The latest analysis report on the Beauty Subscription Market by Future Market Insights unveils that global sales of beauty subscriptions stood at US$ 723.7 million in 2022. With a projected Compound Annual Growth Rate (CAGR) of 26.7% from 2023 to 2033, the market is forecasted to reach a valuation of US$ 10.2 billion by the end of the forecast period. Curated beauty subscription boxes are anticipated to be the highest revenue-generating segment, expected to grow at a CAGR of over 28.3% from 2023 to 2033.
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.
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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.
Business Growth Drivers in the Beauty Subscription Market:
- Convenience: Beauty subscription services offer consumers the convenience of receiving curated beauty products regularly without the hassle of shopping in-store, saving time and effort.
- Personalization: Many beauty subscription services use algorithms and customer profiles to tailor product selections to individual preferences, enhancing the customer experience and satisfaction.
- Product Discovery: Beauty subscription boxes often include samples or full-sized products from various brands, allowing subscribers to discover and try new products they may not have otherwise encountered.
- Value for Money: Subscribers typically receive products at a discounted rate compared to purchasing them individually, providing perceived value for money and incentivizing continued subscription.
- Loyalty and Retention: Subscription models foster customer loyalty through recurring revenue streams and ongoing engagement, leading to higher retention rates and potentially increased lifetime customer value.
Industry Restraints in the Beauty Subscription Market:
- Market Saturation: The beauty subscription market has become increasingly saturated with numerous players entering the space, leading to heightened competition and potential challenges in differentiating offerings.
- Subscription Fatigue: Consumers may experience subscription fatigue as they accumulate various subscription services across different industries, leading to potential churn or decreased willingness to commit to new subscriptions.
- Product Overload: While product discovery is a key selling point, receiving too many products in subscription boxes can overwhelm consumers, leading to unused or wasted products and dissatisfaction.
- Customs and Regulations: Compliance with regulations regarding cosmetic products can pose challenges, especially for beauty subscription services operating across different regions with varying regulatory requirements.
- Logistical Issues: Managing inventory, shipping, and fulfillment for subscription boxes can be complex and costly, especially as subscriber numbers fluctuate and demand patterns change, requiring robust logistical infrastructure and operations management.
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Which Type of Beauty Subscription Holds the Most Promise for Lucrative Returns?
Beauty subscriptions featuring makeup products are anticipated to experience the most rapid growth, with a notable Compound Annual Growth Rate (CAGR) of 23.1% from 2018 to 2022, projected to escalate further at a CAGR of 27.5% from 2023 to 2033.
The demand for makeup products has surged notably in recent times. Research indicates that in the USA alone, 41% of individuals aged 30 to 59 incorporate makeup into their daily routines, while 25% use them at least twice a week. As the usage of lipsticks, concealers, foundations, bronzers, mascaras, and eyeliners becomes increasingly prevalent, sales of makeup products are expected to continue their upward trajectory. Consequently, there is a growing likelihood that consumers will opt for subscription plans over individual purchases in the foreseeable future, as subscription boxes typically offer significantly lower prices compared to retail rates.
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.
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.
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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
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
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 ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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