Diverse trends have been unfolding impacting beauty habits in the global market. Technological developments at both consumer and industry levels have had an impact on the rising demand for customisation and convenience, particularly dominant trends in skin care, hair care and colour cosmetics. Reinvention in beauty has transpired through tapping into lucrative categories, such as face masks or brow products, Asia-inspired product developments and niche brands.
Global beauty maintained growth at over 5% in 2014 despite slight deceleration in two of the largest emerging markets, China and Brazil.
In the 10 years between 2009 and 2019 the ratio of emerging markets contribution shifted from 41% to exceed parity with 51%. Africa and the Middle East maintained double-digit growth in 2014 despite the political instability in the region.
Skin care continues to be the largest revenue generator, dominating the key beauty markets, China, Indonesia and North America. Hair care remains the strongest growth contributor in Brazil and India.
Although customisation is not a surprisingly new trend in global beauty, it has been fast evolving and constantly raising the bar for marketers. The most recent product customisation innovations include new product formats, textures and functions.
There is a growing number of Asia-inspired products and innovation present already in international markets and this so-called “Asianification” trend is expected to grow stronger and deliver more product concepts from the region.
Reinvention in beauty occurs through tapping into a range of niche growth drivers, including lucrative subcategories, consumer segments or regional customisation opportunities, eg multicultural beauty or tailored hair care ranges in the Middle East to women with veiled hair.
Digital strategies in beauty go way beyond online retailing and they support all aspects of operations online and in-store, from marketing to finance to innovation and distribution.
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