When it comes to the beauty industry, many people believe it is just a woman’s industry. But that’s not the case at all. This is one of the hottest industries, and you should never underestimate its potential.
In fact, by 2025, the overall beauty revenue is expected to surpass 120 billion US dollars. With its rising status, you might want to become familiar with what’s trending these days if you don’t want to fall behind! Plus, this is particularly essential for businesses aiming to leverage trends to fine-tune beauty marketing strategies and stay ahead of the curve.
Here, we have gathered 10 impactful trends in the beauty industry that you will surely encounter in 2024. Let’s get started.
10 Beauty Industry Trends in 2024
1. AI Making Its Way Into the Beauty Industry
In 2024, it’s impossible to say you haven’t heard of the term ‘AI’ before, although you might be knitting your brows and wondering how it is related to the beauty industry. Believe it or not, many experts believe that the popularity of AI will change how the beauty industry works.
Now, many companies have already adopted AI in their businesses to make it more convenient for people to find the right product or service for themselves. For instance, skin analysis algorithms, personalized skin care finding programs, color analysis, etc., are becoming increasingly common.
Around four years ago, Dcypher launched their business and positioned themselves as the AI-Personalized Foundation brand. While the idea might have seemed unconventional back then, it’s no longer perceived that way.
Of course, you can’t rely solely on AI for beauty advice. However, if medical or skin professionals leverage the power of AI to figure out what your skin and body need, that would be beneficial for both parties, wouldn’t it?
2. The Trends of Natural and Organic Products
Normally, just a single product is made from a long list of ingredients – some of which users might find to have long, intimidating names, seeming to be chemically manufactured. This has prompted various brands to carefully pick ingredients that come directly from nature, rather than those produced in a laboratory, which is what we call a “natural” product. Additionally, organically grown ingredients without pesticides or chemical fertilizers, which is what we call “organic”.
The natural and organic trend is indeed rising everywhere on Earth. If you don’t believe this, let’s look at the numbers because they speak for themselves. Firstly, by 2031, the global market value for natural beauty and cosmetics is projected to reach 59 billion dollars. Secondly, recent reports have found that 68% of people are looking for “clean” products, and 59% of people are influenced by “natural and organic” products.
3. The Era of Sustainability
Looking at the climate situation right now, many businesses have been trying to make their products and services as ‘green’ as possible, and the beauty business is no exception.
As you may have noticed, the terms “Reusable” and “Recyclable” can be commonly seen on the packaging of many brands nowadays. Speaking of brands that prioritize sustainability, one of the most classic and impressive examples is Lush, whose 90% of packaging is recycled, and half of its products don’t even need packaging.
The good news is that as more brands step forward and make statements about sustainability, more and more customers are becoming conscious of these issues too. Actually, it works both ways. So, let’s hope that we will see even greater progress this year.
4. The Counter-Trend to Overconsumption
Previously, we have talked about the sustainability trend, in the same manner, many consumers nowadays have become more socially conscious. They start to prioritize simplicity, efficiency, and minimalism to reduce overconsumption.
In the past, brands used to promote a large set of products as part of a daily routine, but that’s no longer the case. Now, several brands have emphasized that consumers don’t need a long list of products; instead, they should use a few essentials that are of high quality, protective, and indispensable.
Additionally, people pay more attention to taking good care of their skin, enhancing its natural glow, rather than relying on makeup to cover their beauty. This means that skincare has become the new makeup for many people too.
5. Protective Sunscreen is a Must!
With the climate change situation becoming more extreme than ever, people across the earth have to contend with sunlight every now and then. It’s a well-known fact that sunlight is one of the most harmful culprits to your skin. So, it’s no wonder why sunscreen has become one of the most essential skincare products, and the demand for super protective sunscreen is higher than ever. Now, the bare minimum for most people is “SPF50” and “PA++++” to protect against both UVA and UVB rays.
On the other hand, people also love sunscreen that feels comfortable on their skin and doesn’t leave it sticky and sweaty. That’s why many people turn to sunscreen spray, such as Supergoop! So, in 2024, be ready to see the development of sunscreen innovations this year, and in the years to come.
6. People Need More Body Care
Although people usually focus on the appearance of their facial skin, the skin on the body is equally as important. Consumers are recognizing this importance, reflected in the current sales increase at a 5.9 percent annual rate, with the market valued at more than 25 billion US dollars.
Some may ask questions like, “Why can’t I use facial products on my body, as my face is also a part of it?” or “Why don’t brands combine facial and body products into one?” The answer is simple: your body’s skin is thicker, so it requires a different set or concentration of ingredients.
Just like facial care, body care isn’t only about beauty; it can also provide a sense of calm and comfort to your skin. Ultimately, skincare is about taking care of yourself, so what matters is that you feel good about yourself as a whole.
7. It’s Time to Promote Diversity
A recent study shows that nearly 1 in 5 consumers have felt left out of beauty advertisements. Wouldn’t it be brilliant if we lived in a world where no one felt that way because of beauty advertisements? The good news is that this possibility isn’t out of reach.
“How?”, you may ask. As business owners or marketers working in this industry, we can promote diversity and inclusivity together. This can be started simply by selecting more plus-sized models, models of different genders, diverse sexual identities, and also showcasing unconventional types of beauty in your advertising pieces.
Moreover, you might demonstrate that you care about different groups of consumers through the products you offer, such as including more shades of foundation, launching hair care products for black people, and so on.
8. Men Need Beauty Products Too!
We now know that, in today’s world, the beauty industry isn’t all about women anymore. Ever since men’s beauty products have been normalized in society, the trend of men taking care of themselves is also increasing at the same time. The number of male skincare product users is increasing at such a high rate that its market is expected to grow to 110 billion dollars by 2030.
You might think that the men’s beauty product line is only basic items like cleansers and moisturizers, but it is not. Many brands have launched serums and other beauty products for men too – one example is Blu Atlas, a premium men’s skincare brand.
Remember, just like women expect from beauty products, men also wish to enhance their appearance in general, improve skin texture and appearance, and want to look younger.
9. Get Ready for the Future Gen-Alpha
It is almost undeniable that businesses must adapt to every new generation of consumers if they want to thrive in the long run. A few years back, Gen-Z became the target of many marketing strategies, but now, here comes the new future of the beauty industry: Gen-Alpha.
For those who aren’t familiar with what Gen-Alpha means, it refers to people born roughly between 2010 and the end of 2024. Hearing this, you may be thinking that they don’t have purchasing power yet. However, in a few years, you may want to cater products and services to this audience. So, it’s better not to overlook their needs, starting from now.
Some brands have already stepped forward and announced that they focus solely on skincare specifically made for teens to enhance their beauty during this period, like Indu.
10. Restore. Renew. Regenerate.
Humans can’t avoid aging; it’s a part of life. But, wouldn’t it be great if our skin could regenerate the good stuff as we age?
With the advent of advancements in beauty technology, consumers are seeking means to achieve more natural and meaningful rejuvenation beneath their skin, rather than merely correcting surface-level issues with previous technology. The numbers also reflect this trend, as the market for non-invasive procedures is expected to triple globally by 2030.
Experts say, “We are now able to ‘biohack’ our skin.” Many treatments nowadays can stimulate new collagen, a natural substance that makes the skin strong and resilient, more commonly found in the skin of individuals under the age of 25. So, this can be the key to more youthful-looking skin.
Stay Updated on Beauty Industry
And that’s all 10 trends in the beauty industry you need to know for the year 2024. Before wrapping up, we understand that keeping up with new trends all the time can be overwhelming for business owners. But what if you could have an assistant at hand? Introducing Mandala Cosmos, a platform that allows you to discover new trends in just a few clicks and just in time, so you won’t miss any opportune moment to jump on the bandwagon.
