Newly released beauty subscription marketanalysis report by Future Market Insights reveals that global sales of Beauty Subscription in 2022 were held at US$ 723.7 Million. With a 26.7% projected CAGR from 2023 to 2033, the market is expected to reach a valuation of US$ 10.2 Billion by the end of the forecast period.
The Social media influencers are highly influential in the beauty industry, and their endorsement of beauty subscription services can significantly influence consumer behavior. Many beauty subscription services work with influencers to promote their products and services, which can increase visibility and sales. For example, Orly, a nail care brand, collaborated with influencer Lisa Frank to launch a new collection together. In this collection, Orly introduced its new product, gel nail strips with motifs such as kitten bubbles, and spotty and dotty.
Millennials are leading the beauty subscription market, as this age group contains the highest number of paying customers and is used to a subscription-based economy. Millennials account for around 32% of the world’s population and thus are the largest potential buying group. They are a generation that values convenience, customization, and experiences.
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Beauty subscription services often offer personalized product recommendations based on the customer’s skin type, hair type, and beauty goals, which are very appealing to millennials looking for products that meet their specific needs. Similarly, technological advancement and growing demand for male grooming products will significantly drive the beauty subscription market.
Competitive Analysis:
Key players in the Beauty Subscription Market are Ipsy, Lookfantastic, Walmart Beauty Box, Sephora, Hero Cosmetics, Boxy Charm, Macy’s, Honest, LiveGlam, Glossybox, Beautyfix by Dermastore, The Beard Club, Curology, Liberty beauty drop, Lip Monthly, Bath blessing, and Beautypie.
In January 2023, THG (The hut group) announced a collaboration with AND Digital to speed up and increase e-commerce solutions for clients. This collaboration will help brands to bring digital transformation, fulfill the digital skill requirement of brands, and use the e-commerce platform to its full extent.
In December 2022, Curology joined hands with Target.com to make its non-prescription products available in Target stores from January. This move is owing to the fact that many direct-to-customer brands are shifting to physical stores, especially through Target, Sephora, and Walmart. A significant number of Curology skincare products will be made available through Target stores.
In October 2022, Vanity Wagon, a clean beauty brand successfully received USD 2 million in funding led by Lotus herbals and Agility venture partner. The aim of raising this money was to enhance its marketing, technology, and sales strategies and to build a sustainable brand.
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In July 2022, The Allure store announced a collaboration with Ulta beauty, a beauty retailer. According to this collaboration, the customers of Allure will be provided Ulta beauty collections for a limited period. This collaboration will lead to the sales of both the companies in coming years.
Segmentation of the Global Beauty Subscription Market
By Subscription Type:
- Personalized Boxes
- Curated Boxes
By Delivery Frequency:
- Monthly
- Quarterly
- Half-Yearly
- Annually
By Product Type:
- Skincare
- Makeup
- Mixed Kit
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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