In a recent published report, Kenneth Research has updated the market report for Beauty Device Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Beauty Device Market products.
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Global beauty device market is one of the growing markets across the globe. Factors like improper working schedules, hectic life, expanding population suffering from depression and related condition leads to elasticity in the skin.
As the condition concerns population, a huge footfall is experienced by the beauty technicians across the globe. Further, increase in number of skin & hair problems due to UV radiations and excess pollution in the atmosphere would further boost up the market of beauty devices globally. Moreover, beauty device market is fuelled up by the young as well as elder population so as to maintain the personality and desire of being well groomed.
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In 2015, beauty device market reached USD 20.1 Billion and is expected to expand at a CAGR of 18.7% during the forecast period of 2016-2021.Globally, Asia captured the highest share to beauty device market in 2015 due to the availability of affordable beauty devices & increasing disposable income in emerging economies such as India and China. The growing population and rising urbanization are also some of the factors fostering the growth of this region.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
The second largest share has been captured by North America, due to increase in aging population along with the increase in disposable income. The beauty device market has been mainly run by the spa & salons in the North America region as there are around 7,50,000 beauty salons which would further fuel the growth of beauty device market globally.
Key Players
Following are some of the key players in global beauty device market such as:
L’Oreal
Panasonic Corp.
PhotoMedex
TRIA Beauty Inc.
Procter & Gamble Company
Home Skinovations Ltd.
Syneron Medical Ltd.
Koninklijke Philips N.V.
Carol Cole Company, Inc.
Nu Skin Enterprises, Inc.
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July 9, 2016: Walgreens Boot alliance acquired Liz Earle from Avon, which is a leading beauty device & product manufacturing company. This acquisition enables to add more products to the portfolio.
March, 2016: Uniliver acquired several companies in a series of monthly acquisition including Dermalogica & REN, which are beauty device & products manufacturing company. The acquisition enables Uniliver to expand its product portfolio and provided facilities across the globe.
Growth Drivers and Challenges
Growth in aging population worldwide and increasing number of cases of skin diseases & hair fall problems due to environmental pollution would anticipate the beauty device market growth globally. Due to advanced technology & convenient options in beauty device market, the demand for beauty devices is anticipated to boost up the beauty device market growth across the globe. The ease in availability of beauty devices would further intensify the growth of the market worldwide.
The restraint for beauty device market includes the risks & side effects from beauty devices. For instance, the photo rejuvenation device leads to severe skin burns due to excessive exposure of radiations which leads to swelling & appearance of fragile skin. The high cost of beauty devices available in the market and services from them are also way expensive. This factor would hinder the growth of global market for beauty devices over the forecast period.
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About Kenneth Research
Kenneth Research is a reselling agency providing market research solutions in different verticals such as Automotive and Transportation, Chemicals and Materials, Healthcare, Food & Beverage and Consumer Packaged Goods, Semiconductors, Electronics & ICT, Packaging, and Others. Our portfolio includes set of market research insights such as market sizing and market forecasting, market share analysis and key positioning of the players (manufacturers, deals and distributors, etc), understanding the competitive landscape and their business at a ground level and many more. Our research experts deliver the offerings efficiently and effectively within a stipulated time. The market study provided by Kenneth Research helps the Industry veterans/investors to think and to act wisely in their overall strategy formulation
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