Beauty Devices Market Research Report—Global Forecast till 2030

Impact of Coronavirus (covid-19) on the Global Beauty Devices Market

COVID-19 is a respiratory disease caused due to coronavirus. Currently, the world is facing a pandemic due to COVID-19. The pandemic has posed a negative impact on entire pharmaceutical and medical device companies, but the level of impact differs based on the product portfolio of that company. The beauty device industry is facing challenges, due to the decrease in demand for the product which is affecting their revenue during the COVID-19 pandemic. Companies such as L'Oreal S.A., Nu Skin Enterprises, Panasonic Corporation, Syneron Medical Ltd, and others that offer products for beauty devices have been facing a decrease in demand for beauty device products due to COVID-19.

The supply of beauty devices and raw material required for the manufacturing of beauty devices has disrupted as many countries went into lockdown. The market for global beauty device has shown declining results in the growth rate as the beauty device manufacturers have slowed down their production capacity as a result of the labor shortage and shortage of raw material.  The overall scenario has resulted in a decrease in demand for various beauty devices such as oxygen and steamer devices, hair removal devices, acne removal devices, hair growth devices, LED/Light therapy devices, cleansing devices, photo rejuvenation devices and many more across the world due to COVID-19 pandemic. The forced lockdown in different countries has negatively affected the supply chain across the world.

Global customer plan to spend less on beauty products:

Company Business Strategy and Revenue Condition:

• L'Oreal S.A. one of the largest beauty device company focuses on increasing the production of hand sanitizer in its Europe, L’Oreal Group’s factories. Additionally, the company showed a multi-faceted initiative to support Europe during the COVID-19 outbreak and recovery by donating 1 million to its partner non-profit organizations.

• On May 2020, Nu Skin Enterprises reported the company market share dropdown to USD 24.52 from over USD 43 in mid-January in China region.

Geographical Covid-19 Impact:

In countries such as South Korea and China, the situation is improving and showing obvious signs of recovery. But in countries such as the US, Europe, and parts of Asia are in a major concern as the situation is getting worse across these countries. If the situation improves the market might enter into the recovery phase. On the other hand, if the condition remains the same or gets worsens in the US and Europe, it will affect their cosmetic and beauty device manufacturers’ production negatively for a long period.

Source: MRFR Analysis