Saturday 24, Oct 2020, Delhi (India)
Once seen as a desperate effort to look young and attractive has suddenly become so popular and desirable. Makeup and Skincare is winning the world through Twitter, Instagram, blogs, or vlogs; the internet is flooded with “MUAs” sharing their makeup and skincare videos from all over.
In the recent past, the beauty industry has seen the peak of popularity and success. This ever-changing and ever-growing industry has taken over the world like a storm.
Instagram beauties with perfect contour, plump lips slicked with a matte shade, thick brows, and highlighted cheekbones – are this age’s standard of beauty.
From being a woman’s thing, makeup has now crossed gender barriers. Both men and women have proudly taken the responsibility of spreading the knowledge of this art across the world.
It has motivated many to bring their creative ideas to life and set trends that can shape the future of this industry.
Camillo Pane, the CEO of Coty, said “Brands are created at the speed of light,”
Today’s world trends are led by the millennials, many industries including beauty and cosmetics, are continuously evolving with their changing tastes. It is a generation with an innovative mindset that demands continuous advancements. This is one of the biggest secrets behind the sudden rise of makeup.
According to Stefano Curti, Global President of Markwin's Beauty Brand, half the growth in beauty is online and a half through stores.
The demand and fascination for makeup are on a rise, encouraging many small, homegrown and independent brands to step into the beauty segment too.
According to Marc Rey, the President & CEO of Shiseido America's traditional makeup was down 1.3% in 2016 but independent brands were up 42.7%.
This further reflects a change in the taste of consumers and how every business has to abide by it, in order to survive in this competitive sea.
“Brands are reacting to this trend with marketing and messaging that caters to the filtered face,” says Jess Smith, visual trends researcher, The Future Laboratory forecaster.
However, not surprising enough, skincare enjoys twice the market share of makeup. Seems like women like that glow than caking it. According to the data the global skin care products market size, in 2018 was valued at 134.8 billion and is expected to expand at a CAGR of 4.4% from 2019. Accompanied by the boost of e-commerce platforms and other technological advancements the skincare industry is growing rapidly.
On the contrary to the makeup industry, the home remedies and natural skincare enjoy a dedicated viewership. Where MUAs are caking their faces, many skincare experts are promoting the age-old magic of natural ingredients.
Its visible results without the baggage of side-effects have inspired many brands to launch and promote their “organic” lines.
Particularly in India, according to Reed Seer the Indian organic skincare product market is at $125 million expected to grow at a rate of 25% per annum. India being a country where natural and organic products are culturally embedded through Ayurveda, the scope of these skincare and makeup brands is high here. Nykaa has seen an increase of 50% in the demand for natural beauty products, especially across the Indian metro cities.
With more and more organic and natural brands catering to the Indian segment of beauty like Forest Essential, Kama Ayurveda, Organic Harvest, and Soul Tree, etc. the consumers have a wider option to choose from, thus creating scope for other organic skin care products to come up in the market.
clearly, with the changing trends and behavior of the consumers, the beauty and skincare products have created a separate and profitable segment in the worldwide market and with makeup and skincare winning the world, there is a scope of expansion and growth of the beauty segment in the global industry.