At a joint press briefing at in-cosmetics Global, Euromonitor International revealed the latest insights in the beauty industry. According to Euromonitor’s data, premium beauty will generate an additional US$20bn of revenue by 2021, as it continues to be the driving force behind the global beauty industry.
Driven by the US and Chinese markets, which are expected to account for 54% of the market by 2021, growth in premium products in the main segments exceeded that of mass-produced products last year.
In colour cosmetics, premium products achieved an impressive CAGR of 8.6%, while mass products trailed at 6.5%. Premium skin care and hair products also performed well with CAGR of 5.2% and 5.3% respectively, ahead of mass market competitors on 4.6% and 3.5%.
The global market intelligence company also unveiled the fastest-growing beauty brands globally, with Smashbox (19.9%), Bulldog (19.2%) and KanS (18.3%) topping the charts from last year.
Euromonitor also highlighted the growing consumer trend for ‘less is more’, stressing that beauty is being reinvented, with healthy living, premiumisation, experience, green living and connectivity at its heart. Euromonitor’s latest beauty trends also showed a slowing down in the use of cosmetics for aesthetical reasons, with lifestyle now a key purchasing factor.
Irina Barbalova, Global Lead, beauty and personal care research at Euromonitor International, commented: “We have seen some interesting trends develop over the course of 2016 and expect to see more cross-industry movements to provide further opportunities in the future. The apparel, food and drink, consumer health and electronics sectors are all inspiring innovation in beauty.”
Also at in-cosmetics Global today, Belinda Carli of the Institute of Personal Care Science announced a host of new ingredients that will influence product development in 2017. All shown in the event’s Innovation Zone – that showed 109 ingredients launched in the last six months – the following products were highlighted for their unique features.
Launched in April 2017, Hallstar Micah (stand KK70) is a first of its kind technology in the personal care market. Its primary benefit is to actively prevent the photo-aging process from happening, which current solutions like UV filters and antioxidants cannot do.
All Organic Treasures’ StoppOx (stand RR89), also launched in April, is a worldwide novelty of a natural antioxidant blend for cosmetic formulas and fragrances. It delivers high performance synthetic Aqueous Oxygen, especially in preventing the formation of possible fragrance allergens by oxidation. While the performance is similar to synthetic AO the product is eco-friendly, sustainable and completely natural.
Givaudan’s Revivyl™ (stand FF10) is the first holistic skin renewal accelerator which maintains the skin microbiome, activates and protects skin stem cells, boosts cellular metabolism and the differentiation process.
The regenerative capacity of the skin gets reduced with age, resulting in thinness and increased fragility. Launched late last year, to address and restore this loss in regenerative potential, Lipotec’s REPROAGE™ (GG30) peptide reprograms epidermal basal cells at the epigenetic level by targeting microRNA-145.