Latest Trends & Innovations in Anti-aging Beauty Industry

Life expectancy is rising and with it the dynamics of the beauty industry. As people are living longer, the desire to healthier and look prettier is a growing desire amongst the consumers. This has boosted the emergence of sleep devices, anti-aging beauty products, supplements, and healthy foods.

Women and men want to look and feel good at all ages and this norm is the most evident in the beauty industry.

The Health & Wellness industry is the next trillion-dollar industry globally, according to the majority of industry experts and published data for 2019 trends. The market space is dominated mostly by beauty and anti-aging product sales at $679 billion, followed by fitness and mind + body exercise ($390 billion) and healthy eating, nutrition and weight loss sales ($277 billion).

North American anti-aging market size was worth $1.66 million in 2019 and estimated to be growing at a CAGR of 5.20 % to reach $21.36 billion by 2024*. North America is expected to have a leading share in the global market. This is because of increasing average life expectancy, high per capita income, improved standards of living, the easy availability of innovative products, technological advancements, a strong influence of social media and rising consciousness about personal appearance.**

Some major players in the Anti-aging services market are: Allergan, Inc.; Beiersdorf AG; Cynosure; Lumenis; Solta Medical, Inc.; Procter & Gamble; Estee Lauder, Inc.; and Elizabeth Arden

US Anti-Aging Services Market Size, by Type, 2015 – 2026 ($ Billion)

Below are some of the latest trends in the Anti-aging Beauty Industry:-

1. Smart Beauty Devices: Brands are building connected beauty systems to personalize skin care treatments, gather behavioral data on shoppers, and encourage loyalty within brand-powered skincare ecosystems. L’Oreal has developed wearable sensors to track sun damage and skin pH levels. Shiseido’s Optune, an IoT-powered skincare system launched earlier this year, integrates a mobile app that leverages AI to detect users’ skin conditions and then dispenses a personalized formula.

2. Evidence-based skin analysis: Many brands have used artificial intelligence to personalize skincare analysis and user recommendations. HiMirror, originally launched in 2016 by the New Kinpo Group, offers an Amazon Alexa voice-controlled smart mirror that provides users with beauty advice. The HiMirror leverages AI to offer a daily skin analysis and personalized recommendations, as well as augmented reality to let users virtually try on makeup. Atolla, launched in Aug 2019, uses AI, a monthly at-home skin test, and a mobile app to develop users’ skin health profile, which changes based on the monthly test, inputs from users on season or lifestyle changes, and more. Beyond the use of AI, Curology offers a telemedicine-based approach to dermatology by sending custom prescriptions and relying on patient photos to measure progress over time.

3. Subscription model: Subscription services and direct-to-consumer models are currently all the rage as established brands and start-ups alike realize they can cut out the middleman by delivering a personalized, tailored product directly to the consumer – and in a way that builds long-term customer loyalty and revenue.

4. Demand for environment-friendly skincare products: Consumers today are increasingly environmentally conscious and might be more selective about the beauty products they choose due to concerns about the environmental impact.

5. The advent of custom consultation market: For women aged above 45, experts suggest that Instead of looking for a new skincare brand, look for a new consultation; a full consultation which includes a skin diagnosis. This is where you will find out about your skin and the best skincare brand for you and anything else that may be available to fix your skin. Personalization has evolved to become one of the core elements of many subscription services, as brands seek to go the extra mile to tailor a product to their customers and make it valuable to them. This arrangement is a win-win for both customer and brand: Throughout learning about a customer’s tastes, the brand gathers all kinds of invaluable customer data, which it can then pour back into improving the customer experience even further.

Birchbox executives say that the company asks new subscribers to fill out a ‘beauty profile’ that will dictate which products get put into their box – everything from hair and skincare routine to the type of makeup they prefer using. Based on this survey, there are around 60 different combinations of products that can be assembled in a box and sent to the customer. Birchbox also puts a lot of thought into its box presentation as it says subscribers care a lot about that.

*https://www.marketdataforecast.com/market-reports/na-anti-aging-market

**https://www.imarcgroup.com/north-america-anti-aging-market