Beauty Fridge Market Size & Trends

The global beauty fridge market is poised for significant growth, driven by an increasing preference for premium cosmetics and skincare products worldwide. Valued at USD 146.67 million in 2022, the market is expected to expand at a compound annual growth rate (CAGR) of 8.4% from 2023 to 2030. This rapid growth can be attributed to the rising demand for beauty fridges, also known as beauty fridges or cosmetic fridges, which provide essential cool and dark storage conditions for sensitive products. As consumers increasingly prioritize skin health and wellness, the market is witnessing a substantial surge in demand for high-quality beauty products.

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A recent survey by Face the Future, a UK-based online skin clinic, reveals that nearly two-thirds of respondents are not storing their skincare products correctly, nor do they know when these products expire. According to Dr. Barbara Kubicka, founder of Clinicbe and an aesthetic doctor, it is essential to store certain skincare products in cool, dark places to maintain their potency and extend shelf life. Specifically, natural products and those with minimal preservatives benefit from refrigeration, which allows them to stay effective for a longer period.

The growing demand for convenient storage solutions in the beauty industry is expected to drive the market forward, with beauty fridges emerging as a key player. According to Vogue, these refrigerated units can significantly extend the shelf life of certain products, thereby reducing waste and excess inventory. As consumers become increasingly aware of the importance of proper cosmetic and skincare product storage, the beauty fridge market is poised for significant growth during this forecast period. Furthermore, digitalization is playing a pivotal role in the market's expansion, with social media and online platforms serving as essential mediums for brands to increase awareness and reach their target audience effectively.

The demand for beauty fridges is on the rise, with an increasing presence in both developed and developing markets, driven by the vast array of online information and product visibility available. As manufacturers expand their online marketplaces, this trend is expected to continue globally over the forecast period. Beyond consumer use, beauty fridges are also gaining traction in commercial settings, particularly in salons and beauty parlors where they play a vital role in maintaining high standards of hygiene and product storage. The growth of the beauty salon industry worldwide has been remarkable in recent years, and the proliferation of beauty fridges is likely to contribute significantly to this expansion.

The personal care services industry, encompassing beauty salons, is poised for significant growth, with projections indicating a 8.1% increase from 2020 to 2030, as reported by the U.S. Bureau of Labor Statistics. Moreover, the proliferation of new beauty parlors globally will drive demand for refrigeration solutions in this sector. For example, in October 2022, a hair and beauty salon opened in downtown Franklin, USA, while another beauty salon debuted in Newport, UK, in July 2022. The expanding hospitality landscape, characterized by premium services, combined with an escalating consumer preference for beauty salons, will propel the demand for refrigeration solutions from commercial establishments in the near future.

The COVID-19 pandemic had a profound impact on the beauty fridge market, resulting in significant short-term declines. As lockdowns took effect and supply chains were severely disrupted, the market suffered from almost complete closure of offline distribution channels, reduced manufacturing operations, and widespread disruptions to supply lines. Furthermore, travel restrictions, social gatherings, meetings, and parties were banned, leading to a substantial decrease in consumer spending on beauty products, including beauty fridges, making 2020 a challenging year for demand growth.

The beauty fridge market has experienced a remarkable resurgence following the pandemic-induced lockdowns. In 2021, the market saw a significant surge in demand due to pent-up consumer interest in cosmetics and beauty products that had been delayed or cancelled during the lockdown period. As a result, companies are now allocating substantial resources towards research and development, aiming to enhance their product offerings and cater to evolving consumer preferences. Notably, FaceTory, a prominent manufacturer of beauty fridges, introduced an upgraded skin care fridge in February 2021, showcasing its commitment to innovation and customer satisfaction. By leveraging cutting-edge technology and innovative features, companies are poised to capitalize on the growing demand for premium beauty refrigerators that seamlessly integrate functionality with style.

The refrigerator boasts a 5-liter storage capacity specifically designed for storing skin care products. Its features include a built-in LED light, temperature display, and silent mode option. In an effort to expand their reach and strengthen their market presence, manufacturers are forging long-term contracts and partnerships with local distributors in various countries. As the global market continues to evolve, it's likely that larger companies will acquire smaller operations to bolster their regional and global expansion efforts.

Capacity Insights

In 2022, the up-to-4-liter capacity beauty fridge segment dominated the market with a notable 43.6% share, while it's also predicted to record the highest Compound Annual Growth Rate (CAGR) over the forecast period. The surge in demand for this segment can be attributed to consumers increasingly opting for smaller skincare refrigerators as an alternative to larger ones exceeding 4 liters. This preference is driven by the convenience and portability of compact fridges, making them a preferred choice for on-the-go use. As a result, manufacturers are now focusing on producing units with smaller capacities, further fueling the segment's growth prospects.

Distribution Channel Insights

In 2022, the sales of beauty fridges through offline channels dominated the market with a substantial 64.2% share. The continued popularity of in-person shopping is driving this trend. As revealed by Raydiant's second annual State of Consumer Behavior Report, nearly half (44.4%) of respondents prefer visiting physical stores due to their desire to physically engage with products, exploring textures and visualizing how they will look on themselves. Moreover, 27.6% enjoy the comprehensive shopping experience offered in-store locations, while over 13% appreciate the immediate gratification that comes with buying in-person, as opposed to waiting for delivery. This preference is anticipated to fuel segment growth and reinforce its position as a market leader in the near future.

Read the entire research summary by following this link: https://www.theresearchinsights.com/reports/beauty-fridge-market-16

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