The beauty and personal care market is expected to generate $100.3 billion in revenue this year, with the largest segment of market share being personal care products with an estimated $45.52 billion, according to market research firm Statista.
Research firms report that this competitive industry is growing at an annual rate of 2.4%, and to gain an edge, manufacturers and suppliers to the cosmetics and personal care industry are constantly monitoring trends in product formulations and ingredients. I’m trying to keep it up to date. Maximize your appeal to your target consumer group.
Univar Solutions’ trend forecasting expertise
To gain insight into the top trends predicted for 2024 in the product ingredient space, CosmeticsDesign spoke to Tom Flatley, global brand manager for beauty and personal care at Univar Solutions. Ms. Flatley has spent her entire professional career in the beauty and personal care industry, with a background in chemical and technical marketing, and in 2019 was named “Providing beauty brands an unparalleled level of support from concept to product development.” “We have launched the company’s brand concierge team to “commercialize,” he shared.
Since then, Univar Solutions has expanded globally, providing “tailor-made solutions for brands across the full range of personal care applications,” giving Flatley a unique perspective on predicting ingredient trends in cosmetic and personal care product formulations. .
To inform its opinion on 2024’s most important ingredient trends in PBC product formulations, Univar Solutions aggregates “our data across a variety of resources” and “utilizes many of the top trend houses from around the world.” explained Flatley. This is the feedback we received from our customers. He added, “Our unique position of providing support from a distribution perspective allows us to view trends from multiple angles and provide unique interpretations.”
performance is key
One of this year’s most prominent trends in the ingredient space for cosmetics and PBC products is performance, which “will be the biggest trend in 2024,” Flatley said. “Not only are devices such as LED masks, gua sha tools, and Kantha wands on the rise, but Botox continues to be one of the top beauty and personal care-related searches among U.S. consumers.” he explained.
From a consumer perspective, he added, “This highlights that consumers are demanding perfect skin and perfect hair and have increasingly high expectations for the effectiveness of self-care.” He said that given that “consumers are looking for longevity and efficiency,” cosmetics and PBC manufacturers and brands will also benefit from the fact that beauty product shoppers “want the next product they buy to be more expensive than the product they bought before.” “We want to deliver performance at higher speeds,” he said. last. “
The end of soft claims
Another notable ingredient trend for 2024 is that “the era of soft claims is coming to an end.” This means that “hard facts are replacing them and we need data to back them up,” Frati shared. For beauty brands looking to manufacturers for help in formulating and launching new products, in 2024, “many brands will not consider products without considering performance and anchor ingredients.” in vivodata,” he explained.
Product planners at beauty brands looking to align with this trend should “consider making tough claims and being open with their customer base,” she recommends, adding that “transparency in performance “This is more important than ever,” he added. So for companies that haven’t done so already, “emphasizing why you choose your ingredients and providing evidence to support your claims can go a long way in building trust and loyalty with your customer base.” “I guess so,” he continued.
just good vibes
Trends towards mental health and wellbeing will have a major impact on ingredients and product formulations in 2024, Flatley claimed, adding: “We will continue to be at the forefront of trends this year.” This is not an entirely new concept for the cosmetics and PBC products industry, as “we’ve seen wellness play a huge role in the industry since the pandemic,” and “brands are actively investing in foundations and campaigns.” “We’ve been promoting it, but we haven’t seen a huge impact on the product line itself, even as the conversation around mental health awareness increases.”
But, he explained, “we’re starting to see this trickling down to chemists’ benches as brands correlate active ingredients with mood-boosting effects.” So far, “this has primarily played the biggest role in the fragrance world,” but “I think this year we’ll continue to see this expand into other categories of beauty and wellness,” he said.
Plenty of eco-friendly options
The final trend to expect in ingredients and product formulations in 2024, Flatley shared, is sustainability, saying, “Brands will continue to drive sustainability more than ever and gain traction in the personal care space.” he said. This year, “we’re moving beyond the production of the raw materials themselves and into raw processing methods,” he said.
Questions such as “What kind of traceability is there to the harvester, where are the resources sourced from?” and “What are Scope 1, 2, and 3 carbon emissions?” will become increasingly important, he said. explained. Because it helps the industry self-regulate and foster growth. Furthermore, he predicted that “in 2024, simplification and rationalization of regimens will be considered, and the level of sustainability from consumers will also increase.”
conclusion
After all, it’s about transparency. [and] Flatley expects brands to become more competitive in 2024 as companies in the cosmetics and personal care products space “continue to push the boundaries of what is acceptable and expected.” I can do it.”
Given that “consumers no longer see themselves as separate from brands,” this means that “products matter, but brands are as much about the people who buy them as they are about the companies that make them.” He explained that it means “to also talk about something.” Perhaps the biggest trend going forward, he concluded, is that “people want to know what they’re buying and that it works.”
