Beauty Tech Market to Hit Over Half a Billion Users and $7.5 Billion in Revenue by 2029, 60% more than this Year

A decade ago, it was hard to imagine using the Internet of Things, artificial intelligence, or augmented reality in beauty and cosmetics. However, integrating these technologies into cosmetics and beauty products has created a huge market poised for impressive growth.

According to data presented by Stocklytics.com, the global beauty tech industry is expected to gross $4.7 billion in revenue in 2024, 13% more than last year. By 2029, this figure will grow by a further 60% and hit over $7.5 billion.

The Beauty Tech Industry to Grow by a Whopping 235% in a Decade

Technology has completely transformed the beauty and cosmetics industry by providing more personalized and effective beauty solutions. Thanks to recent innovations in AI, augmented reality, and the Internet of Things, the entire market is far from where it was just five years ago, with the beauty tech segment emerging as a field with tremendous growth potential.

Beauty tech refers to integrating technology with beauty products and services to enhance user experiences and outcomes. It includes products like skincare devices, smart makeup and haircare tools, smart mirrors, which provide skin analysis and track skin care products’ effectiveness, and AI and AR beauty apps. These products and services have skyrocketed over the past years, helping the beauty tech sector to more than double in value.

According to a Statista survey, the entire market grossed $1.54 billion in revenue in 2027. Over the next four years, this figure jumped to almost $4.2 billion, with an impressive average annual growth rate of 28%. After a slowdown in 2022 and 2023, the beauty tech sector has again picked up the pace of growth, rising by 13% year-over-year to $4.7 billion in 2024.

Statista expects 2025 to bring an even higher annual growth rate of 15.7%, which will start falling in the years after. Although the annual revenue growth will drop to only 4.7% in the next five years, the beauty teach revenue will still rise to $7.45 billion, showing an impressive 235% growth in a decade.

More than Half a Billion People to Use Beauty Tech Products and Services by the End of a Decade

Although the beauty tech sector has already seen substantial user growth, the following years will bring even more new users to this market. With innovations in artificial intelligence, augmented reality, and the Internet of Things bringing more new products and services, the number of people using beauty tech has more than doubled since 2017, jumping from 151 million to 372 million.  

However, Statista expects roughly 143 million new users to flock to the market in the next five years, pushing the total user count to over half a billion by the end of a decade. More than 40% of all users in 2029, or 225 million, will come from China, the world’s largest beauty tech market. Europe will remain the second-largest market for these products, with 55 million users the same year, and the United States will follow with roughly 37 million.