Trends in the Home Beauty Device Market

The home beauty device market is showing a rapid growth trend, accompanied by internal adjustments and transformations within the industry.

Rapid Growth in the Home Beauty Device Market

1.Market Expansion: According to a report by Zhiyan Consulting, the size of China's home beauty device market approached 10 billion yuan in 2023, expanding at a compound annual growth rate of over 30%. It is expected to exceed 20 billion yuan by 2026. This indicates explosive growth in the home beauty device market in recent years.

2.Technological Integration: With the shift towards technological skincare scenarios, home beauty devices are moving towards integration, with photonic technology becoming a development hotspot for addressing multiple consumer concerns. This reflects advancements and innovations in the technology of home beauty devices.

3.Product Innovation: Consumers' demands for smart customisation, efficient usage, multifunctionality, user experience, and aesthetic design are continuously increasing. This drives the development of devices that feature algorithmic intelligence, ease of use, comprehensive effectiveness, human-centric design, and diverse forms. This demonstrates ongoing innovation in product design to cater to diverse consumer needs.

4.Changes in Sales Channels: Douyin e-commerce has surpassed Alibaba e-commerce in the facial beauty tool market, indicating rapid growth in sales through the Douyin platform. This reflects the impact of diversified sales channels and the rise of new platforms on home beauty device sales.

Challenges and Transformations in the Home Beauty Device Market

1).Increased Industry Regulation: Starting from 1 April 2024, radiofrequency beauty devices will be categorised under Class III medical devices, signifying stricter regulation for the home beauty device industry. This will encourage the industry to self-regulate and improve product quality and safety.

2).Intensified Price Competition: As competition intensifies, there has been a significant drop in the prices of home beauty devices, with some brands adopting price-cutting strategies to clear inventory. This reflects the intensity of market competition and the strategic adjustments companies are making to adapt to market changes.

3).Rise of Domestic Brands: During the development of the industry, domestic Chinese brands such as MGT are gaining traction and securing their place in the market. This indicates the effectiveness of efforts made by domestic brands in technological innovation and marketing.

In summary, while the home beauty device market is experiencing rapid growth, it also faces challenges such as increased industry regulation, intensified price competition, and the rise of domestic brands. The future of this market will continue to evolve, adapting to changes in consumer demands and technological advancements.