The challenge remains in scaling up production. And while some trends will fizzle out, others will only expand their reach. To thrive, brands must be hyper-aware of current beauty trends and shape their growth marketing strategies to align with the times. The market of Europe is characterized by the occurrence of various international cosmetic brands in countries such as France, U.K., and others. But the beauty boom isnt limited to K-beauty; other markets are garnering attention for their own heritage-inspired products. Among its alumni are gender-neutral makeup line, Inter Parfums subsidiary bought a 25% stake in France-based fragrance company. These stores offer a variety of products to consumers and every individual has the liberty to validate the genuineness of the product. Key players focus on launching new facial skin easing products developed according to the need of different skin types, supporting the segmental growth. Hair color has seen a notable boost in the past year as lockdowns have prompted new forms of self-expression, per Sally Beauty Chief Merchandising Officer Pam Kohn. With an ever-increasing percentage of the buyers journey happening online, beauty brands must have a clear digital marketing plan. Certain areas within beauty, such as skincare, became an area of focus instead as people looked for ways to de-stress. Black dermatologists make up just 3% of the field in the US, which has marked effects on beauty product development. opens in a new window Click Here. At the same time, consumers are increasingly realizing that not all natural ingredients are good for you and not all synthetics are bad. Branded communities are the wave of the future, and smart beauty brands will make them a priority. After seeing the success of independent players such as vertically integrated incubator Seed Beauty, which is behind ColourPop, Kylie Cosmetics, and more big beauty corporates have followed suit with their own incubators and accelerators, with examples including: LOrals Seed Phytonutrients and Unilevers Skinsei are just a few examples of internally incubated brands. Fortune Business Insights says that the global market size was USD 40.37 billion in 2021 and is anticipated to reach USD 61.34 billion by 2029. Major opportunity exists in meeting the needs of cohorts beyond the young adult (ages 18 to 35) segment. The top 10 U.S. beauty markets were up 2% compared to 2019, while the remaining U.S. was up 10% compared to pre-pandemic levels. The starting place is offering customers a superior buying experience, including both the products and themselves and the purchasing process. Manufacturers are changing their product branding and advertising strategies to accelerate their sales across various countries. When we compared informational vs transactional searches, online publishers really pulled ahead. MAC Cosmetics is a leading brand because of its market segmentation. The global COVID-19 pandemic has been unprecedented and staggering, with makeup experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. "Mac Cosmetics Brand Awareness, Usage, Popularity, Loyalty, and Buzz among Beauty and Health Online Shop Users in The United States in 2022. The company raised a $4M seed round in May 2021. For instance, creating and promoting engaging content across multiple channels helps beauty companies increase brand awareness and create authentic relationships within their audience. Uniquely, The Innovation Lab is the integration of the best of both digital and retail worlds coming together for an AI beauty encounter. Several brands are experimenting with biosynthetic ingredients: Beauty conglomerates have been active in developing biotechnology partnerships as well. The report includes analysis of regional as well as global cosmetics market trends, key players, market segments, application areas, and cosmetics market growth strategies. Companies that sell primarily to Millennials and Gen Z will want to focus on Instagram, TikTok, Snapchat, YouTube, and Pinterest (to a degree). Please create an employee account to be able to mark statistics as favorites. The 6 Biggest Issues Facing the $532 Billion Beauty Industry The beauty industry experienced deep pain over the past year as it saw some big shifts. However, in 2020, MAC Cosmetics . To use individual functions (e.g., mark statistics as favourites, set In November 2020, Perfect Diarys parent company, Yatsen, debuted in a $617M IPO on the NYSE. Perfect Diary remains focused on targeting lower-tier cities, where customers may be less accustomed to the beauty market and more open to trying out new brands. The global cosmetics market recovered markedly in 2021, rebounding to 2019 levels thanks to a very dynamic skincare category and growing digitalisation driven by the boom in e-commerce and social commerce. Email marketing allows brands to connect directly with customers in ways other marketing strategies cant. Revenue of the cosmetic & beauty industry in the U.S. 2002-2022, Value of the leading global textile exporters in 2021, by country, Vegetable oils: global consumption 2013/14 to 2022/23, by oil type, Cocoa bean production worldwide 2020/2021-2022/2023, by country, World coffee per capita consumption: major consumer countries 2015, Cosmetics industry in the U.S. - statistics & facts, To access this forecast, you need one of our, Research Manager Consumer & Business Insights, Profit from additional features with an Employee Account. At The Innovation Lab, consumers no longer have to swatch foundation shades endlessly, checking in-store and outdoor light before making a purchase. The global cosmetics market size was valued at $380.2 billion in 2019, and is projected to reach $463.5 billion by 2027, registering a CAGR of 5.3% from 2021 to 2027. Education will continue to be key as brands lean into transparency around both natural and synthetic ingredients to prove their safety and efficacy. The cosmetics market effecting factor are changing lifestyle and increasing demand for natural ingredients in cosmetic products. In 2021, the beauty industry is taking with it many learnings and permanent shifts from the past year. Regional Insights. Start reading instantly.This Report and over 29,716+ more Reports, Available with Avenue Library. According to DECA, 80% of female teens said they were willing to spend more for clean beauty. But, make sure you include plenty of visuals, whether in the form of graphics, photos, or videos. Increasing awareness toward personal grooming is accelerating market growth. Cosmetics & Personal Care Products Direct Selling Market, https://www.fortunebusinessinsights.com/makeup-market-102587, Rest of Middle East & Africa (By Product), Granular Research on Specified Regions or Segments, Companies Profiled based on User Requirement, Broader Insights Pertaining to a Specific Segment or Region, Breaking Down Competitive Landscape as per Your Requirement, Other Specific Requirement on Customization. As a result, youll create a stronger bond between your brand and your customers. Synthetic biotech company Amyris recently acquired a majority stake in sustainable cosmetics brand EcoFabulous the seventh clean beauty brand in its portfolio. This gives consumers the freedom to go home and research products and reviews online before making a purchase decision. Sephora has been testing a pilot recycling program in Utah and Colorado since 2019; no expansion plans have been announced. The research report analyzes the industry in-depth and highlights crucial aspects such as prominent companies, product types, and sales channels. Livestreaming beauty shopping is taking off on platforms like Facebook-owned Instagram and Alibabas e-commerce site. sell on social commerce platforms and 48% . Beauty-focused SPACs have emerged of late, including Powered Brands, which is looking to acquire between $800M to $1.5B of assets to compete with legacy beauty brands, and Waldencast Acquisition Corp., which is expected to ink deals in the $1.5B to $3B range. Meanwhile, Johnson & Johnson has developed a host of personalized skincare systems, ranging from skin-scanning devices such as the Neutrogena Skin360 to 3D-printed face masks through its Neutrogena MaskiD technology. This has also decreased the negative impact on the environment to some extent. maccosmetics.com Audience Demographics Audience composition can reveal a site's current market share across various audiences. And while full-coverage and colorful makeup looks have taken a backseat to home quarantine orders, Mr. Pinatel expects high-glam to come back in a big way post-pandemic. It comes with the additional cost of $2500.00 contact sales. Augmented reality apps that allow customers to virtually try on new products, Creating a referral program that rewards brand ambassadors, Highlighting customer reviews on their website, Rallying around a social cause, much like TOMS did by supplying shoes to those in need, Creating viral content that people want to share. Emerging startups and recent corporate developments here include: Expect to see more major retailers stocking these options in an effort to bring sustainable products under the roof. On the basis of category, the market is divided into skin and sun care products, hair care products, deodorants & fragrances and makeup & color cosmetics. In addition to relying on doctors endorsements and scientific studies to prove their products efficacy, beauty stakeholders from brands to dermatologists to makeup artists are relying on social media platforms to educate users. (For more, read our brief on How Material Innovation Will Improve Sustainability In Beauty & Personal Care.). To compete online, beauty brands must develop new, innovative ways to capitalize on social channels. Newer initiatives include: Biodegradable packing is another avenue of interest that has seen traction, pioneered by industries like food and beverage. Beauty industry statistics, market share, and worth 70% Asia Pacific and North America account for more than 70% of the total market size Common Thread 4.75% The cosmetics industry has an annual growth rate of 4.75% worldwide Common Thread $716B Global beauty industry revenue is expected to top $716 billion by 2025 Common Thread From waterless beauty products to virtual try-on, here are the trends and tech that will continue to transform the sector in 2021 and beyond. At checkout, customers scan their wristbands and receive their items immediately. 2020 was a redefining year for every industry including beauty. Need to talk to an expert? By gender, it is divided into men, women, and unisex. During the survey, the questions were phrased as follows: Dior J'adore evaluation in the United States 2015, Gucci by Gucci evaluation in the United States 2015, Giorgio Armani Si evaluation in the United States 2015, To download this forecast you need one of our Business Solutions. Many are addressing personalization with a variety of different technologies and approaches, such as: AI also presents a big opportunity for brands looking to further personalize processes, especially in areas like skincare analysis.

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