New opportunities lie in catering to 'wellness' demand
According to Diagonal Reports, skin care can now be discussed, delivered and bought without the actual word ‘beauty’ being mentioned.
Analysts say that these millions of new consumers, who are critical to the future of the cosmetics industry, come with different skin and hair care traditions and rituals.
They report buyers in less developed continents like Africa and Asia to be more likely to look to wellness for their beauty needs.
Elements like acupuncture; which epitomises wellness, has appeared in various skin care products of late.
“We can see that buyers are voting with their feet and it is up to companies to adapt their products to meet the demands of beauty as wellness. Our research shows that it has been 'new' entrants, which redefined beauty as wellness, that have benefited,” researcher, Maria Clarke tells CosmeticsDesign-Europe.com.
Developed markets no longer defining beauty trends
Up until recently, Clarke says certain consumer segments in the most developed markets defined beauty.
However, experts in Europe, the US and beyond now say that online and social media platforms are playing their part in defining global trends.
“With this wellness trend, our research shows that consumers in mature markets are adopting new products while their counterparts in developing markets are taking their own traditions with them," she says.
Skin care innovation
The beauty device segment has also been flagged as a big growth driver in the skin care market.
Technology is transforming the cosmetics industry, take for example skin care devices and tools which are now so advanced, they can deliver professional results from the comfort of the home.
This demand is in turn being driven by consumers who want their daily routines to deliver dramatic improvements to their skin condition and appearance.
“Technological beauty is already impacting on what many people want from their products, making even the most conservative of cosmetic buyers more open than ever to new skin care technologies and formulations,” Maria concludes.
