Like most industries, the beauty sector is always growing and evolving—particularly over the past few years—as new technology has reshaped how people shop for and use cosmetics and other beauty products. In addition, a variety of innovative products and ingredients have made the beauty industry healthier, safer, and better for the environment, ushering in a new organic era of beauty products and cosmetics.
Customization Through Modern Technology
Cosmetics are a very personal thing, so personalization when it comes to selecting and modifying products is essential for customer satisfaction. With the advent of AI and other online tools, it is possible to customize the beauty experience for each customer, which results in happier consumers and long-term customer loyalty.
Online quizzes are a basic tool to help customers select the products that fit them best, and research shows that shoppers are nearly 60 percent more likely to become repeat customers of brands that offer online quizzes and product guides. Artificial intelligence and virtual reality tools take things a step further, allowing prospective customers to experiment with different products and shades in virtual reality, helping them to get a good feel for how certain products will look and feel. Finally, the ultimate in customization includes at-home skin tests and even microbiome tests that result in personalized recommendations for product types, ingredients, shades, and more.
Healthy, Organic Products
One of the biggest trends in beauty products in recent years has been an emphasis on natural, healthy, organic ingredients that are good for the skin and the environment. According to a study by the Environmental Working Group, 25 percent of women apply 15 or more products to their bodies each day. In addition, across just nine products, they found 126 unique chemical ingredients. Long story short, a lot of people are putting a lot of ingredients on their skin. With the recent emphasis on natural, organic living, people are becoming much more aware of and discerning about what they put on their bodies, which means that products with organic ingredients—and fewer ingredients overall—are becoming increasingly popular. Surveys show that the majority of consumers prefer natural, organic, and environmentally friendly ingredients, and that they are willing to pay more for sustainable products. A large number of beauty brands have jumped on this trend, and the natural beauty and cosmetics sector is expected to grow to $59 billion by 2031.
Environmental Sustainability
In keeping with the previous aforementioned trend, consumers are also becoming more discerning about products that are safe for the environment. For years, the vast majority of beauty products were not sustainable to produce in bulk, as the ingredients that they contained used a lot or water and land to produce and caused pollution and runoff. As the focus increasingly turns to sustainability, natural products are becoming more attractive to consumers. Beauty brands have begun using biotechnology to look for clean ways to produce alternative ingredients, such as alguronic acid, which is naturally produced by some algae. Alguronic acid is now being made through biotech, offering a cleaner, greener alternative to some less environmentally friendly ingredients.
A number of other ingredients are being made through various clean biotech processes, including a recent emphasis on fermentation to create surfactants. These ingredients are a sustainable alternative to those made from petrochemicals and palm oil, and they also tend to be healthier for the skin.
Beauty Products for Men
While beauty products have historically been thought of as exclusively for women, men are becoming more aware of the benefits of caring for their skin, and the beauty industry is changing accordingly. As many as 56 percent of men are buying more skincare products than they were half a decade ago, and 15 percent of them are using male cosmetics and makeup, with another 17 percent willing to try them. Based on this recent increase in interest, the men’s beauty product and grooming market is expected to grow to $110 billion by 2023.