Beauty and Personal Care Market Key Highlights for 2024 - Consumers' Quest to Control Health Outcomes Supports Ingredient-led Innovations in Beauty

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Mar 22, 2024, 14:45 ET

DUBLIN, March 22, 2024 /PRNewswire/ -- The "Voice of the Industry: Beauty and Personal Care Key Highlights" report has been added to ResearchAndMarkets.com's offering.

Overall optimism in beauty and personal care in 2024 is driven by technological developments, which span a wide range, from traditional and generative artificial intelligence, to blockchain, to new formulation and ingredient launches. The beauty and personal care industry is still grappling with inflation, although rates are expected to moderate in 2024. As a result, greater channel competition is projected, with gains most pronounced for discounters, online marketplaces and e-commerce.

Key Findings

The beauty industry expects artificial intelligence to play a significant role in the next five years

Beauty and personal care companies are already incorporating artificial intelligence, ranging from daily consumer-facing activities, such as enhanced website search and handling customer service requests, to B2B activities. Greater consumer reliance on diagnostics presents opportunities in generative AI, while other technologies, like 3D printing and biometrics, widen options to tailor solutions and personalise offerings.

Formulations and ingredients lead as top launches among beauty industry respondents

With consumers being increasingly educated about skin health, the search for additional benefits beyond basic functionality is growing. Consumers' quest to control health outcomes supports ingredient-led innovations in beauty, where players should continue centering hero-ingredients to meet the increasing need for solutions-based benefits.

Beauty and personal care industry is still grappling with inflation, despite moderating rates

Global inflation is expected to moderate in 2024, but the beauty and personal care industry is still being "moderately" or "extensively impacted" by inflation, according to industry professionals, particularly in Latin America and Western Europe. Beauty brands' top three actions in response to inflation have been to increase prices of some products/services, accept lower profit margins, or increase prices of all products/services.

Online marketplaces and retail e-commerce emerge as top two channels to gain share

With inflationary pressure reducing spending power among consumers, about two thirds of beauty and personal care professionals expect the discounter channel to gain share. This rise will also be accompanied by expected greater momentum from retail e-commerce and online marketplaces, and increased digital engagement from consumers.

The Voice of the Industry: Beauty and Personal Care global briefing offers an insight into to the size and shape of the Beauty and Personal Care market and highlights buzz topics, emerging geographies, categories and trends as well as pressing industry issues and white spaces. It identifies the leading companies and brands, offers strategic analysis of key factors influencing the market - be they new product developments, packaging innovations, economic/lifestyle influences, distribution or pricing issues. Forecasts illustrate how the market is set to change and criteria for success.

The report also explores developments in the premium vs mass/masstige segments, and the evolution of novel beauty concepts.

Key Topics Covered:

Technology

Technological developments in beauty span a wide range, from AI to blockchain to VR
The beauty industry expects artificial intelligence to play significant role in the next five years
Greater consumer reliance on diagnostics presents opportunities in beauty generative AI
Beauty brands using technologies to tailor solutions and personalise offerings gain an edge

Ingredient-led beauty

Consumers' quest to control health outcomes supports ingredient-led innovations in beauty
Formulations and ingredients lead as top launches among beauty industry respondents
Opportunities present in formulations beyond basic functionality, such as hero ingredients
Biotechnology will be at the forefront of making beauty ingredient sourcing more sustainable

Competitive landscape

Further e-commerce growth expected on the back of overall optimism in the beauty industry
Beauty and personal care industry is still grappling with inflation, despite moderating rates
The beauty industry holds high future expectations for sustainability and social impact
Online marketplaces and retail e-commerce emerge as top two channels to gain share

System overview

Respondent demographics

For more information about this report visit https://www.researchandmarkets.com/r/70wmhy

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SOURCE Research and Markets