Luxury Beauty Tools Market Report
The Global Luxury Beauty Tools Market is Growing at CAGR of 5.00% from 2023 to 2030.
Certified Growth of Organic and Natural Beauty Products Drives the Market Growth
The rise in certified organic and natural beauty products is driving the market CAGR for beauty tools. As consumers grow into more aware of negative effects of certain chemicals, such as paraben and aluminum compounds, present in skin care, hair care, and deodorants, demand for natural and organic goods has increased in the beauty industry and personal care items globally. Many customers favor one brand over others because it uses solely natural ingredients. This has recently increased customer demand for safe, all-natural, and organic deodorant products. When making purchases, effectiveness, therapeutic advantages, and longer-lasting protection are all taken into account.
For instance, in December?2020, Google partnered with ModiFace and Perfect Corp. to launch an augmented reality platform that allows consumers to try cosmetics through the Google application.
The growth of consumers' purchasing power has significantly impacted the luxury beauty tools market. Factors such as growing urbanization, an increasing number of working women, changing lifestyles, and rising alertness regarding hygiene and skincare is expected to expand the growth of premium beauty and personal care products market during the forecast period. The alertness of hygiene and personal health has led to rising manufacturing of skincare and hair care products, thus driving the requirement for personal care ingredients, which in turn is anticipated to fuel the market success.
For instance, in May 2020, According to a Global WebIndex survey, around 96% of U.S. and U.K. consumers was solely dependent on beauty influencers before the coronavirus outbreak.
Market Dynamics of Luxury Beauty Tools
The potential health hazard of certain organic compounds that are used in the luxury beauty tools market and personal care products is a major protest for the Growth of the premium beauty and personal care products market. Inorganic compounds are known for their harmful effects, such as certain heavy metals or toxic substances, and a decline in consumer trust. Brands may face the necessity of adopting alternative, safer materials to align with evolving consumer preferences for clean and sustainable beauty products. This restrains the use of new ingredients globally, thus, hindering the evolution of premium beauty and personal care products. These stringent regulations delay or avoid the launch of advanced products, Increase the prices of any unique product introduced in the market, and may lead to product recalls.
Impact of COVID–19 on the Luxury Beauty Tools Market
The COVID-19 pandemic affected the luxury beauty tools market significantly. The COVID-19 pandemic has had a negative impact on several industries around the world, including the luxury cosmetics industry. With consumption at a halt and inventories piling up in warehouses, business priorities have shifted to liquidation strategies and inventory management while assessing post-pandemic consumer habit changes. The industry faced challenges as lockdowns and economic uncertainties led consumers to prioritize essential purchases. This shift resulted in a temporary decline in demand for non-essential items, including luxury beauty tools. It provides a complete evaluation of additives concerned with marketplace improvement in advance of and after the COVID-19 pandemic.
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Competitive Landscape of the Luxury Beauty Tools Market
The report throws light on the competitive scenario of the global Luxury Beauty Tools Market to know competition at both the domestic and global levels. Market experts have also offered the outline of every leading player in the global luxury beauty tools market, considering the key aspects such as areas of operation, production, and product portfolio.
Top Companies Market Share in Luxury Beauty Tools Industry:
Luxury Beauty Tools Market Analysis
Type Segment Analysis:
According to Cognitive Market Research, makeup brushes have seen significant Growth, with consumers valuing quality and performance. Makeup brushes are integral to achieving flawless, airbrushed look that'll help you face your day with confidence. Investigating all the types of brushes is a daunting challenge alone. There are many reasons why quality brushes are important, such as quality brushes being better for your skin, quality brushes saving money, your makeup turning out better when you use quality brushes, etc.
Nail cutter is the fastest-growing category over the forecast period, as it is used for trimming fingernails, toenails, and hangnails. These tools provide the consumers with safe and precise nail cutting, and major players offering features such as convenient grip, miniature file, and nail catcher. Moreover, there are different types of nail clippers available in the market, like guillotine-type nail clippers, nail nippers and nail scissors. These factors are bolstering the Growth of the global nail clipper market.
Application Segment Analysis:
According to Cognitive Market Research, the offline sales channel anticipated to account for the largest proportion of global beauty tools market due to a large penetration of supermarkets and specialty stores spread over multiple locations globally, supporting offline sales channels. Moreover, the hassle-free buying options and (Buy One Get One) offers associated with seasonal sales have triggered consumers' purchase behavior from such stores. The in-store assistance freedom to choose products before purchasing have stimulated demand for offline channels.
The dynamic growth of online sales channels continues to reshape the luxury tools market dynamics. The increasing penetration of e-commerce distribution and online shopping has favored product demand. In addition to the many online luxury cosmetic products, the growing incidence of delivery services and app-based sellers that are significantly popular among consumers is driving the segment. Additionally, exchange or return policies on online platforms attract consumers towards more online purchases of luxury cosmetic products.
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North America dominated the market in 2023 and accounted for around 40% of the global revenue
According to Cognitive Market Research, North America dominated the market in 2023 and accounted for around 40% of the global revenue, owing to the accessibility of makeup tools for each and every application. The region's beauty market has experienced substantial Growth and increased awareness of skincare, with consumers seeking high-quality and innovative beauty tools and a growing emphasis on personalized beauty experiences. The increasing style statement and a strong social media influence among youths and adults have led to a booming demand for hair accessories and tools.
Asia Pacific is the fastest-growing category due to the region's rising expenditure on beauty products and customers' preferences for using branded products. Consumers have increased outlay on personal hygiene, which has led to escalated sales of shower gel, sanitizers, and hand washes. On the other side, the e-commerce trend is boosting the sales of charm and personal care products through online channels. The high adoption of advanced technology and the existence of large players in this region are likely to build abundant growth opportunities for the market.
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