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Beauty Fridge Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global beauty fridge products market was valued at USD 15.7 billion in 2022 and is projected to expand at a CAGR of 7.2% from 2023 to 2030. Beauty fridges are gaining traction among beauty enthusiasts, particularly millennials and Gen Z, who are increasingly opting for innovative and custom products. Beauty fridges are essentially miniature refrigerators that are used to store beauty products such as facial masks, serums, creams, and lipsticks. These fridges provide a safe and temperature-controlled environment for storing beauty products, thereby extending their shelf life.
The demand for beauty fridges has witnessed an upsurge due to the growing popularity of beauty products. Moreover, the increasing penetration of beauty blogs and influencers on social media platforms is further boosting the demand for beauty fridges. The increasing use of beauty fridges has enabled manufacturers to introduce innovative products such as LED-lit and portable fridges. In March 2021, Cooluli launched a cosmetic refrigerator with a built-in LED light to offer a better and more convenient storage experience.
Furthermore, rising consumer preference for subscription-based services is expected to drive the demand for beauty fridge products. These services provide consumers with a range of beauty products, such as masks, creams, and serums, at their doorstep. For instance, in March 2021, Birchbox launched a subscription box service offering a variety of beauty products, such as skincare and makeup essentials, along with a beauty fridge.
The increasing demand for luxury beauty products is also expected to drive the market. Manufacturers are introducing beauty fridges with high-end features such as touch-screen displays, Bluetooth connectivity, and customizable settings. For instance, in April 2021, Cooluli launched a Bluetooth-enabled beauty fridge that allows users to adjust the temperature settings remotely. Moreover, the increasing trend of gifting beauty fridges is expected to provide a major boost to the market.
Apart from the above drivers, the growing demand for multi-functional beauty fridges is expected to propel the growth of the market. For instance, in June 2021, Cooluli launched a multi-functional beauty fridge that can be used to store beauty products as well as food items. Moreover, the rising demand for energy-efficient and eco-friendly beauty fridges is expected to fuel the market growth in the coming years.
Product Insights
The beauty fridge segment led the market and accounted for a share of around 33.3% in 2022. Beauty fridges are growing popular among beauty lovers as a way to store and preserve beauty products, especially those containing sensitive ingredients such as retinol, vitamin C, and hyaluronic acid. According to an article published by Refinery29, in May 2019, beauty fridges not only help to keep products fresher for longer but also provide an Instagram-worthy decor. Furthermore, macro-level factors such as increasing disposable income and growing e-commerce platforms are driving the demand for beauty fridges globally.
The facial sheet mask segment is anticipated to expand at the fastest CAGR of 8.8% over the forecast period. Increasing demand for facial sheet masks is attributed to the growing trend of at-home spa treatments and rising awareness of skin health among consumers. According to an article published by Refinery29 in June 2019, facial sheet masks are a great way to pamper yourself at home and provide intense hydration and nutrition to the skin. In addition, the rising use of natural and organic ingredients in facial sheet masks is expected to drive the demand for this segment in the near future.
Distribution Channel Insights
The supermarkets and hypermarkets segment held the largest market share of over 46.5% in 2022. This segment is expected to remain the largest market share holder over the forecast period. The growth of this segment is mainly driven by the rising consumer inclination towards supermarkets & hypermarkets as the primary source to purchase beauty and personal care products, including beauty fridges. Supermarkets & hypermarkets also provide a reasonable selection of products and assist customers in making rapid purchasing decisions for the required beauty fridge product.
The online segment is anticipated to expand at the highest CAGR of 14.3% over the forecast period. E-commerce development in the personal care and beauty fridge industry has been rapid, with companies launching online websites and shopping apps to increase their brand visibility among consumers. For instance, in May 2020, Amazon launched a dedicated platform for its beauty fridge products. The website offers a wide range of beauty fridges, including portable mini fridges, countertop fridges, and more, from leading brands. In addition, customers can also avail of special discounts and offers on these products.
Type Insights
The independent segment accounted for the largest revenue share of 57.2% in the year 2022. The increasing popularity of beauty fridge products among a wide range of customers is driving the growth of the independent segment. Furthermore, the availability of beauty fridge products in the online and offline stores with a wide range of storage options is further expected to boost the growth of the independent segment. For instance, in April 2021, Beauty Fridge launched a range of beauty fridge products, such as the Beauty Box, Beauty Fridge Slim, and Beauty Fridge DUO, with a range of storage options and sizes.
The salon segment is anticipated to expand at the highest CAGR of 8.1% over the forecast period. The increasing trend of beauty services in salons is likely to drive the growth of the salon segment as beauty fridges are popularly used to store cosmetics and serums used in the treatment. For instance, in April 2021, Beauty Fridge launched the Beauty Fridge Pro, a salon-specific product, which is designed for time-saving and convenience and comes with a range of features such as automated temperature control, energy-saving technology, and digital displays.
Regional Insights
Europe is expected to account for the largest market share in 2022. This is due to the presence of a large number of beauty fridge manufacturers in the region. Additionally, the increasing demand for beauty products and the rising awareness among consumers of the numerous benefits of beauty fridges have contributed to the growth of the market in the region. For instance, in February 2021, Germany-based startup Purluxe introduced a range of beauty fridge products such as the Mini Beauty Fridge and Nano Beauty Fridge.
Asia Pacific is expected to witness the second-highest growth rate during the forecast period. This is mainly attributed to the increasing disposable income of the middle-class population in the region. Additionally, the rising demand for beauty products and the increasing awareness among consumers are expected to drive the market in the region. For instance, in April 2021, India-based beauty brand Nykaa launched an innovative beauty fridge that can store makeup, skincare, and haircare products.
Financial Projections
In this part of the beauty fridge products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your beauty fridge products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a beauty fridge products business comes from the sale of beauty products, subscription services, and wholesale distribution. Other possible sources of profit could include online sales, advertising, and collaborations with other businesses.
Projecting Expenses
In this section, all the regular expenses related to keeping the beauty fridge products business running will be described. The list of operating expenses includes rent, wages, inventory, shipping costs, marketing, product development costs, and insurance policies.
Key companies & market share insights
Some of the key companies operating in the beauty fridge market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In April 2022, Beauty Fridge launched its range of mini-fridges to store beauty and skincare products.
– In September 2022, Cooluli launched the Infinity 10-liter beauty fridge featuring adjustable temperature control and dual USB ports for charging devices.
– In October 2022, Skincare Vault launched a 10-liter beauty fridge with a built-in nightlight and adjustable shelves.
Some of the prominent players in the beauty fridge market include:
– Beauty Fridge
– Cooluli
– Skincare Vault
– FORBES
– GirlyGoGarter
– Galanz
– Ivation
– Koolatron
– AstroAI
– Spt
Global Beauty Fridge Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global beauty fridge products market based on product type, distribution channel, and region:
1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)
– Compact Refrigerators
– Mini Refrigerators
– Countertop Refrigerators
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Others
3. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the factors driving the Beauty Fridge Products Market?
[A]: Key factors driving the growth of the beauty fridge products market include the rise in demand for eco-friendly and energy-efficient cooling systems, the growing preference for aesthetic products, the growing awareness about skincare, and the increasing demand for convenience and portability. Additionally, the rise in the number of beauty bloggers, influencers, and celebrities endorsing beauty fridges is expected to further bolster the growth of the market.
[Q]: Who are the Key Players in the Beauty Fridge Products Market?
[A]:Some of the key players operating in the global beauty fridge products market are Eurostar, Cooluli, Beauty Fridge, Koolatron, Igloo Products Corp., Whirlpool Corporation, Sunpentown International Inc., and Danby Products Ltd.
[Q]: What is the Potential of Product Innovation in the Beauty Fridge Products Market?
[A]: Product innovation is expected to be a major factor for the growth of the beauty fridge products market. Companies are continuously introducing new products to meet the changing needs of the customers. For instance, Eurostar recently launched a new product called the Beauty Fridge Mini. This product is designed to fit perfectly in any dorm room, apartment, or hotel room.
[Q]: What is the Potential of Smart Beauty Fridges?
[A]: Smart beauty fridges are expected to be the next big thing in the beauty fridge products market. Smart fridges are equipped with features such as temperature control, auto-shutoff, and digital touchscreens. These features provide convenience and control over the cooling process and make the product more efficient and cost-effective.
[Q]: Which Regions Offer the Largest Opportunity for Sales of Beauty Fridge Products?
[A]: North America is expected to be the largest region in terms of market share, followed by Europe and Asia Pacific. The growing demand for energy-efficient cooling systems and the increasing preference for aesthetic products in North America is expected to drive the growth of the market in this region.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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