Ultimately, brands that can cater to these demographics without oversimplifying the nuanced dynamics of their communities will be more likely to succeed in the increasingly saturated beauty market. And while some trends will fizzle out, others will only expand their reach. Furthermore, China represents one of the fastest-growing markets for mens beauty and grooming 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. It certainly looks that way. In 2021, the beauty industry is taking with it many learnings and permanent shifts from the past year. Going forward, expect to see beauty brands and tech giants alike turn to virtual try-on to gather shopper data and make more personalized product recommendations. 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. Based on distribution channel, the market is segregated into supermarkets & hypermarkets, exclusive brand stores, online/e-commerce channels, and others. Sephora has been testing a pilot recycling program in Utah and Colorado since 2019; no expansion plans have been announced. Clean beauty is another business growth area within the beauty industry to watch. . Please do not hesitate to contact me. The global makeup market size is projected to grow from $41.85 billion in 2022 to $61.34 billion by 2029, at a CAGR of 5.61% during the forecast period. Big brands with brick-and-mortar locations were hit hard by COVID-19 lockdowns, forcing marketers to come up with new ways to sell to customers. In, Statista. Copyright 2023 CB Information Services, Inc. All rights reserved. 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. Watch for the beauty and personal care category to follow the food and beverage industry, as companies in the space have adopted biodegradable and recycled plastics more broadly. In February 2021, biotech beauty company Codex Beauty Labs announced a new labeling strategy to include clinical efficacy data on packaging for all its skincare products. In 2019, the company launched in-app checkout for shoppable posts and has since rolled out features such as augmented reality shopping, in-app reminders for new product drops, and even shoppable videos expanding its e-commerce role for beauty products being promoted by brands and influencers. Custom printing, in which companies formulate products specifically for each user. With the solid foundation of an outstanding experience, companies can start creating other ways to get people talking. These keywords span three vital markets, including skincare, makeup, and hair care. These stores offer a variety of products to consumers and every individual has the liberty to validate the genuineness of the product. As a result, many ecommerce and direct-to-consumer (DTC) brands saw an increase in sales due to the pandemic because millions of people had to shop almost exclusively online. China-based tech giant Alibaba offers livestreaming and AR features which it has used to attract luxury beauty brands to its e-commerce platform. Regional Insights. opens in a new window Click Here. 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. 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. The collection includes MultiDew Skin Tint and Soft Radiant Bronzing Powder. While most analog brick-and-mortar retail is staring at the fate of a video rental store, MAC Cosmetics is taking the virtual road. Use of cosmetics by men is expected to eventually increase and in turn supplement growth of the global cosmetics market. By gender, it is divided into men, women, and unisex. Customers can also use technology throughout the store to get product information, digitally test items like skincare products, and find personalized recommendations by taking quizzes. Available: https://www.statista.com/forecasts/1241179/mac-cosmetics-beauty-and-health-brand-profile-in-the-united-states, Mac Cosmetics brand awareness, usage, popularity, loyalty, and buzz among beauty and health online shop users in the United States in 2022, Immediate access to statistics, forecasts & reports, Find your information in our database containing over 20,000 reports. Instagram is not the only company using video to sell beauty products. Beauty conglomerate LOral (which set up the first beauty startup accelerator in Africa in 2018) offers a variety of internal initiatives to support its commitment to new brands and technologies, such as the Open Innovation Program, the Women in Digital program, its Technology Incubator, and the launch of corporate venture capital fund LOral BOLD. Sustainability is a hot topic across virtually every sector, but its become a particularly important conversation within CPG, an industry with replenishable products historically featuring single-use packaging. Here are just a handful of content marketing examples to consider for your strategy. At the same time, beauty companies are looking to master voice-based shopping to ensure their brands remain top of mind for consumers. Opinions expressed by Forbes Contributors are their own. Jun 30, 2021. 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. Source: Alizila. The presence of large players in the region provides huge opportunity for the consumers to have access to different beauty brands and select products according to their choice. So, whereas content strategy is the high-level plan, content marketing is how you get it in front of your audience. 2020 was a redefining year for every industry including beauty. Quizzes are pervasive in the burgeoning direct-to-consumer (D2C) personalized haircare market, which has seen companies emerge across geographies like the US (. Total global cosmetic sales in 2020 was a whopping $483 billion. At the rate the planets resources are being depleted, the shift to lab-grown ingredients may arise out of necessity. Baby care brand Mini Bloom was launched in December 2020. The Perso app crunches data on a users skin condition via an uploaded selfie, environmental conditions via location data, and user-inputted skincare concerns to dispense custom formulas through the device.
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mac cosmetics market share 2020