Why is the beauty and personal care market under pressure to constantly innovate?
Everyone knows that these markets are extremely dynamic and innovative, but what are the drivers behind these changes?
The first and foremost force is technological advancement. In the beauty industry, technology is playing a crucial role in driving innovation, with artificial intelligence (AI) and augmented reality (AR) reshaping and transforming the consumer experience. AI-driven personalisation allows brands to offer tailored skincare recommendations, while AR enables virtual try-ons, increasing customer satisfaction and loyalty. In addition, biotechnology is revolutionising product formulations, making it possible to create sustainable and effective ingredients in the lab. These advances not only improve product efficacy, but also streamline production processes, ensuring higher quality and consistency.
Another key driver is the rise in consumer demand and expectations. Today’s consumers are more informed, demanding and sophisticated than ever before. They demand products that not only enhance their appearance, but also align with their values. A recent survey found that 46% of consumers are willing to buy more sustainable products to reduce their impact on the planet, and more than four out of five (80%) say they are willing to pay more for sustainably produced or sourced goods. The rise of clean beauty, which prioritises products free from harmful chemicals, is evidence of this trend. Consumers are also increasingly interested in hyper-personalised products, which require innovative manufacturing techniques to meet different needs.
Sustainability is no longer just a buzzword, but a core expectation, and is therefore another driver of this pressure to innovate. Consumers increasingly favour brands that demonstrate a commitment to environmental and social responsibility. Brands must therefore constantly search for new ingredients and new processes (and stories), while ensuring ethical sourcing. Failure to adapt to these demands risks loss of relevance in a competitive marketplace.
Despite the opportunities, the beauty and personal care market faces several significant challenges as this rapid pace of change requires brands to be agile and responsive. This is particularly demanding as the pressure to constantly innovate can strain resources, speed up industrial processes and complicate supply chains, while at the same time maintaining strict regulatory compliance and safeguarding brand reputation and loyalty.
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