The beauty and personal care industry which consists of skin care, cosmetics, & fragrance holds a global market value of $483B. With the industry projected to exceed $750B by 2025, let’s find out how that will happen.
Digital channels, advanced technology, and higher quality products at a higher cost has evolved the industry from a one-dimensional category to something more inclusive for every consumer.
Product personalization has given the beauty and personal care industry a huge advantage over the consumer who values their health & wellness in regards to the beauty brands they are loyal to. Emphasis on health and wellness in beauty brands have added an allure for consumers to purchase brands based on products that meet non-toxic standards for ingredients and processing regardless of higher priced cosmetics.
Different technologies have opened the doors for companies to offer an even more inclusive product personalization for consumers. Beauty sites are equipped with personal quizzes, which address customer-specific preferences and customize products according to results. Some companies offer DNA testing kits which provide curated product recommendations according to a users’ genomic (study of all of a person's genes) skin traits. Other companies took advantage of users’ in-home devices to gather more specific user data to measure skin type, allow users to virtually try products and deliver products more precisely.
"A Forrester study found that 77% of consumers have chosen, recommended, or paid more for a brand that provides a personalized service or experience.”
The beauty and personal care industry will continue to rise as companies highlight their exclusivity to help define user engagement, create personalized products and provide diversity.
New sustainable packaging is another huge allure for users. In April 2021, Lush launched its Bring It Back program in the UK and Ireland, allowing customers to return any Lush plastic packaging to be recycled for a small discount. Other companies are creating their own sustainable packaging options and programs for users to participate in to help reduce common packaging waste from the industry.
Learn more about the growing beauty and personal care industry at the White Label Expo held at the Las Vegas Convention Center on September 1& 2, 2021. Register your free tickets today!