The beauty world is changing… Adapt or lose out

In the midst of mixed results in different markets for a number of the cosmetics industry’s biggest players, the message is that manufacturers must adapt their products in order to make the most of growth opportunities.

In the last few years, and in the ones to come, different beauty cultures have become more influential as new countries dominate rankings, according to the latest research from Diagonal Reports.

Today’s playing field, and indeed the future’s, sees new consumers remake the beauty market in their own image and likeness, which means their beauty basket contains a different and much wider product range.

As such, the market researcher suggests that hair and skin care products must be adjusted if brands want to capitalise on growth opportunities coming on stream.

“The beauty market of 2020 will be much larger - approximately a quarter bigger - than its current size,” says the report.

“New markets' share of global sales is increasing dramatically. These countries are becoming critical to the industry because of the many millions of beauty consumers which they are adding and strong economic growth they are achieving.”

Times are changing

Beauty cultures are also changing, and as a result of this shift to new regions, these new cultures are quite distinct to those of more mature markets in Europe and North America; and will play a much more influential role.

This is because ethnicity has become a big factor and customised products are trending; especially hair and skin type, which, combined with tradition, shapes people's beauty rituals and product priorities.

Examples of this highlighted by Diagonal, are people with African-type hair and Chinese women, who spend more time and money on their hair and skin care respectively than anyone else. 

In each case, complicated hair styling and multi-step skin care regimes determine the types of products used and the time invested.

Looking ahead to 2020, the beauty market will include a wider selection of products in line with these consumers' rituals.

“Skin care and hair care categories will continue to dominate the beauty market as they do today,” adds Diagonal.

“However, the actual products in both the skin and the hair care basket will be quite different as regards the range and type of formulation.”