People want to look and feel good, and they’re ready to spend for it. An Orbis Research report suggests the cosmetics industry can have a compound annual growth rate of 7.14% between 2018 and 2023. Its market value will reach over $805 billion by the end of the forecast period.
With hundreds of brands out there, it’s also competitive. Players can continue to thrive if they pay attention to trends, such as the following:
1. Independent Beauty Brands
Forbes said it wisely: the cosmetics industry is the best for confident women. The multibillion-dollar market proves to have enough space for creativity, uniqueness, and branding.
Technology, marketing agencies, and the growing demand for the products also help independent makers gain a stronghold in the industry. Other factors further promote the growth of these indie brands. One of these is acquisitions, which is becoming more prevalent.
Compared to electronics and food, the demand for automation is still small in the cosmetics industry. However, forecasts tend to show an upward projection.
The access to a filling equipment manufacturer offers many benefits to the makers, especially the independent or small-scale businesses. It can increase productivity and efficiency without having to boost labor needs. It can reduce production costs as well. They can produce products by batches in a much shorter time.
3. Natural Skincare
With a higher disposable income and health awareness, many Americans are changing their lifestyle. They are leaning toward more natural and organic products, including makeup.
The organic skin care sector can have a market value of over $24 million by 2025. Over the last few years, related brands tripled their growth rate. It is a lucrative market to be in since studies have shown consumers are willing to pay a premium price for such products.
4. Easy and Small Packaging
Subscriptions are becoming a new distribution channel. While they’re a popular option for food, it’s the beauty sector that has the most significant percentage of visitors.
With these boxes, consumers can try different cosmetics brands at a more affordable price. They can also test the samples before they decide to buy the regular sizes. Many Americans are also traveling, and the small and easy packaging fits their lifestyle.
Creativity can have a nice price tag. Manufacturers need to play their cards right. Knowing the industry trends can contribute to creating a reliable brand and an effective marketing strategy.