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Technological advancements in beauty and makeup tools have played a key role in driving market growth. With their innovations in products and solutions, major market players have influenced consumers' adoption of such tools for various hair care and skincare routines.
The emergence of makeup artists and influencers with their tutorials and training through online platforms has attracted consumers' interest in adopting personalized routines at home, which has uplifted the purchase of such tools, thereby generating new avenues for the market in its growth.
The escalating number of promotional activities and campaigns undertaken by brands to spread awareness and information about the tools and technologies relating to beauty and cosmetics have propelled the demand for such products. For instance, in Sept 2020, Philips India partnered with Indian cricketer Virat Kohli to launch the limited edition of the Philips Signature Series Trimmers through a digital campaign to invite consumers to their own inspiring stories of hard work and dedication. The campaign #SelfMade was an initiative by Philips India to promote their trimmer series.
Moreover, the rising penetration of e-commerce distribution and online shopping has favored product demand. The emerging number of online shopping sites and the growing number of localized sellers, and their partnership with e-shopping channels like Amazon, Nykaa, Flipkart, etc., has facilitated the growth prospects of the beauty tools market.
The impact of the pandemic has led to strict lockdowns, which led to the closure of retail stores and caused disruptions in the supply chain and other distribution channels. However, the online mode of shopping has maintained the market's revenue. For instance, according to the 2020 annual report of L'Oréal in February 2021, the company's sales jumped by 62% for e-commerce across all regions and in varied divisions, including beauty and makeup tools, accounting for about 26.6% of the total company's sales for 2020. The beauty tools market is expected to generate newer growth opportunities despite the Covid-19 crisis globally. The demand for beauty products and accessories is expected to witness considerable growth in sales as cosmetics and beauty retails have started operating, and the sales of beauty tools and accessories are likely to go up.
The report will cover the following key insights:
The haircare segment is expected to hold the dominant share of the global beauty tools market due to the booming interest of consumers to opt for hair care routines. Besides this, a rising number of salons and hair parlors use various kinds of hair care tools, including hairdryers, straighteners, curling irons, sectioning clips, etc. The widespread usage of haircare tools for such purposes has led to an increase in the sales of such products through online and offline platforms, which is the core reason behind the dominance of the hair care segment. The various kinds of hair fall problems and the treatment related to such have led to skyrocketing demand for such tools, driving segmental growth. For instance, according to the data presented by National Alopecia Areata Foundation (NAAF), as of April 2021, 6.8 million people are suffering from alopecia areata, a hair falls causing disease in the U.S.
The offline distribution channel is anticipated to account for the largest proportion of the global beauty tools market due to a wide penetration of supermarkets/hypermarkets and specialty stores spread over multiple locations globally, supporting offline channel sales revenue. Moreover, the hassle-free buying options and BOGO (Buy One Get One) offers associated with seasonal and festive sales have triggered consumers' purchase behavior from such stores. The in-store assistance and consumers' freedom to choose products before purchasing have stimulated demand for offline channels.
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North America is anticipated to hold a dominant share of the global beauty tools market, and the region has a strong foothold in revenue share for cosmetics and beauty products. The robust growth in sales is due to soaring consumer interest in technology-driven tools with advanced features. The increased interest in such tools in the U.S and Canada has facilitated the overall revenue towards market growth. Besides this, the ever-increasing popularity of the beauty industry has played a significant role in thriving the beauty and cosmetics market in North America. The rising style statement and a strong social media influence among the youths and adults have led to booming demand for hair accessories and tools.
The report will include the profiles of key players such as Estée Lauder Companies Inc., The Procter & Gamble Company, Paris Presents Incorporated, e.l.f. Cosmetics, Inc., Avon Products, Inc., Edgewell Personal Care, Louis Vuitton LVMH, Coty, Inc., L'Oréal SA, Shiseido Co. Ltd., and others.
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