2020 and Beyond: What does the future of beauty hold?
Key elements to be on-trend and remain relevant in tomorrow fast-faced environment
Another inspiring year has now fully started and what the future holds is certainly exciting. The upcoming years will re-invent the way we think and use cosmetics products, fuelling the market with innovative technologies, products and services. The Beauty industry will move faster than ever as today consumers require engagement and newness and it will strengthen its scope in supporting a diverse audience like underserved demographic, age or sexual groups.
The aim of this article is to explore a non-exhaustive set of trends which will drive Beauty, pushing development towards product experience, digitally-enhanced customized solutions and an unregulated, yet evolving Clean beauty wave. Smart, Holistic and Conscious beauties will transform the market in 2020 and beyond; cosmetic players should assuredly include those elements in their innovation and launch plans to succeed in a highly competitive landscape.
INTRODUCTION: INNOVATION AS A TREND
The future of Beauty is undoubtedly thrilling. 2019 has been marked with a strong and healthy economic activity, attracting investments by both manufacturers and suppliers, as shown by the acquisitions of the niche brands Drunk Elephant and Dr Jart+ by respectively Shiseido and Estee Lauder and Naturex or Amsilk taken over by Givaudan.
An increased pressure from competition, notably independent brands disrupting the market, is pushing product launches and reducing product lifespan. According to Lux Research, the volume of new products launched globally has grown 21% year-over-year since 2015, and R&D spending in the Personal Care industry has increased by more than 30% from 2012 to 2017 to answer this innovation pressure (1). The Beauty industry is moving faster than ever as today consumers and especially Millennials (defined as individuals born between 1980 and 1995) require engagement, newness and experience.
To keep up the pace, Innovation itself is becoming a trend at a corporate level. According to Euromonitor, many multi-national companies are working at improving their innovation processes, ...