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S(kin)imulation: VC Capitalizing on the VR and AR Beauty Revolution.
- The beauty industry saw an 8% decline during COVID lockdowns in 2020 with a shift towards homemade beauty routines, but a surge in online sales led to e-commerce rising 38% in the first half of 2020.
- In 2024, consumers continue to prioritize healthy skin with clean makeup, and online shopping remains dominant, with 48% of beauty product sales globally occurring online.
- VC activity is trending up in the beauty industry, with over $2.1 billion raised in 2020 over 250 funding rounds.
- The global beauty and personal care industry was valued at $374.18 billion in 2023 and is projected to continue to grow to $758.05 billion in 2028.
- The industry can be categorized into skincare, haircare, makeup, fragrance, and hygiene, with skincare being the most popular, controlling over 40% of the global market.
- The integration of AR & VR technologies in the beauty industry has led to the inception of many innovative startups that have attracted significant venture capital investment.
- AR and VR technologies are expected to be the fastest growing technology segment in cosmetics and beauty from 2022 to 2027.
- One of the biggest benefits of AR technology in the beauty industry is enhanced customer engagement.
- Ultimately, the merge of beauty and tech is an evolution that is perfectly aligned and suited for venture capital’s thirst for innovation and disruption.
- The industry is set to evolve, with personalization and virtual experiences at the forefront, and venture capital is positioned rightly to fuel this transformation.
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