The global beauty industry was growing at a fast pace before the Covid outbreak. Experts think this pandemic can impact the cosmetic market revenue and decline up to 35 percent. Personal care products are highly sold items in the world of fashion and beauty. New market research shows that the beauty industry revenue will reach USD 785 billion by 2027.
Below are some trends that can impact the beauty and cosmetic industry in 2023 and beyond:
1- Cosmetics Companies Providing Personalized Experience
According to market research, 80% of beauty product consumers are likely to buy the products if the brand offers them a personalized experience.
2- Ladies Demand Body Care Beauty Products
According to the Environmental Working Group research, every person uses nine products on their body. And in these items, there are nearly 126 unique ingredients. In 2023 more ladies are eager to know the exact product chemicals and their role in improving their body beauty.
3- High Demand For Men’s Beauty Items
Makeup and skincare products for men are growing faster in the beauty industry trends. The men’s skincare market will exceed USD 18.92 billion by 2027. Moreover, male skin moisturizers are becoming more popular among male consumers. Men’s global beauty and fashion product segment has been growing more than women’s segment for the last ten years.
According to a market report, nearly 75% of South Korean men get some sort of beauty treatment every week. Here it is essential to mention that beauty product ingredients and their use method are different for male consumers. Brands print important details on skin care products packaging, such as custom lip balm boxes, about their usage for male customers.
4- Preference For Skincare Over Makeup Items
Consumers prefer to treat their skin problems instead of hiding their signs for a limited time. Skincare products. Health-oriented consumers prefer to shine their skin without using makeup items. Consequently, now, hybrid beauty items are being introduced to users with a combination of skincare and makeup ingredients. These products treat skin issues and glow the skin at the same time.
5- Marketing With The Help Of Influencers
Influencers play a crucial role in product marketing. It has become a vital tool in the global beauty industry. Though, it should not be underestimated.
In light of a survey by Harvard Business School, up to 67 percent of buyers seek info about beauty items from social media influencers, and 88 percent of them trust strangers’ reviews. Generation Z is the main target audience of beauty brands.
Cosmetics and skincare brands should give importance to those who represent their product on the internet. When beauty product users see their desired product in the use of real people or celebrities, they trust them and quickly buy that product.
6- Alliance With Celebrities And Top Brands
Cooperation with cosmetic brands, influencer marketers, and celebrities are a cost-effective way of product advertisement that is a perfect way to reach new target audiences.
Beauty brands collaborate with other brands like sweet, and beverage companies, studios, and Hollywood actors to offer a limited edition of their products. This strategy is the perfect way to attract an audience that is not interested in buying beauty products.
7- Environmental Friendliness In The Beauty Market
Sustainability has become a trend in the cosmetic industry. Eco-friendly is no more surprising word that every beauty brand considers in the products and their packaging. Nowadays, beauty brands are using custom skin care boxes to package their beauty items.
According to Nielsen research, 80 percent of top brands of cosmetics firms agree that they should take care of their planet – earth. These brands value their nature and:
- Don’t test cosmetic products on animals
- Use renewable energy during product production
- Create eco-friendly and recyclable cosmetic boxes
- Produce products with the help of organic and natural ingredients.
8- Women Demand More Cosmetics For Valentine’s Day
Gold, diamonds, chocolates, and flowers are the main gift ideas for ladies, but during valentine’s day, beauty products are the main target of women more than any other things.
According to a report, nearly 70 percent of ladies prefer to get beauty gift products from their loved ones. That beats flowers and jewelry (64 percent each) and chocolates (57 percent). In the UK, beauty is the primary wish of ladies for valentine’s gifts. Furthermore, approximately 60 percent of women would like perfume.
Above are the top trends in the beauty industry that will help you understand what products beauty products consumers like in the cosmetic market.