Euromonitor International, a market research provider, has revealed these as its top four picks for major trends in the coming year, and asserts that heritage brands will face stiff competition from emerging players in these areas.
Irina Barbalova, beauty and personal care global lead, confirms: “The needs, values and expectations of beauty consumers in 2018 will continue to evolve in tandem with behavioural shifts steaming from more health conscious lifestyles, ethical consumerism, digital connectivity as well as more authentic brand experience.
“Heritage brands will need to step up activities in all these spaces to stay relevant.”
Latest market data
The firm predicts year-on-year growth 2017-2018 to come in at 2.6% for the global industry, suggesting the market’s segmented growth will be as follows:
Colour cosmetics: 3.6%
Hair care: 1.4%
Men’s grooming: 2.8%
Skin care: 3.3%
Latest statement on the industry
The 2018 predictions follow a Q4 statement for the beauty and personal care industry, released by Euromonitor in December.
In it, the firm explain that the industry enjoyed the second consecutive quarter of improving outlook in the global beauty market, albeit marginal.
“The most significant upgrades continue to stem from Brazil and Japan, joined by key Western European markets, indicating a positive state of affairs in the long-stagnating region,” the firm explains.
“Skin care experienced the most significant upgrade compared to baseline forecasts, due to positive impact from two main drivers: GDP, and product pricing in the above geographies.”