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Beauty Tech: The Evolution of Innovation in the Beauty Industry
A BEAUTY industry worth over ￡35 billion, once defined by traditional products and a one-size-fits-all mindset, is undergoing transformation. Thanks to technology advancements and evolving consumer expectations, modern beauty brands are now embracing inclusivity, diversity, personalization, and sustnability.
Traditionally, the beauty industry relied on a narrow spectrum of skin tones for cosmetics, but in 2017, Rihanna shattered this norm with Fenty Beauty's launch, offering forty shades of foundation designed to cater to different skin types. This marked a pivotal moment when established brands like Estee Lauder and L'Oreal began developing products that resonated with a wider audience.
What is beauty tech?
Beauty tech is the convergence of technology and the beauty industrya shift beyond basic skincare routines and product categories, into an age of innovative beauty technologies.
Online shopping, social media platforms, and influencer culture have expanded consumer choices to unprecedented levels. Responding to these changes, leading brands are leveraging algorithmic processes, , and to provide personalized experiencesbe it digital skin analysis or shade-matching foundation kits.
Our data reveals a steady increase in the number of active beauty tech companies over the past decade, highlighting this industry's growth.
Why is beauty tech important?
As other industries harness technology for efficiency and innovation, so too does the beauty sector. During the pandemic-induced restrictions, key players like L'Oreal introduced augmented reality experiences to complement traditional in-store shopping, with the launch of Persoanpowered device that creates customized skincare treatments.
New entrants into this space include London-based Klira, founded by a Consultant Dermatologist who utilizes advanced technology to decode skin cells and create personalized routines. Skin+Me, another digital beauty player based in London, combines algorithms with dermatological expertise to offer personalized prescription treatment plans for conditions such as acne, pigmentation, melasma, and rosacea.
Meanwhile, Atypical Cosmetics uses algorith develop custom skincare solutions that utilize natural and vegan ingredients. With Marwa Ebrahim at the helm since 2019, this Glasgow-based startup has received support through grants like Scottish EDGE's ￡70k award in June 2022 and an equity fundrsing round of ￡150k from investors including SFC Capital.
Unleashing the Potential with Beauhurst
To stay ahead of the curve in today's fast-paced beauty industry, businesses must access insightful data on emerging sectors. The Beauhurst platform offers unrivaled intelligence on key companies across various industrieshelping you identify potential leads and opportunities more efficiently than ever before.
Book a demo today to explore our dynamic features that provide deep insights into target organizations aligned with your ideal customer profile.
At Beauhurst, we are committed to empowering innovation through data-driven decisions. From corporate finance to recruitment, our suite of products offers tlored solutions for every aspect of business strategy and growth.
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