The global beauty fridge market size was valued at USD 147 Million in 2022 and is anticipated to reach USD 281 Million by 2031, expanding at a CAGR of 8.5% during the forecast period, 2023–2031. Rising awareness regarding various cosmetic products & routines and convenient storage solutions is boosting the market.
Beauty fridge is used to store cosmetics, beauty, and skincare products that need refrigeration to preserve the efficiency of the ingredients. They are available in various sizes such as 26cm x 18cm x 24cm and 18cm x 13cm and 10cm. Beauty fridges add aesthetic value to makeup counters and setups, which is anticipated to encourage the young generation to adopt and purchase the product.
Rising popularity of active and organic ingredients in the skincare routine requires cold storage solutions. Some products such as retinol and vitamin C disintegrate in the presence of heat, light, and certain conditions that are unfavorable for their ingredients. Thus, such products require cold and dark storage facilities. Refrigeration is crucial for products such as water-based creams and gels, to retain the necessary moisture.
The report finds that the COVID-19 pandemic hampered the overall revenue of the global beauty fridge market due to the sharp decline in the manufacturing of products around the world. As a part of preventive measures, lockdowns were imposed by governments across countries to curb the virus spread caused shutdown of factories.
This plummeted the overall demand for the product. Moreover, the sudden disruption in the supply chain forced cold storage and fridge manufacturers to either delay their production or reschedule their existing projects.
Beauty Fridge Market Dynamics
Major Drivers
Increasing demand for premium quality skincare and cosmetics worldwide and the high requirement to store these products in a cool and dark place is expected to boost the market. Refrigerating skincare products benefit the skin as it boosts blood circulation, and lowers the risk of swelling and redness. Moreover, according to the U.S. BUREAU OF LABOR STATISTICS 2022, the personal care services industry including beauty and nail salons and barber shops is projected to witness a growth of around 8.1% from 2022 to 2030.
These products require certain physical conditions such as cold temperatures to extend their shelf life and product efficiency. Products including retinol and vitamin C face serums need refrigeration to extend their shelf life, it also benefits products that don’t contain preservatives. This results in the growth of the beauty fridge market.
Existing Restraints
Lack of proper knowledge about storage of the skincare products among users is expected to restrain the market. For instance, according to research done by skincare retailer Face the Future, among nearly 2000 people 61% of users store some of their skin care products in their bathroom. This affects the product efficiency owing to the changes in temperature. Thus, it is expected to restrain the market. Moreover, Low demand for beauty fridges reduces their adoption among consumers, as they are considered unnecessary among many users, which is expected to restrain the market.
Emerging Opportunities
The developments in technological features in beauty fridges such as LED lighting, silent mode, automatic defrosting, and temperature displays are projected to create opportunities for the market players. The beauty fridges are designed specifically to store skin-care products to protect the efficacy of the products. The rise of social media influencers and celebrities is further projected to create opportunities for the market.
- For instance, Research reveals that nearly 84% of millennials make purchase decisions through social media content. The research further says that around 72% of millennials purchase fashion and beauty products through Instagram posts.
The rise in the number of beauty influencers has paved the way for the market players to increase their sales as such influencers connect with the audience. As a result, boosting the growth of skincare products is anticipated to create opportunities for the market players.
Scope of Beauty Fridge Market Report
The market report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Beauty Fridge Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Capacity (Up To 4 Liters, 4-7 Liters, 7-10 Liters, and More Than 10 Liters), Technology (Computer Temperature Control and Mechanical Temperature Control), Application (Cosmetics, Skincare, and Hair Care), and Distribution Channel (Online and Offline)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast
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Key Players Covered in the Report
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Cooluli; Beauty Fridge.; HCK Refrigeration.; Koolatron; Teami LLC.; Church & Dwight Co., Inc.; Crownful; COOSEON; ALDI; and FaceTory
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Beauty Fridge Market Segment Insights
Capacity Segment Analysis
The up to 4 liters segment is expected to expand at a significant growth rate during the projection period due to the rising preference for easily portable small-sized capacity fridges.
The dimensions of a 4 liters beauty fridge are estimated to be around 18cm x 13cm and 10cm in depth. The 4 liter beauty fridges are able to move from one place to another and they are easy to carry which is why the demand for 4 liter beauty fridges is growing in the forecast period. Moreover, users are adopting small fridges as they are less expensive compared to large ones. These factors are projected to boost the segment.
Technology Segment Analysis
On the basis of technology, the market is bifurcated into computer temperature control and mechanical temperature control. The computer temperature control segment is anticipated to expand at a considerable CAGR during the forecast period, which is likely to substantially drive the segment.
Application Segment Analysis
In terms of application, the beauty fridge market is classified as cosmetics, skincare, and hair care. The skincare segment is expected to expand at an exponential growth rate during the projection period. Skincare products including face toners, mists, and vitamin C serums all these products need proper refrigeration as cooling products result in a reduction in inflammation and redness. Vitamin C provides tissue healing collagen formation and other benefits thus it is an essential element when it comes to skin care thus driving the segment.
Distribution Channels Segment Analysis
Based on distribution channel, the global market is split into online and offline. The offline segment is projected to register a considerable CAGR during the forecast period due to offline purchasing and experiencing the product. Research from Raydiant's second annual State of Consumer Behavior Report 2022, shows that nearly 44.4% of users prefer in-store shopping as 24.7% of users enjoy shopping and visiting different locations.
The research further reveals that 11.9% of users prefer to not wait for delivery, thus the positive impact of customer interaction and product satisfaction in an in-store setup is expected to drive the segment.
Regional Analysis
In terms of region, the global beauty fridge market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is projected to dominate the market during the projection period due to the rising disposable income and increasing demand for beauty products. Furthermore, rising number of beauty stores & parlors and increasing product launches by key players are fueling the market in the region.
Segments
The beauty fridge market has been segmented on the basis of
Capacity
- Up To 4 Liters
- 4-7 Liters
- 7-10 Liters
- More Than 10 Liters
Technology
- Compute5r Temperature Control
- Mechanical Temperature Control
Application
- Cosmetics
- Skincare
- Hair Care
Distribution Channel
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Cooluli
- Beauty Fridge.
- HCK Refrigeration.
- Koolatron
- Teami LLC.
- Church & Dwight Co., Inc.
- Crownful
- COOSEON
- ALDI
- FaceTory
Competitive Landscape
Key players operating in the global beauty fridge market include Cooluli; Beauty Fridge.; HCK Refrigeration.; Koolatron; Teami LLC.; Church & Dwight Co., Inc.; Crownful; COOSEON; ALDI; and FaceTory. These companies adopt strategies such as acquisitions, partnerships, collaboration, mergers, and product launches to boost their market share. For instance,
- In August 2022, ALDI, a Germany-based multinational supermarket chain, launched a beauty fridge made by STYLPRO to store skincare products.
- In February 2021, FaceTory launched an enhanced skincare fridge with advanced features, such as built-in LED light, temperature display, and a 5-liter storage capacity.
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