The beauty and personal care industry made steady gains in 2016 driven by the premium segment and active categories, notably colour cosmetics in North America. Forecasts point to Asia Pacific as the growth stimulus as more consumers embark on a beauty routine. Elsewhere globally, higher per capita spending will encourage trading up. Coupled with key drivers including healthier and greener living, and the pursuit of personalised solutions, premiumisation will power the industry across all levels.
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Competition in the beauty industry is spanning beyond its conventional borders to include pharmaceutical and food and beverages players, which now boast numerous products claimed to support skin and hair health among other body functions.
Starting with demand for natural products, it is now wider-encompassing to include clean labels, ethical credentials and sustainable sourcing. Consumers scrutinise not only safety and efficacy, but also ethical considerations in a product’s development.
Smart technology is standardising personalised beauty solutions. Going forward, personalisation facilitates expansion as brands seeking to widen their offer can more accurately meet consumer needs by informing line extensions with insights obtained from the delivery of personalised offerings.
As smart devices and app-based diagnostics become ubiquitous, consumer expectations will shift as personalisation becomes achievable based on real-time updates that encourage users to track results and choose products that exactly fit their needs.
E-commerce was the fastest growing retail channel over 2011-2016. This is emboldening beauty brands, big and small, to operate online in novel ways, notably social selling and subscription boxes, which are expected to proliferate, as consumers can be reached more widely via social media.