Blockchain Technology in Beauty Industry Market projected to reach USD 1.2 Billion by 2030, growing at a CAGR of 39.6% during the forecast period of 2023-2030 – says MarketDigits in its latest study

The Blockchain Technology in Beauty Industry Market was valued USD 86.9 Million in 2023 and projected to reach USD 1.2 Billion by 2030, growing at a CAGR of 39.6% during the forecast period of 2023-2030.

Richmond, Jan. 25, 2024 (GLOBE NEWSWIRE) — According to a research report Blockchain Technology in Beauty Industry Market”, by Application (Supply Chain Transparency, Anti-Counterfeiting Measures, Personalized Beauty Products, Customer Loyalty Programs, Consumer Data Protection), End use (Consumers, Beauty Brands, Retailers, Influencers and Content Creators, Regulatory Bodies), and Region – Global Forecast to 2030.

Global Blockchain Technology in Beauty Industry Market Report Scope:

Report Details
Market size value in 2023 USD 86.9 Million
Market size value in 2030 USD 1.2 Billion
CAGR (2023-2030) 39.6%
Forecast Period 2023–2030
Historic Data 2019
Forecast Units Value (USD Million/USD Billion)
Segments Covered Application, End User and Region
Geographies Covered North America, Europe, Asia Pacific, and RoW
 
  • Cult Beauty
 
  • Look Labs
Sample of Companies Covered
  • CosBall
 
  • Purearth
 
  • EM Cosmetics

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TOC Covers in Depth & Breath on Blockchain Technology in Beauty Industry Market
170 – Market Data Tables
65 – List of Figures
225 – Pages

The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.             

Market Overview

The integration of blockchain technology into the beauty industry marks a transformative shift, introducing a new era of transparency, security, and efficiency. Blockchain, a decentralized and distributed ledger technology, serves as a tamper-proof record of transactions, fostering trust and traceability throughout the beauty supply chain. This market evolution reflects a response to the growing demands of consumers for authenticity, ethical sourcing, and personalized experiences within the beauty sector. The technology’s impact extends beyond authentication, addressing the broader need for supply chain transparency. The beauty industry is highly complex, with products often traversing multiple continents before reaching the consumer. Blockchain provides an immutable and transparent ledger, allowing stakeholders across the supply chain, from raw material suppliers to manufacturers and retailers, to access a shared record of each product’s origin and journey. This transparency not only builds consumer trust but also aids in compliance with regulatory standards, ethical sourcing, and sustainability initiatives.

Major vendors in the global Blockchain Technology in Beauty Industry Market:

  • Cult Beauty       
  • Look Labs          
  • CosBall
  • Purearth            
  • EM Cosmetics

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Supply chain transparency and anti-counterfeiting measures

One of the primary drivers fueling the growth of the Global Blockchain Technology in the Beauty Industry Market is the urgent need for enhanced supply chain transparency and robust anti-counterfeiting measures. Blockchain’s decentralized and immutable ledger serves as a tamper-proof record, allowing every step of the beauty product supply chain, from ingredient sourcing to manufacturing and distribution, to be transparently and securely documented. This not only builds trust among consumers by providing verifiable information about the authenticity and origin of beauty products but also addresses the persistent challenge of counterfeit goods in the industry. The ability to assign a unique identifier to each product and record it on the blockchain ensures that consumers can confidently verify the legitimacy of their beauty purchases, fostering a sense of security and reliability in the products they choose.

Market Dynamics

Drivers:

  • Supply chain transparency and anti-counterfeiting measures
  • Personalized beauty solutions and consumer data security
  • Streamlining collaborations and influencer partnerships

Opportunities:

  • Sustainable and ethical sourcing verification
  • Tokenized loyalty programs and consumer engagement
  • NFTs for limited edition beauty products

Tokenized loyalty programs and consumer engagement

The promising market opportunity lies in leveraging blockchain technology to innovate and enhance customer loyalty programs within the beauty industry. By tokenizing loyalty points and rewards on a blockchain, beauty brands can create a secure and transparent system that ensures the integrity of loyalty programs. Blockchain’s decentralized nature reduces the risk of fraud and manipulation in loyalty programs, providing consumers with confidence in earning and redeeming rewards. Tokenized loyalty programs also offer the flexibility to collaborate with other brands or retailers within the blockchain ecosystem, allowing consumers to use their beauty loyalty points across a broader network of products and services. This not only increases the perceived value of loyalty programs but also fosters greater consumer engagement and brand loyalty, creating a more dynamic and interconnected beauty ecosystem.

The market for Blockchain Technology in Beauty Industry is dominated by North America.

In 2023, North America is a leading adopter of blockchain technology in the beauty industry. The region boasts a mature beauty market with tech-savvy consumers who value transparency and sustainability. Beauty brands in North America leverage blockchain for supply chain transparency, anti-counterfeiting measures, and personalized beauty solutions. Influencers and content creators, prevalent in this region, also benefit from blockchain-based smart contracts for transparent and automated compensation in collaborations. Regulatory bodies play a role in shaping industry standards related to data protection and product authenticity. The North American market is characterized by a focus on innovation, and beauty brands here are quick to embrace blockchain to stay ahead in a competitive market.

The Asia-Pacific region, home to some of the world’s largest beauty markets, experiences a surge in blockchain adoption in the beauty industry. Countries like China, Japan, and South Korea are at the forefront of technological innovation, with beauty brands leveraging blockchain for supply chain transparency and anti-counterfeiting measures. The demand for personalized beauty solutions is high, and blockchain facilitates secure data management for formulating products tailored to diverse skin types and preferences. In the Asia-Pacific market, blockchain also plays a role in enhancing cross-border collaborations and trade, contributing to a globalized beauty industry.

The anti-counterfeiting measures segment is anticipated to hold the largest market share during the forecast period

Based on application market is divided into Supply Chain Transparency, Anti-Counterfeiting Measures, Personalized Beauty Products, Customer Loyalty Programs and Consumer Data Protection. The Anti-Counterfeiting Measures segment within the Global Blockchain Technology in the Beauty Industry Market is a critical component, addressing the pervasive issue of counterfeit beauty products. Blockchain technology, with its decentralized and tamper-proof ledger, provides an effective solution to authenticate the origin and legitimacy of beauty items throughout the supply chain. Brands leverage blockchain to assign unique identifiers to each product, recording them on the blockchain, enabling consumers to verify the authenticity of their purchases with a simple scan. This not only safeguards consumers from potential health risks associated with counterfeit cosmetics but also protects brand reputation and integrity. Market trends indicate a rising adoption of blockchain for anti-counterfeiting measures as beauty consumers prioritize product authenticity and transparency. The beauty industry’s embrace of blockchain is driven by an increasing awareness among consumers regarding the risks associated with counterfeit products, ranging from adverse reactions to compromised product efficacy. Brands implementing blockchain for anti-counterfeiting not only meet consumer expectations for safety but also position themselves as trustworthy and socially responsible entities in a competitive market. As counterfeit sophistication grows, the Anti-Counterfeiting Measures segment remains integral, driving the beauty industry towards blockchain solutions for a secure and genuine consumer experience.

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