Newly released Beauty Subscription Market analysis report by Future Market Insights reveals that global sales of Beauty Subscription in 2022 were held at USD 723.7 Million. With a 26.7% projected CAGR from 2023 to 2033, the market is expected to reach a valuation of USD 10.2 Billion by the end of the forecast period.
Curated beauty subscription boxes are expected to be the highest revenue-generating segment, projected to grow at a CAGR of over 28.3% from 2023 to 2033.
| Attributes | Details |
|---|---|
| Global Beauty Subscription Market Size (2023) | USD 964.1 Million |
| Global Beauty Subscription Market Size (2033) | USD 10.2 Billion |
| Global Beauty Subscription Market CAGR (2023 to 2033) | 26.7% |
| USA Beauty Subscription Market CAGR (2023 to 2033) | 20.6% |
| Key Companies Covered | Ipsy; Lookfantastic; Walmart Beauty Box; Sephora; Hero cosmetics; Boxy Charm; Macys; Honest; LiveGlam; Glossybox; Beautyfix by Dermastore; The Beard Club; Curology; Liberty beauty drop; Lip Monthly; Bath blessing; Beautypie |
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As per the Beauty Subscription Market research by Future Market Insights - a market research and competitive intelligence provider, historically, from 2018 to 2022, the market value increased by around 17.6% CAGR. With an absolute dollar opportunity of USD 9.53 Billion, the market is projected to reach a USD 10.2 Billion valuation by 2033.
Beauty subscription boxes are primarily offered as personalized boxes and curated boxes. Both these types have their own benefits. Personalized boxes come with the privilege of customizing the box according to customer preference whereas curated boxes are specially selected by experts. Along with this, the increasing influence of social media influencers on customers purchasing patterns and millennials’ interest in skincare are the prominent factors that are driving the market.
Due to the impact of social media influencers, the subscription box business model for the cosmetics industry has experienced considerable modifications. According to several research, suggestions from influencers on social media platforms have a greater than 65% effect on consumers purchasing patterns.
Reviews and recommendations by influencers, particularly on Instagram and YouTube, greatly impact the beauty subscription industry. For instance, Boxwalla, a beauty subscription service, entered the cosmetics market in February 2022 when they teamed up with influencer Lola Gusman to open a makeup store on their website. Similar to this, Alicia Keys and Ipsy worked together to develop a limited-edition beauty box in 2021 that included her favorite goods.
Customization is a prominent reason behind the growth of beauty subscription services. According to research, 28% of customers polled said that choosing a subscription box was influenced by personalized experiences or personalization. Customers want personalized beauty products that address their unique needs and preferences. For instance, Liberty London launched its first beauty subscription box in July 2022 for only USD 20 per month. This box is personalized based on each customer's preferences, and the first collection sold out in just 12 hours, indicating that customers are drawn to brands that offer personalized experiences.
Customers' desire to pay for high-end beauty products greatly impacts the beauty subscription business. Customers are more likely to purchase luxury goods these days and to sign up for premium beauty subscription programs that provide upscale and expensive goods. Due to this demand, more premium items are now being offered by current subscription services as well as the creation of new subscription services that target this market particularly.
The NPD Group estimates that USA consumers with household incomes above USD 100,000 spent over USD 9 billion on cosmetics during the first half of 2022. These clients' beauty sales climbed by 14% from the prior year, with Generation X and Millennials driving the growth. In comparison to 2021, there were more buyers on the market, which increased consumer expenditure by double digits. All these factors will significantly contribute to the increase in demand in the coming years.
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Europe had a market size of USD 178.9 Million in 2022 and is estimated to be USD 256.8 Million in 2023. It is projected that Europe will have a market for Beauty Subscription worth USD 4.9 Billion in 2033.
The increasing interest of millennials in skincare is one of the prominent reasons for the increasing demand for beauty subscriptions. The millennials constitute around 20% of the European population in 2022.
The combined spending of the United Kingdom, Germany, France, and Russia on beauty products is USD 62.2 Billion in 2022. It is evident that people are willing to spend on beauty products and are incorporating them into daily use. All this will significantly contribute to the growth of beauty subscriptions as they provide products at discount rates and are a convenient way of buying products that are of daily use.
The market in the United States is expected to grow to be worth USD 1.2 Billion with an absolute dollar growth of USD 1 Billion from 2023 to 2033. Beauty subscription demand in the United States has grown at a CAGR of 18.5% from 2018 to 2022 and is expected to grow at a CAGR of 20.6% from 2023 to 2033.
The United States contributes to around 31% of the global market. Prominent players like Ipsy, Dermstore, Glossybox, and many others are headquartered in the USA and are making significant development in the market. For instance, In August 2021, IPSY and BoxyCharm i.e. BFAI announced that they will invest USD 25 Million in diversity and inclusion in 2022. This investment is to support black-owned brands as well as Latinx-owned brands. It will help them in product development, business support, product investment, and manufacturing.
The market in the United Kingdom is expected to grow to be worth USD 825.7 Million with an absolute dollar growth of USD 787 Million from 2023 to 2033. Beauty subscription demand in the United Kingdom has grown at a CAGR of 38.7% from 2018 to 2022 and is expected to grow at a CAGR of 35.9% from 2023 to 2033.
According to a study, in 2022 nearly 6% of United Kingdom beauty product consumers had subscribed to beauty subscription boxes, and as millennials contribute to around 21% of the total population, it is expected to see a rise in demand in coming years. Additionally, brands like the detox market and Beauty Pie situated in the United Kingdom are incorporating various strategies to increase the popularity of beauty boxes.
The market in China is expected to grow to be worth USD 244.3 Million with an absolute dollar growth of USD 141 Million from 2023 to 2033. Beauty subscription demand in China has grown at a CAGR of 7.2% from 2018 to 2022 and is expected to grow at a CAGR of 9% from 2023 to 2033.
China accounted for nearly half of the Asia Pacific region and more than one-fifth of the global beauty products market in 2021. Increasing disposable income and social media influence are the key drivers of the Chinese beauty subscription market. The per capita spending in China on beauty products was around USD 38.82 in 2021. Thus, China is a potential market for beauty subscriptions as there is a high probability that people might shift to subscription services due to the daily use of beauty products.
In Japan, the market is expected to grow to be worth USD 291.5 Million with an absolute dollar growth of USD 211 Million from 2023 to 2033. The market in Japan has grown at a CAGR of 14% from 2018 to 2022 and is expected to grow at a CAGR of 13.7% from 2023 to 2033.
In 2021, the per capita expenditure of Japan on makeup was USD 19, which is higher than the regional average expenditure of USD 2.4 and the global average expenditure of USD 3.9. Japan is one of the top markets for beauty subscription services and is expected to contribute significantly to the growth of the global beauty subscription market in the coming years.
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The Curated beauty subscription type is projected to witness significant growth as it has grown at a CAGR of 14.5% from 2018 to 2022 and is expected to grow at a CAGR of 28.3% from 2023 to 2033.
A "curated subscription" service is a type of subscription that chooses a variety of products for a customer from one or more product categories. This can be done by looking at previous sales statistics or by getting consumer feedback via a survey or quiz about their preferences.
Curated subscriptions reduce friction and anxiety while saving customers a significant amount of time spent on online shopping by carefully selecting a small number of goods that suit their needs. Finding the perfect beauty product might be difficult with 12 to 14 million e-commerce websites available worldwide.
A survey found that curated subscriptions make up around 55% of all subscriptions and provide buyers with a sense of exclusivity. The beauty boxes also provide customers the chance to try out items that might not be easily accessible in stores.
Beauty subscription containing makeup products is projected to witness the fastest growth as it has grown at a CAGR of 23.1% from 2018 to 2022 and is expected to grow at a CAGR of 27.5% from 2023 to 2033.
The use of makeup products has prominently increased in recent years. According to a study, in the USA, 41% of people in the age group 30 to 59 use makeup products on a daily basis while 25% use them twice a week. As more individuals include the use of lipsticks, concealers, foundations, bronzers, mascaras, and eyeliners in their daily routines, makeup sales are predicted to continue to rise. Thus, it is likely that people might prefer purchasing a subscription plan rather than buying them individually in the coming years as subscription boxes have a price a lot less than their retail prices.
Key players in the 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.
The beauty subscription market is valued at USD 723.7 million in 2023.
Birchbox, Ipsy, and Boxycharm are key market players.
Curated beauty subscription boxes are likely to remain preferred through 2033.
Players opt for partnerships with influencers and social media platforms.
India, Japan, and China dominate the Asian beauty subscription market.
1. Executive Summary 2. Market Overview 3. Market Background 4. Market Dynamics 5. Global Market Demand Analysis & Forecast 6. Global Market Analysis and Forecast, By Subscription Type 6.1. Type 6.1.1. Personalized Boxes 6.1.2. Curated Boxes 7. Global Market Analysis and Forecast, By Delivery Frequency 7.1. Delivery Frequency 7.1.1. Monthly 7.1.2. Quarterly 7.1.3. Half-Yearly 7.1.4. Annually 8. Global Market Analysis and Forecast, By Product Type 8.1. Product Type 8.1.1. Skincare 8.1.2. Makeup 8.1.3. Mixed Kit 9. Global Market Analysis and Forecast, By Region 9.1. North America 9.2. Latin America 9.3. Europe 9.4. Asia Pacific 9.5. Middle East and Africa 10. North America Market Analysis and Forecast 11. Latin America Market Analysis and Forecast 12. Europe Market Analysis and Forecast 13. Asia Pacific Market Analysis and Forecast 14. Middle East and Africa Market Analysis and Forecast 15. Global Market Analysis Key Countries 16. Market Structure Analysis 17. Competition Analysis 17.1. Ipsy 17.2. Lookfantastic 17.3. Hero Cosmetics 17.4. Walmart 17.5. Macy’s 17.6. The Honest Company 17.7. Glossybox 17.8. Dermstore 17.9. Sephora 17.10. Curology 17.11. Liberty London 17.12. Beauty Pie 17.13. The Detox Market 17.14. Bath Blessing 17.15. Fab Bag 18. Appendix 19. Definitions of Analytical Frameworks 20. Sources and References
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Beauty Subscription Market
