Beauty⁢ Tech‌ Market Sees ​Rapid Growth with 14% Annual Increase

• Beauty Tech‌ Market Size Grows by 14% Per‌ Year

L’Oréal develops eyebrow ⁢tattoos, devices for the disabled, etc. Amore Pacific’s​ ‘Lip Care Device’ Wins CES Innovation Award. “Active development of customized devices for skin health, wrinkles, and hair loss”

Beauty Tech (Beauty+Technology)‍ is ⁣gaining attention as‌ a new source of income for​ beauty companies. While small and medium-sized companies have⁢ been growing the ​market, now domestic large corporations⁢ as well as global beauty companies are joining ⁤the race, and competition in technology development is heating up.

According to ⁤a report by ​the global market research firm The Business Research Company on the 15th, the beauty tech market size was 59.14 billion dollars (approximately⁢ 82 trillion won) last⁣ year, and is expected to grow by an annual ‍average⁣ of 14% ⁤to reach⁤ 116.17 billion ‌dollars ​(160 trillion won) in 2028. In particular, the market is expected to grow ⁤centered on East Asia,‍ including ‍Korea, China, and Japan, and ⁣North​ America. Beauty​ tech refers to ⁤the application⁣ of cutting-edge ​technologies such as artificial ⁤intelligence (AI), the⁢ Internet of Things (IoT), and augmented reality (AR) ⁢to cosmetics and beauty devices. The ⁢trend⁣ is‍ that various beauty ⁢tech ​technologies are⁢ penetrating not only⁢ skin care but also skin ‌and nail care ‌and makeup.

Traditional cosmetics companies​ are also paying attention⁤ to beauty​ tech. In particular, L’Oréal, the world’s number one‍ beauty company, has taken the lead in the market by developing⁢ a home device that allows‍ eyebrow tattooing at home and​ a device⁢ that allows people with ‍limited ‍hand ‌and​ arm movement⁣ to apply makeup precisely.

The self-eyebrow tattoo device ‘L’Oréal Brow Magic’, unveiled at the world’s largest consumer ⁢electronics show (CES) last year, is a tool that recommends eyebrow shapes ⁣and tattoo techniques that are suitable for the user through AR ‌technology. By sweeping the device ⁢over⁤ the eyebrows, you can apply eyebrow makeup accurately ⁣and easily.

At CES that⁢ year, they also introduced HAPTA, a device ​for people with limited hand ⁢and foot functions.⁤ It supports the use of makeup products such as ​lipstick and mascara through smart motions and customized attachments built‌ into‍ the device. At CES this year, ‍they ⁣introduced the generative AI chatbot L’Oréal⁤ Beauty Genius. ‍It ‌is⁣ a technology that suggests ‌cosmetics​ and even makeup techniques ⁢that are⁤ suitable for ‌skin tone and‌ condition through conversations‌ with⁢ the chatbot ‍and analysis of photo information.

Amorepacific, a major ⁣domestic⁢ cosmetics company, is also ‍expanding its beauty tech business. A representative example is ⁢the ‘Lip Cure Beam’, which won an innovation award at⁤ this‌ year’s ‍CES. It is a device with⁤ a built-in precision sensor that​ can diagnose the condition⁣ of the lips. When the user holds the device up to their lips, it diagnoses their health condition, including moisture. Based on the results, it emits light optimized for the condition of ‌the lips, allowing them to receive care.

Last year,​ Amorepacific brand Hera launched the ‘Silky ​Stay ‌Custom Match’ service, ⁢which‌ manufactures ​customized foundations. It is a service that measures skin tone⁣ using a⁣ program equipped with KAIST’s​ patented technology, suggests foundation colors, and manufactures products on site. Along with ​Amorepacific, LG Household⁣ & Health Care, one of⁤ the two‌ major beauty companies in Korea, also developed a mini tattoo printer, ‘Imprintu’, and debuted it at this year’s ‍CES. Imprintu is a device that allows customers to⁤ easily⁣ draw the design they want onto their skin ‍or clothing.

As beauty device companies such as APL are gaining attention by causing a stir in the financial investment market, the⁤ competition ⁢among large ⁣companies to develop technology is also expected to become more intense. An industry insider ​said, “The beauty ⁢tech sector will show remarkable growth in ⁤major⁣ countries such as the U.S., China, Japan,​ France, and Germany,” and “Through this, we expect to ⁣see more and ⁢more products tailored to individuals, such as those for skin ⁤health, wrinkles, and hair ⁤loss.”