The winds of technological innovation are blowing strongly in the American beauty industry. According to analysts, the American beauty tech market is expected to grow rapidly, but there are still many challenges to overcome.
On the 23rd, the KOTRA Los Angeles Trade Office introduced the current status and prospects of the American beauty tech market through a market report focusing on “beauty tech.”
Beauty tech, which integrates various beauty products and technologies, is increasing with the advancements in the Internet of Things (IoT), artificial intelligence (AI), and augmented reality (AR) technologies.
The rapid growth of beauty tech was evident at the world’s largest consumer electronics show, CES2024, held last January. While core tech companies have traditionally delivered keynote speeches at CES, this year marked the first participation of a beauty company.
The beauty tech products gaining attention in the U.S. include virtual try-ons, virtual makeup filters, AI-based skin and hair analysis, wearable devices, 3D printed makeup, smart mirrors, beauty metaverse, and virtual beauty consultations, all utilizing AI, AR, and virtual reality (VR) technologies.
The U.S. beauty tech market is projected to reach $3.42 billion by 2026, a growth of over 150% compared to 2021.
The KOTRA Los Angeles Trade Office said, “We look forward to the future of beauty tech, which is increasingly making its presence felt on the global tech stage,” but also noted that “there are still many challenges that the beauty tech industry needs to address. Raising overall awareness of beauty tech and focusing more on areas that meet specific consumer concerns and needs, such as acne, wrinkles, and hair loss, could be helpful.”
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