In the U.S alone, cosmetics are a multi-billion dollar industry. On a global scale, the industry has seen steady growth over the last one decade or so, mostly fueled by an increase in disposable income. As a result, conventional retail outlets such as supermarkets, exclusive brand outlets, and specialty stores have recorded increased revenue from cosmetics products. Below are some of the top ongoing trends in this industry.
1. Online channels
Online channels for retail have been gaining popularity amongst consumers. The sheer simplicity and convenience of shopping online has been a major factor. People have less time to go looking for the products they need in local stores, and being able to compare and instantly buy online (with door delivery) makes it, all the same, a better alternative. This is a trend that will continue to be evident even in future, as the penetration of mobile devices increases across the world.
2. Changing lifestyle
Improvement in lifestyles has a progressive positive impact on the cosmetics market. Indeed, this is one trend that has played a massive role in the growth of the industry. People are now more conscious about using cosmetics aids in their daily life, as they seek to upbeat their personality and overall style quotient. Cosmetics producers indeed play a significant role towards enhancing one's physical features and inherent beauty. And this doesn't only apply to women. Men are increasingly consuming cosmetics on a daily basis, with a focus on deodorants and fragrances.
3. Natural organic
This trend has been on the radar or many years. But it's contributing to double-digit figure growth on its own now. The market is on fire, and demand for products that ride on organic ingredients is on the rise. Herbal products that are based on natural and organic constituents with no possible side effects are seeing increasing usage. Manufacturers can benefit immensely by creating effective green' products, but this calls for the year-round supply of raw materials.
Consumers continuously place emphasis on packaging, recyclable packaging and eco-friendly. There have been major campaigns in recent times creating awareness against environmental pollution. Manufacturers who can prove that they are friendly to environmental goals are getting more attention.
Biotech is winning consumers over. There's increasing demand for cosmetics products that are based on science. Eco-designed or green chemistry is the way to go for ingredient manufacturers, and consumers are siding with firms who aren't afraid to invent new possibilities.
6. Pro-aging product lines
There's increased consumer passion for wellness and fitness. The fact that people are living longer and better lives has created incredible demand for products that support natural beauty. Manufacturers are testing to find effective ingredients that have a profound impact on older skin, and developing new formulations to keep up with this shift as well.
7. Winning strategies
Manufacturing entities in the cosmetics sphere are focusing on creating new products based on an innovative application of various ingredients. These firms need proper strategies to maintain and sustain their position in the market. The most prominent strategies that we have seen so far are product launches, expansion, and acquisitions.
8. Market categories
The cosmetics industry can be broken down into a number of market categories, including but not limited to sun care products, skin care products, deodorants, fragrances, color cosmetics and hair care products. The skin care category happens to be the most technically complex in the industry. It's further broken down into facial care, body care, sun care, hand care and others. Products invented by firms in this particular niche have to undergo intense dermatological tests before finally being introduced into the market.
As a consumer, familiarizing yourself with rampant trends helps you get a better idea of what's happening in the industry, and empowers you to make more informed product choices in the market.
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