Beauty industry. The complete guide to the beauty industry for product managers, marketing managers, brand owners, designers and anyone involved in the beauty business. Beauty products such as Cosmetics are to enhance the appearance of a person, its applicability depends mostly on individual taste and preference. Decorative and care Cosmetics come in various types and forms. Notable types of cosmetics are they could be in form of filter, minerals, pigments, powders, preservative, and thickeners. The various forms of decorative cosmetic include: makeup powders, mascara, eyeliners, eye shadows, powders and nail polishes. These product plat an essential role in all stages of our life today.
Generally speaking, cosmetics product can be categories into care cosmetics and decorative cosmetics.
Decorative cosmetics; these are those product designed to enhance and change the appearance of the user and at the same time cover up defects. These are mainly for the skin, hair and other appendages (like nails and ips). Examples are make-up, carnival make –up or the professional makeup.
Care cosmetics: these are cosmetic product which aim to improve, protect and maintain good health, good looks and promote attractiveness of the user.
GLOBAL MARKET SIZE OF THE BEAUTY INDUSTRY
The global acceptability of beauty product is unparalleled and amazing at the same time. The global market penetration of beauty product keeps rising on a daily basis. People seen beauty product now as an integral part of their life, just as cloth are essential to daily living, beauty cosmetic) product are extremely essential amongst both sexes today.
The market penetration of some beauty product in Europe has nearly achieved 100% target user acceptability. Data has it that deodorant usage is close to 100% in the UK, while in France, 98% of adult women and 94% of men use liquid shampoo for their hair.
TRENDS IN DECORATIVE COSMETICS AND CARE COSMETICS
The beauty industry is expanding on a daily basis as new product and new manufacturers enters the market. The competition between the new and old players in the industry has led to healthy competitions, improved research and innovation in almost all areas of their finished cosmetics products. From the branding, to the labelling, down to the product itself. He big cosmetic company has introduce new raw materials and formulas to prevent skin pigmentation, photo aging and inflammation. The most important fact about the trends is that they are customer driven. That is the change in the customer’s desire and taste sometimes force the big industry players to innovate and improve on their product.
- Bespoke/exclusive beauty product: influence mainly by the materialistic and individualistic nature of some wealthy consumers who are seeking ways to do things differently from the masses. More brands in the beauty industry are now producing customize, bespoke beauty product to meet the specific individual desires of some very few but rich consumers who can afford it.
- Colors; Trending color for color cosmetics and make up complexion have also being develop to their product to keep up with the new trends.
- Herbal/traditional material; One of the most notable trends in the beauty industry is the improved use of herbal or traditional substances to create new formulas for cosmetic product.
- Next-gen innovative tools; the major brands in the beauty industry are investing heavily in their bid to keep us with the technological advancement of the present consumer. Smarter beauty product and solutions are being introduced. Consumer can now download some beauty applications of their phone to help or aid them in using their cosmetics.
- Gender Neutral/Inclusive Product; the recent all-gender cosmetic product trending in the market, the age long gender and age barriers in decorative and care cosmetic have now been broken to pieces. There are numerous beauty product available in the market that are design to be used by both male and female and the popularity this products have gain is a huge shock to the production bands themselves. Brand such as Rihanna’s Fenty beauty line and L’Oreal have lead the pack in this innovation non-gender biased cosmetic product.
- Transparency in Product Formulas: Brands that are more transparent in the ingredient and formulas used for their product have won the trust of their users and the market at large, leading to stability for the brands.
Names of some important established huge brand in the beauty industry today are;
- Mac cosmetics
- IT Cosmetics
- L’OREAL International
- Avon Products
- NYX Professional makeup
Names of some new but cool brand in the industry are;
- Saint Jane – skin care
- Wilding – Empress Collection
- Act + Acre – Hair Care
IMPORTANT DATA ABOUT THE BEAUTY MARKET DEVELOPMENT
According to TABS Cosmetic data research, the cosmetic market saw a 10% growth in types of products regularly purchased. This increase can be attributed to stronger regular purchases of several products which include foundations and face powder, artificial nails, lipsticks and lip gloss.
It has been concluded that adequate regular information made available to buyers has contributed to the increase in the purchase of some product. Buyers now read reviews and conduct private research on product of choice.
SOME FUN FACT ON COSMETIC YOU SHOULD KNOW
- The word cosmetic has a Greek origin and it is derived from the word “kosmos” meaning to “adorn” or “arrange”.
- Here are some fact that you should know about decorative and care cosmetics. Cosmetic surgery is a booming business and its estimated to worth more than $20 billion.
- Cosmetics was an integral part of health and hygiene in ancient Egypt.
- Every year, the American population spends more on the beauty industry than they spend on education.
- The first synthetic hair dye was invented by the founder of L’Oreal Eugene Schueller in 1907.