The beauty industry is constantly evolving, and the year 2023 is no exception.
A recent report by McKinsey & Company, "The Beauty Market in 2023: A Special State of Fashion Report," predicts that the global beauty market will reach $800 billion by 2023. This growth is being driven by a number of factors, including the rising popularity of personalized beauty products, the focus on sustainability, and the growth of the clean beauty movement.
At CJK Consulting Group, we are closely monitoring these trends and believe that they will have a major impact on the beauty industry in the coming years. In this piece, we will discuss some of the key trends that we expect to see in 2023 and beyond.
The Rise of Personalized Beauty
One of the most important trends in the beauty industry is the rise of personalized beauty. Consumers are increasingly looking for products that are tailored to their individual needs and preferences. This trend is being driven by advances in technology, such as artificial intelligence and machine learning.
For example, brands like Sephora and L'Oréal are using AI to develop personalized skincare recommendations. These companies collect data about consumers' skin types, concerns, and preferences, and then use this data to recommend products that are specifically tailored to each individual. Dermatologists and Aesthetic centers are also capitalizing on the latest technology in AR and AI through virtual tools like those offered by PerfectCorp where customers can visualize the outcomes of their services or product use prior to purchase.
The Focus on Sustainability
Another major trend in the beauty industry is the focus on sustainability. More and more consumers are concerned about the environmental impact of beauty products. As a result, we expect to see more brands develop sustainable products and packaging.
For example, brands like Lush and The Body Shop are using recycled materials in their packaging. They are also using sustainable ingredients in their products, such as organic ingredients and fair trade ingredients. Herbivore (a personal fave), uses glass packaging and its products are made without fossil fuel industry derivatives and by-products.
Tata Harper (acquired by Amorepacific in 2022) is considered sustainable in every detail of its product, truly raising the bar for sustainable brands…
Just to cover a few ways Tata Harper crushes it: every part of product production is sustainable, including raw materials, many grown on the founder’s farm. The packaging is composed of corn-derived resin, even all printed marketing collateral are made from recycled paper and printed with soy ink. Now that’s what I call follow through!
The Growth of the Clean Beauty Movement
The clean beauty movement is also gaining momentum in the beauty industry. Consumers are becoming more aware of the ingredients in their beauty products, and they are increasingly looking for products that are free of harmful chemicals.
For example, brands like Beautycounter and Credo are committed to using clean ingredients in their products. They also provide consumers with information about the ingredients in their products, so that consumers can make informed choices, putting the power back in the consumer’s hands.
The Emergence of New Technologies
New technologies are also having a major impact on the beauty industry. These technologies are being used to develop new products, improve existing products, and personalize the beauty experience.
For example, 3D printing is being used to create custom-made beauty products. This technology allows consumers to create products that are specifically tailored to their individual needs.
Gene editing is also being used to develop new beauty products. This technology allows scientists to modify genes in plants and animals to create new ingredients for beauty products. The emergence of some of the coolest uses of technology and science leads us to my next new favorite topic and obsession…
The Emergence of Molecular Beauty
This is a new approach to beauty that focuses on the molecular level. Molecular beauty products are designed to target specific molecules in the skin, hair, or nails to deliver targeted results.
One example of a molecular beauty brand is OneSkin. OneSkin's products are designed to target specific skin concerns, such as aging. The products contain active ingredients that have been shown to be effective at targeting these concerns at the molecular level.
The science behind OneSkin is based on the understanding that the skin is a complex organ that is made up of many different types of cells. These cells communicate with each other through a network of molecules. When these molecules are out of balance, it can lead to skin problems and accelerated aging.
OneSkin's products are designed to restore balance to these molecules. The products are formulated using a proprietary technology called OS-Matrix, technology designed to deliver active ingredients to the skin in a way that is more effective than traditional topical products, resulting in faster cellular turnover and therefore more visible results in a shorter period of time.
We believe that molecular beauty is a promising trend that has the potential to revolutionize the beauty industry. As this trend continues to grow, we expect to see more and more brands develop molecular-level beauty products.
Conclusion
These are just a few of the key trends that we expect to see in the beauty industry in 2023 and beyond. As the industry continues to evolve, we will see even more innovation and change, and we will be right as your source of truth and insight!
At CJK Consulting Group, we are committed to helping our clients stay ahead of the curve in the beauty, health and wellness industries. We help our clients to understand the latest trends and innovations, and we work with them to develop strategies that will help them to succeed in the ever-changing market.
Thanks for reading!