The use of AI and clean beauty are two examples of current trends that are affecting the skincare/cosmetic market. Inclusive beauty and precision skincare beauty are current trends that will also have a significant impact on the future of the skincare/cosmetics market.
1. Use of AI (Artificial Intelligence)
- Back in 2018, the Skincare/Cosmetic market saw an increasing number of companies incorporate AI for personalized skincare recommendations. The trend continued as more brands used AI to personalize skincare analysis and user recommendations.
- One of the reasons why the use of AI is growing is to ensure that products actually deliver on their promises. AI has enabled brands to focus on evidence-based skin analysis and develop mechanisms that track skin changes over time
- An example includes Proven which develops personalized skincare regimens based on machine learning algorithms. The Skincare regimes incorporate 47 unique skin, lifestyle, and environmental factors, making it perfect for Black, Hispanics, and Asian consumers.
- Another company utilizing the power of AI is Atolla. The company leverages a multi-pronged tech approach to produce personalized serums. The AI factors in a monthly test, inputs from users on season or lifestyle changes, and more to develop a skin health profile for any individual.
- Other companies that are using AI or Augmented reality to satisfy their clients’ needs include Function of Beauty, Coty, ModiFace and Perfect Corp.
2. Clean Beauty
- According to Technavio, “The clean beauty trend is becoming increasingly popular in cosmetics markets around the world.”
- A survey done by Mintel showed that the mention of clean beauty in social media pages increased by 623%.
- The U.S. market for clean personal care is expected to grow at a CAGR of 9.4% to reach $7.74 billion by 2025.
- It is imperative to note that clean beauty means different things to different brands and that there is no official set definition for it.
- However, when companies use the word clean beauty, they usually mean free of toxins, free of chemicals, organic, vegan, or sustainable.
- The trend is growing in popularity because consumers are becoming increasingly conscious and more concerned about the safety and efficacy of products or ingredients they are putting into and onto their bodies.
- Drunk Elephant, which is at the forefront of clean beauty, has identified six ingredients that are the root of almost all skincare problems. These ingredients are essential oils, drying alcohols, silicones, chemical sunscreens, fragrances/dyes, and sodium lauryl sulphate (SLS).
- Sephora another brand considers products to be clean if they are free from over 50 specific ingredients.
- The black community buys more personal care products than other communities in the U.S. They generate 22% of the country’s $42-billion-a-year personal care products market revenue.
- It is, however, imperative to point out that Blacks personal care products are more toxic. This means that clean beauty will impact the black community significantly.
1. Inclusive Beauty
- Both CBI Insights and Haystack Consulting identify inclusive beauty as a trend that has garnered tremendous traction over the past few years.
- These two research companies attribute the increasing awareness of inclusive beauty to the successful launch of Fenty Beauty in 2017.
- The success achieved by Fenty Beauty made the world realize the untapped opportunity of products for diverse, underserved communities that currently exist.
- The inclusive beauty movement caused various brands to pivot in order to reach these newly recognized markets. It has forced traditional brands to wake up and change their product offerings and marketing strategies.
- Additionally, Inclusive beauty has caused the market to change and force brands to come up and meet the needs of shoppers that are tired of being underserved.
- New brands that have made inclusive beauty a core part of their brand value proposition have been recently launched. Examples of these brands include Mented Cosmetics, Urban Skin Rx, and Live Tinted.
- According to haystack-consulting, inclusive beauty is the future and brands must pivot in order to remain relevant. https://www.haystack-consulting.com/inclusive-beauty
2. Precision Skincare System
- The precision skincare system was identified as one of the trends from the CES 2020 that will impact the future of tech.
- The pioneers of this system are P&G Ventures who are developing the OPTE precision skincare.
- OPTE includes a precision wand and a precision serum, which work hand-in-hand to provide long-term benefits and instant coverage.
- The system created by OPTE uses the wand to scan your skin and analyzes your complexion digitally. The serum then works to camouflages age spots, sunspots, and hyperpigmentation. The entire process is aimed at making age spots, sunspots, and hyperpigmentation fade over time.
- Additionally, the system is programmed to apply makeup to only specific spots that have blemishes so as not to waste product on other parts of the skin.
- Dr Julia Tzu hails Opte Precision Skincare System as the future of makeup.