The business of beauty in 2023: Three key trend predictions
Beauty consumers of 2023 are more resilient, more adaptable, and more connected, according to the latest whitepaper by Cosmetics Inspiration & Creation. Now, health, freedom, and the future of the planet are all deeply interwoven, proven over the course of the past few years.
To stay ahead in an increasingly competitive industry, beauty businesses need to take stock of not only their consumers but wider market trends. Below, we dive into the three key trend predictions from the report.
Armed with increased knowledge, consumers will drive brands even harder to alter their behaviours in order to support rigorous ethical practices. In 2023, brands must become empathetic ambassadors, and respond to a new generation of eco-socio intellectuals.
Results from the 2022 UEBT Biodiversity Barometer demonstrate there is now a global consensus that while planetary health is a clear priority in the minds of consumers, so are issues surrounding workers’ rights and equality. Sustainability issues are now rightly being understood in the context of wider geo-political events.
The Optimised Self: Exploring the personal ecosystem
We are entering an era of intimately adaptive beauty that responds to the individual or is tailored specifically for individual needs. Renewed interest in health and immunity will drive the creation of unexpected territories, ushering in new opportunities for beauty supplements, skin-optimising trackers, AI-aided personalisation, and at-home beauty devices that deliver ultra-bespoke and professional results. In fact, consumer interest in beauty tech is set to continue to increase continuously over the next five years, reaching $8.93 billion by 2026.
The Emotional Biome: From Self-Care to Mind-Care
Beauty that delivers emotional benefits on top of functional benefits will gain traction, as consumers look to balance feelings of vulnerability with products and experiences that simultaneously provide care and protection. The role of functional fragrances—from perfume to candles—will become heightened, as consumers and brands explore the idea that fragrance can deliver benefits beyond scent.
Beauty rooted in selfcare will tap into the growing brain care category. Brain health supplements are forecast to grow at a CAGR of 8.3% from 2022 to 2030, as consumers explore new routes to optimise mind-care. We continue to see increasingly more skincare brands harnessing therapeutic ingredients in their products too such as rose, chamomile and lavender.
Image credit: Pexels
Want more ProCollective?