The beauty and cosmetic industry is rapidly evolving, driven by changes in consumer demands, technological advancements, and cultural shifts. For new brands entering the space, staying abreast of these trends is crucial to crafting products and marketing strategies that resonate with today’s customers.
Sustainable and Clean Beauty:
According to a report from GlobalData, nearly 40% of beauty and personal care consumers say they’re highly influenced by a brand’s sustainability practices when making purchasing decisions. The popularity of clean beauty products, free from harmful chemicals, has also surged. The clean beauty market is expected to grow by 12% annually, reaching a valuation of $22 billion by 2024.
Rise of Personalized Beauty:
The global market for personalized skincare alone is projected to reach $3.5 billion by 2028, growing at a compound annual growth rate (CAGR) of 8.8%.
Emphasis on Inclusivity and Diversity:
Today’s consumers expect brands to embrace inclusivity, particularly in shade diversity and gender neutrality. Research from Mintel highlights that 60% of Gen Z consumers in the U.S. believe brands should represent diverse identities and perspectives.
Health and Wellness Alignment:
According to a report by Grand View Research, the global skincare ingredients market size was valued at $9.3 billion in 2022 and is expected to expand at a CAGR of 5.3% from 2023 to 2030.
New brands can capitalize on this trend by positioning themselves in wellness. Offering products with proven skincare benefits or incorporating wellness-centric ingredients aligns with the broader consumer shift towards health-conscious choices.
Consumer Demand for Transparency and Ethical Practices:
Data from Nielsen shows that 73% of global consumers say they would change their habits to reduce their environmental impact. Brands that are clear about sourcing, manufacturing practices, and ingredient lists can build trust and attract ethically-minded consumers.
