Myro and By Humankind allow users to refill deodorant, while Kjaer Weis and Asa Beauty allow consumers to restock makeup. Title. While product personalization isnt a new trend, beauty brands are continuing to adopt new tech and refine their methods to create more customized formulations for consumers from tailor-made lip color to individualized hair treatment. Moreover, prolonged exposure to such products results in the continuous deposition of toxic ingredients in body cells that can eventually cause adverse effects. Instead, beauty retailers are connecting the customer journey across their online and offline stores to create seamless omnichannel experiences. Source: Codex Beauty. 2020 was a redefining year for every industry including beauty. LOral has been a pioneer in social commerce through the years, including livestream shopping. Last published date: 2023-04-07 According to Euromonitor International's latest research, sales of beauty and personal care in China reached $88 billion in 2021, a rise of 10% on the previous year. Even major brands took a hit: Coty (owner of CoverGirl and Rimmel) saw its share price drop 52% at the end of March, while Ulta Beauty 's stock saw a 29% decline though both have . By continuing to visit this site you agree to our use of cookies . Join 840,000+ CB Insights newsletter readers. At the rate the planets resources are being depleted, the shift to lab-grown ingredients may arise out of necessity. This has also decreased the negative impact on the environment to some extent. MAC PRO | MAC Cosmetics - Official Site More and more consumers are using augmented reality when shopping. TikTok especially is gaining traction as a beauty product education and exploration platform, boosting sales when products go viral. The beauty industry is a behemoth that shows no signs of slowing in growth. By combining its Beauty Board, Beauty Talk, and Ratings and Reviews, Sephora has nurtured a cohesive and immersive environment for its customers. We had a seven-year cycle of high-glam makeup, and currently minimal no-makeup makeup is having a moment. But, why is the beauty industry growing? Book your free consultation and let our research experts help you with your needs/problems. On the basis of gender, the women segment led, in terms of the cosmetics market size in 2019, and is expected to continue to grow with robust CAGR during the cosmetics market forecast period. Ingredient transparency and nontoxic options will be crucial for this category to see sustained growth. What was the value of the global makeup market in 2021? Mac Cosmetics brand awareness, usage, popularity, loyalty, and buzz among beauty and health online shop users in the United States in 2022 [Graph]. 2022 Annual Report. How MAC Cosmetics Went From A Pink Crayon To Worldwide Brand Think about that. Moreover, how are online sellers capturing market share from brick-and-mortar retailers? The products are available on both online and offline platforms. A. Touch device users, explore by touch or with swipe gestures. Also, the COVID-19 crisis restricted supply chains in every industry, including fashion and cosmetics. Regional Insights. But there are no half-measures about Mr. Pinatels plans for MAC. You can see why SEO is incredibly important for beauty brands. 2020 Annual Report. How Diversity Made MAC Cosmetics A Billion-Dollar Brand The brand also has over 500 stores globally. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive, Please pass on our sincere thanks to the whole team at Fortune Business Insights. This gives consumers the freedom to go home and research products and reviews online before making a purchase decision. The COVID-19 pandemic negatively impacted the cosmetics market in 2020. Get detailed COVID-19 impact analysis on the Cosmetics Market. Social commerce enables consumers to interact with brands or purchase a product or service via non-traditional channels, online forums, or on social media.. Already, corporates are taking note. This level of virtual retail begs the ultimate question: will robots have a permanent place in beauty? Download our beauty industry report below for more beauty industry insights. To compete online, beauty brands must develop new, innovative ways to capitalize on social channels. More than half of Gen Zers believe that gender is nonbinary and encompasses a spectrum instead. MAC now offers an infrared touch-screen to shade-match even the uniquest skin tone. Social media strongly influences this generation, with attractive product promotions showcasing newer trends. Zeesea similarly released eyeshadow palettes in collaboration with the British Museum, while Millet Pepper has focused on global expansion via selling on Amazon or through influencer marketing in Europe. Chanel first launched Boy de Chanel in South Korea, while Shiseido said its male makeup line saw double-digit growth amid the pandemic, bolstered by Japanese businessmen in their 40s. MAC Cosmetics' Cyber Monday 2020 sale will kick off on Monday, Nov. 30, and continue to offer shoppers 30% off sitewide. The global cosmetics market size was valued at USD 262.21 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 4.2% from 2023 to 2030. Furthermore, China represents one of the fastest-growing markets for mens beauty and grooming products. Presently, along with women, there is a rise in use of cosmetics among men in their daily routine, which complements growth of the global cosmetics market demand. Who's Winning in Online Beauty Right Now - TheStreet Big beauty corporates are also attempting to penetrate new markets, especially in South Asia and Africa. This includes Asian beauty markets like China, which is a hotbed for virtual beauty thanks to its advanced mobile technologies and tech giants. The website provides the same product information and customization options as the physical store. Brands targeting older demographics will want to focus more on Facebook and Pinterest. Several brands are experimenting with biosynthetic ingredients: Beauty conglomerates have been active in developing biotechnology partnerships as well. A market in which L'Oral is the global beauty leader. Import and export restrictions on goods and quarantine and lockdown measures imposed by governments are key challenges exporters are facing during this pandemic. Youll also need to optimize your video for search so it shows up for the right keywords! Investors have backed companies in this space such as skincare supplement startup Moon Juice, beauty-focused vitamin provider HUM Nutrition, and Nutrafol, a company offering supplements for thicker hair growth which has raised $36M from investors including Unilever. Notably, virtual try-on can also help brands personalize the beauty shopping experience, enhancing product discovery and making tailored recommendations about foundation shades, skincare products, and more. On the basis of distribution channel, the hypermarkets/supermarkets segment held a major share in the market in 2019, and is projected to remain dominant during the forecast period. Currently, you are using a shared account. MAC Shanghai custom 3D prints eyeshadow palettes for customers, for example, while Shespoke has developed software that allows it to manufacture custom-mixed lipsticks at scale. Chart. In addition, growth in consciousness about external beauty along with individuals internal intellect has become one of the major driving factors for use of cosmetics in the global market. Many of todays brands, such as Stryx, Shakeup Cosmetics, and War Paint, are employing D2C distribution and refreshed packaging to attract a new generation of male consumers. In 2021, the global market value stood at USD 40.37 billion. Alll, for example, analyzes users genes through a DNA test to provide targeted skincare products. Here are just a handful of content marketing examples to consider for your strategy. This emphasizes relationships and long-term beauty marketing campaigns rather than superficial one-off transactions. In, Statista. Cosmetics products manufacturers are switching their preference to produce hand sanitizers, cleaning agents, and personal care products, which have been gaining major demand during this pandemic. Meanwhile, tools like Essies ModiFace-powered On Hand tool and Anastasia Beverly Hills The Brow App offer applications in nail polish try-on and brow shaping. Presently, cosmetics have become an indispensable feature of modern lifestyle of individuals. Other companies in the space are developing devices for spa services at home, for example: But the movement isnt limited to cosmetic services its also expanding to wellness. Soothe connects customers with on-demand massage therapists who offer deep tissue, sports, and prenatal massages, among others. Beyond quizzes, corporates have kept up by expanding to in-home devices that can gather more granular, specific user data to measure skin condition or deliver products more precisely. In 2020, Deciem nearly doubled sales to $460M, primarily through its skincare brand The Ordinary, which has developed a strong cult following. Target also has its own accelerator program, Target Takeoff, to mentor emerging beauty brands. Another one of the biggest beauty industry trends is virtual experiences. The platform has played a major role in creating digitally native brands across all consumer categories and is particularly well suited to beauty an industry that is inherently visual, based on peer recommendations, and has a relatively low barrier to entry. But the beauty boom isnt limited to K-beauty; other markets are garnering attention for their own heritage-inspired products. As soon as this statistic is updated, you will immediately be notified via e-mail. In doing so, the incumbent is diversifying its product portfolio and catering to new segments of shoppers whether they are seeking more affordable product lines, like The Ordinary, or more expensive ones, such as La Mer skincare, also owned by Este Lauder. Around 11% of beauty and health online shop users in the United States say they are likely to use Mac Cosmetics again. A few brands are working to cater to older consumers, such as Gen Xers or baby boomers. Traditional brands and beauty retailers are losing ground on product-related searches as well, when consumers are actively looking to purchase. On the basis of category, the market is divided into skin and sun care products, hair care products, deodorants & fragrances and makeup & color cosmetics. For instance, in August 2022, Ponds, a beauty brand from Unilever, a British consumer goods company, launched its natural glow face powder which is made from ingredients such as titanium dioxide and zinc oxide that have UV protection properties. These companies formulate and package products to improve convenience and user experience, which eases consumers into using more sustainable products without changing their routines to accommodate, for instance, scoopable shower gels or chewable toothpastes. Alibaba reported eye-cosmetic sales increased 150 percent, month over month, during the week of February 18, 2020.2 By contrast, skin-care, hair-care, and bath-and-body products appear to be benefiting from self-care and pampering trends. Propelling this growth were the 4.7 million non-prestige beauty shoppers who have begun purchasing in the prestige category. DOWNLOAD THE FULL REPORT BELOW Each in-store experience is based on community and a feeling of hyper-local branding. A Forrester study found that 77% of consumers have chosen, recommended, or paid more for a brand that provides a personalized service or experience, while Accenture found that 75% of consumers are more likely to make a purchase when recommendations are personalized to them, propelling the push for brands to personalize and differentiate offerings. The Colorado-based beauty brand emphasizes ingredient transparency and restricts over 1,800 ingredients in its formulations (compared to the 30 restricted by US regulations). Gender-neutral makeup lines are the next step in inclusive beauty, as younger generations erode traditional gender norms and stigmas. Rising Awareness Regarding Adverse Effects of Chemical Formulations to Hamper Product Sales. As of 2018, Europe dominated the market, accounting for 31.0% of the global revenue. In-store refills have yet to pick up especially after the Covid-19 pandemic though there is opportunity here. Brand representatives can also interact with group members, answering questions, addressing any problems that arise, and even getting feedback on various topics. According to DECA, 80% of female teens said they were willing to spend more for clean beauty. Furthermore, 17 of the top 22 performers are publishers, capturing 62.3% organic market share. 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. It has an annual turnover of over $1 billion and has over 500 independent stores around the world. Furthermore, indie brands often succeed in the areas beauty corporates dont, namely niche categories, targeted distribution, and social media prowess. Videos give people the opportunity to see a product in action, which is particularly important for cosmetics products. MAC doesnt claim to have anticipated an atmosphere of heightened germ-awareness, despite their concept store lending itself to a more touch-free experience. Paid search is effective when you need to appear in the Google search results quickly or for specific short-term campaigns. Innovative strategies such as new product launches with natural ingredients and appealing packaging have been adopted by manufacturing companies to increase sales of their cosmetics products. All Rights Reserved. They are also quick to pick up the current beauty trends that Chinese consumers are drawn to, and are fast in launching products that leverage those trends, Nanyang Technological University associate professor Elison Lim said in an interview with Insider. LOral is looking to bring it to 10,000 salons in coming years and says it can save up to 80% of water used in rinsings. The MAC Cosmetics Black Friday sale. In the midst of the Covid-19 pandemic, spa and salon appointments have looked quite different if they are available at all. Beauty brands from LOral to Smashbox to Benefit Cosmetics offer virtual try-on via tech by ModiFace (acquired by LOral in 2018), while social media platforms like Facebook and Youtube have integrated virtual cosmetics try-on into ads and influencer videos. Of course, to get into the hands of teens, parents must also be convinced that these products meet a real need and are safe for regular use. 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. In fact, it can range from natural product development, to cruelty-free products, to products created with sustainability in mind. after the death of one of the founding Franks, they bought the remaining share. The starting place is offering customers a superior buying experience, including both the products and themselves and the purchasing process. With the rising awareness of harmful chemical ingredients on ones health and the environment among consumers, their buying behaviors have shifted to organic products. Some companies are also introducing waterless or water-reduced initiatives to salons. In January 2021, Hims & Hers which launched as a holistic male wellness brand through its suite of haircare, skincare, and supplement products but has since expanded to womens wellness went public in a $1.6B SPAC deal. Both companies raised funding in Q320. So, whereas content strategy is the high-level plan, content marketing is how you get it in front of your audience. Brands such as SA.AL & Co., Bulldog Skincare, David Beckham's House 99 range, and Chanel's BOY are focusing on offering products for men's skincare needs to cater to its increasing demand. We cater to it all., MAC COSMETICS INNOVATION LAB QUEENS CENTER. As pledging to reduce single-use plastic becomes fundamental, the shift toward sustainable packaging is spurring new business models. The cosmetics market size from 2021 to 2027 is $463.5 billion.
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