Market Insights Consumer Beauty & Personal Care

Beauty Tech - Africa

Africa

In Africa, the revenue generated in the Beauty Tech market is projected to reach €67.44m in 2024.
It is anticipated that the market will experience an annual growth rate of 15.21% between 2024 and 2029 (CAGR 2024-2029).
When compared globally, in the United States generates the highest revenue in the Beauty Tech market, with an estimated amount of €1,295m in 2024.
In terms of per capita revenue, in Africa is expected to generate €0.05 per person in 2024.
The beauty tech market in South Africa is booming, with a surge in demand for virtual makeup try-on apps and personalized skincare solutions.

Key regions: Canada, Indonesia, India, United States, South Korea

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Methodology

Data coverage:

The data encompasses B2C enterprises. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations such as population, GDP per capita, and Human Development Index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, multiple forecasting techniques based on different forecasting methods, such as Autoregressive Integrated Moving Average (ARIMA) and exponential trend smoothing, can provide the most accurate forecasts.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level.