To look like ramp ready at home and increasing influence of celebrity looks among young generation are prime factors for the growing demand of beauty devices in the forecast period. Rise of the glass hair trend and super sleek hair are increasing their market share. Many big brands have taken the industry by storm, with their unconventional products. For instance, Cloud Nine offers The Original Iron, which is a mineral hair straightener.
Hair care segment is growing at a significant CAGR in the forecast period
Hair care devices are further sub segment into dryers, straighteners and others. This can be attributed to increasing adoption of beauty devices among millennials and inclination towards ‘salon style’ hair at home is creating huge demand for hair dryers. To cater to this demand, many companies have designed professional products for different types of hair styling. For instance, in 2018, Dyson Ltd. launched ‘Dyson Supersonic Hair Dryer’. It is designed to offer fast and focused airflow for different styling.
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Increasing dominance of e-commerce beauty websites, increasing demand of beauty devices in the Asia Pacific
In the last few years, Asia Pacific has witnessed considerable growth in the economic developments and rise in the overall regional GDP. This has led to a rise in the per-capita income and subsequent growth in the spending power. With rapid population growth and the adoption of beauty devices, Asia Pacific has become one of the leading consumers in the global market. India, Pakistan, Bangladesh, Sri Lanka, and Thailand are some of the major countries in the region which are driving the demand for beauty devices and products for getting fair and clean skin. In addition to this, the young population in Asia Pacific is facing various skin issues like blemishes, uneven skin tone, dryness, acne, scars, and dark spots, which has ultimately increased the demand for beauty devices for home use in the region.
Local beauty device manufacturers in Asia Pacific, specifically in China and India have partnered with e-commerce giants, namely Alibaba.com, Nykaa.com, flipkart.com, and amazon.in to tap the lucrative growth opportunity and serve the diverse consumer base. On the other hand, established global beauty devices players have entered Asia Pacific market to cater to the emerging demand from other developing countries including Thailand, Malaysia, South Korea, Australia, and New Zealand.
Some of the prominent players in the market are Procter & Gamble, Koninklijke Philips N.V., Panasonic Corporation, Nu Skin, L’Oreal (CLARISONIC), CONAIR CORPORATION, MTG Co.,Ltd., Hitachi, Ltd., Spectrum Brands, Inc. (Remington), YA-MAN Ltd., FOREO, Silk’n (Home Skinovations), NuFACE, KAKUSAN, TRIA BEAUTY.
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