John Jiménez, Senior Exploration Scientist, Belcorp
This is the era of independent cosmetic industry, of entrepreneurialism, diversity and innovation. The indie concept is highly trendy, and we see it often in blogs, trends reports, statistical data and brands and market analysis – but what makes a brand indie?
In the first place, indie brands are independent and are not big like traditional brands, thus its market share may not be that significant in given cases. However, it is interesting to know that these brands are having double-digit annual sales growth, with volume growth of as much as 659% volume in 2017 vs 2016.
These brands are characterised by their independent funding, they produce small batches, make use of non-traditional marketing and are daring to create more differentiated concepts. In fact, limited resources and expertise drive creativity for the development of novel products.
Indie brands are transforming the industry because they understand the way their customers feel. This is why indie trends are promoting diversity in surprising ways, including consumers and groups that are not usually targets for big global markets.
Indie brands are able to find opportunities in minorities and in customers that were previously under represented. Millennials are also a fantastic opportunity because their biggest interest is the experience provided by a brand, and social networks are their main channel of communication, so it is common that these brands work hand in hand with bloggers and influencers.
There are several trends surging as a result of the impact of indie trends:
- Extreme customisation: consumers want solutions for their specific needs.
- Personal care and wellness: the thin line that separates these two categories is disappearing. Pain therapies and aromatherapy are blended into cosmetic proposals.
- Men´s grooming: increasing segmentation in this area.
- Tools: we are seeing an explosion in the diversity of tools such as facial rollers, brushes, applicators and facial hats that provide benefits for the hair and scalp.
- Hero ingredients: there is a boom in new ingredients for the market, of unique places and specific benefits.
- Clean beauty: natural, organic and vegan concepts are still trending.
- Water free: indie brands are promoting the development of water free products.
- Multitasking: interesting concept where a cosmetic product serves several purposes in different product categories.
- Neutral beauty and genderless: trend that is present in all cosmetic categories.
- Beauty ingestible: nutricosmetics are once again trending.
- Indie emoticons: brands are creating new emoticons so that communication is easier.
- Many indie brands are being purchased by multinational brands.
- At the ingredients level, we are seeing an increase in nuts, oils, fruits, seeds coffee and tea.
Beauty and cosmetics are limitless and that is why indie beauty is a wonderful opportunity for innovation.
John Jimenez will host a presentation on L-beauty: exploring the indie brands in Latin America , on 20th September from 13.30-14:15 at the Marketing Trends Theatre, at in-cosmetics Latin America