Europe, the beauty devices market, is anticipated to reach US$ 19,741.29 Mn in 2027 from US$ 8,209.21 Mn in 2019
NEW YORK, May 25, 2020 /PRNewswire/ --
Europe, the beauty devices market, is anticipated to reach US$ 19,741.29 Mn in 2027 from US$ 8,209.21 Mn in 2019. The market is projected to grow with a CAGR of 13.4% from 2020-2027.
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The beauty devices market is growing primarily due to changing consumer psyche towards beauty and wellness with rising geriatric population, and increasing prevalence of skin and hair problem in the Europe region that are boosting the market over the years. Restraining factors, such as undesirable side effects of beauty devices and availability of cheaper beauty products likely to damage the growth of the market in the coming years.
On the other hand, increasing disposable income and technological innovations in the beauty device market is expected to have a positive impact on the growth of the Europe beauty devices market in the coming years.
Beauty devices are made and sold for the purpose of enhancing the physical attractiveness of users. These devices come in handy and are very useful for the cosmetic usage area including skin related issues, such as acne, wrinkles and scars usage areas among others.
The market for beauty device is expected to witness huge growth due to changing consumer psyche towards beauty and wellness and increasing prevalence of age-related skin issues.
According to the Central Intelligence Agency, around 39.9% of the total German population was aged from 25 to 54 years, and approximately 15.0% of the population was aged from 55 to 65 years in 2018. For Instance, Italy and Germany among the countries with higher aging population which is one of the major factor driving the beauty devices market. The aging population, old age is related with loss of fibrous tissues and a reduced vascular network and glandular in the skin layers. Obsession with appearance has significantly increased the demand for beauty and skincare products across the world. Premium beauty brands are now offering additional services, such as skin diagnosis, at their outlets to attract customers. Even big beauty corporates have been keen to showcase their tech savvy in the consumer beauty devices.
The beauty devices market is expected to obtain significant growth opportunities from growing urbanization and the adoption of advanced lifestyle in women. There has been a significant increase in the percentage of working women, which is anticipated to drive the sales of beauty devices and products at a significant rate.
This number is increasing significantly in developed and developing nations The European Union's statistics office Eurostat reported that per capital household real income - the adjusted gross disposable income divided by the total population - rose 0.6% in the 19-state eurozone and 0.3% across the full EU. The first quarter rise in income follows a similar increase at the end of 2018. As per European Union, the middle class is expected to reach 5.3 billion people by 2030. While the expanding middle-class could be a driver for economic development, changes in consumer behavior and consumption patterns.
With increased employment of women, leading to the rise in disposable income, there has been a shift in lifestyle, leading to increased use of feminine products such as beauty devices by the working population. And more disposable incomes, changes in technology, and better after-care, the attitude (toward cosmetic surgery) has changed and their numbers have increased.
Hence, the increase in disposable income, the adoption rate of beauty devices subsequently increases, thereby offering lucrative opportunities for the market growth.
In 2019, the hair removal devices accounted for the largest market share in the Europe beauty devices market.Shaving has been among the widely adopted methods to remove unwanted body hair.
However, with repeated shaving, thick hair grows back in a short time.To get over these issues, there are a number of advanced hair removal devices, varying from epilators to light-based home-use devices, currently available in the market.
Also, the growing popularity of beauty clinics has increased the demand for hair removal devices for better treatment services.Moreover, growing physical consciousness among millennial has enhanced the need for alternative methods such as regular hair trimming and body hair shaving.
The growth of hair removal devices is also increasingly influenced by the rising application of intense pulsed light (IPL) devices. The demand for these devices has hiked due to their precision in removing hair.
In 2019, the salon segment, held the most significant market share of the beauty devices market by the usage area.This segment is also anticipated to hold a considerable portion of the market in 2027, owing to the changing consumer perception, coupled with increasing capita income, has enabled people flocking to spa and salons for various skin treatments, such as facial rejuvenation and acne treatment.
The segment is also anticipated to witness growth at a significant rate during the forecast period.
Some of the significant primary and secondary sources for cold plasma equipment included in the report are World Health Organization (WHO), European Union's statistics, and, Journal of the European Academy of Dermatology and Venereology.
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