Analysis of Beauty Fridge market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Demand for beauty fridges in the global market is expected to reach a value of US$ 50.4 Mn in 2021, with Y-o-Y growth in 2021 pegged at 6.5%, As per Fact.MR’s industry analysis, overall beauty fridge market value is expected to expand 2X, rising at an impressive CAGR of 7.1% through 2031.
|Base Year Value (2020A)||US$ 47.3 Mn|
|Estimated Year Value (2021E)||US$ 50.4 Mn|
|Projected Year Value (2031F)||US$ 100.4 Mn|
|Value CAGR (2021-2031)||7.1%|
|Collective Value Share (U.S., U.K., Germany): Top 3 Countries||50.8%|
|Key Companies Profiled||
According to a recent survey, the beauty industry has experienced rapid growth in the past few years due to growing disposable income levels in emerging economies and increasing demand for convenience products, among other factors. Key factors that are influencing market growth include significant increase in the number of working women as well as an overall rise in the adoption of various cosmetic procedures, such as hair removal services, facial treatments, laser skin resurfacing surgeries, and others.
Furthermore, latest trends have given a boost to the demand for easy-to-use beauty appliances, offering faster results with little or no downtime between usage sessions. To address such needs, manufacturers have introduced innovative refrigerators such as the “beauty fridge”, which facilitates storage space for cosmetics such as creams, lotions, fragrances, and a mirror and lights for makeup application.
Fact.MR, a market research and competitive intelligence provider, projects the market to remain steady, exhibiting growth at 7.1% CAGR from 2021 to 2031, in comparison to a CAGR of 5.8% posted from 2016 to 2020.
Development of different skincare products and other facial and hair treatments is driving demand for beauty fridges in countries such as the U.S., U.K., and Germany. Growing interest in daily grooming products, especially among the urban working population, is anticipated to propel market growth.
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Demand for beauty fridges is expected to experience an escalation over the assessment period. This is attributed to rise in awareness of beauty treatments and latest beauty trends, which include facial and hair treatments, laser surgeries, nail extension, and other beauty products & services.
Consumers are focusing on consumption of freshly produced beauty products, and to preserve and store them, using beauty fridges will help retain their quality and prolong their shelf-life.
The working population that has very little time to spend on beauty services and visit salons can use these beauty fridges to store daily grooming products and other beauty care products that are easy to use and perform better with a good outcome in less time. This is anticipated to contribute to market growth on a global level.
Due to rising demand, a wide range of growth opportunities may be offered to beauty fridge manufacturers such as Teami, Midea and Chefman, which are expected to increase the sales of beauty fridges.
Europe’s value share contribution to overall market revenue is high. This is attributed to strong production footprint of all key market participants in the overall value chain process in the region.
Europe holds the second-largest market share of 31% in the global market, which is expected to show robust market growth to 2031 at a CAGR of 6.3% and reach a market value of US$ 28.9 Mn.
The United States is one of the major players contributing to the sale of beauty fridges in the North American beauty fridge market. Consumers are increasingly choosing products that are helpful in preserving and storing beauty care products.
Demand for beauty fridges is estimated to be valued at US$ 18.4 Mn in 2021 in the U.S. The country holds the largest market share of 93% in the North American market, and is anticipated to expand steadily at a CAGR of 5.6% through 2031.
In East Asia, manufacturers of beauty fridges in China have led to an increase in its value share contribution, and have made it a leading player amongst all other countries in the region. This is attributed to rising awareness towards beauty treatments and the need to keep up with daily grooming trends in the market.
China holds the largest market share of 42.7% in the regional market, and is expected to experience commendable growth at a CAGR of 7.4% over the forecast period.
However, the market in South Korea is expected to witness even higher growth at a CAGR of 11.5%.
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Sales of skincare products account for a 54.3% market share, and are projected to surge at a CAGR of 8% over the assessment period. Alongside, sales of cosmetic products are expected to gain a market share of 35.9% in the near future.
Sales of computer temperature control accounts for 69.6% market share, and are projected to increase at a CAGR of 7.8% over the next ten years, thereby substantially driving overall market expansion.
According to Fact.MR, online sales account for 10.7% market share, and are projected to surge at a CAGR of 12.8% through 2031. Rising role of e-Commerce in emerging nations is catering to high growth for online sales of beauty fridges, as people continue to buy non-essential products from the comfort of their homes.
The global industry (comprising skincare, hair care, color cosmetics, fragrances, and personal care) has been heavily influenced by the COVID-19 crisis. Sales in the first quarter of 2020 were weak due to widespread store closures. The industry responded positively to the crisis and brands are switching their manufacturing to produce cleaning agents and hand sanitizers, and offering free beauty services for frontline workers.
On the other side, as conditions are improving with a decline in COVID-positive cases, lifting of lockdowns and other restrictions have helped the economy in regaining its pace, including the market for beauty fridges
In today’s era, consumers have become more beauty conscious and have increased their spending on makeup products. They are consuming more makeup products due to changes in lifestyle and growing emphasis on external beauty.
Consumers are looking for organic products that can be applied on the face and stay all day long, yet have no side effects on the skin and can be stored and preserved in a beauty fridge. This has convinced manufacturers to provide large varieties of products that fulfil the requirements of customers and offer products that enhance customer loyalty.
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The global beauty fridge market is estimated to be worth over US$ 50 Mn in 2021.
The market is anticipated to surpass US$ 100 Mn valuation by 2031-end.
From 2016 to 2020, sales of beauty fridges experienced increase at 5.8% CAGR.
Haier, Beautyfridge, Cooluli, HCK Fridge, and Midea account for 35%-40% of the global market share.
The U.S., U.K., Germany, China, and Japan are top five countries reflecting consistently high demand for beauty fridges.
Germany accounts for a significant share in the European market beauty, equivalent to 24%.
The U.S. beauty fridge market share in 2021 is 93% in North America, while the Australian market holds a share of 64.6% in Oceania.
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