Over the past two years, the skincare industry has proven its ability to adapt to the disruption and change brought about by the COVID-19 pandemic, particularly as it relates to prioritizing the ever-changing wants and needs of the consumer. The industry has seen the evolution of a number of trends among its consumers, such as their increased emphasis on self-care and wellness, or demand for product sustainability and brand transparency.
Simply put, consumers have become more aware of how their skincare products not only affect their personal lives, but how those products affect the environment, too. As a result, consumers in the skincare industry have taken a ‘less-is-more’ approach in all aspects of their skincare, from formulation to packaging, and are prioritizing at-home care and personalization in their routines.
2022 Skincare Industry Trends
As we step into 2022, these are the top five skincare industry trends businesses should consider:
#1. Consumers are demanding brands minimize their carbon footprint
In the past year, consumers have become more environmentally conscious and continue to hold businesses accountable for their carbon footprint. Research shows that Americans are showing greater concern about the environmental products they purchase; 75% of Millennials stated they are willing to pay more for an environmentally sustainable product, compared to Gen Z (63%), Gen X (64%) and Boomers (57%). As this awareness continues to grow, so will the financial incentive and competitive advantage capabilities for companies to comply with sustainability standards. Within the skincare industry, we have already begun to see a shift in packaging choices by companies as a response to this trend.
In a move toward global sustainable packaging, Estée Lauder joined the Pulpex partner consortium to support the development and implementation of recyclable paper bottle technology for its products – an effort reflecting the company’s commitment to reduce the amount of virgin petroleum plastic in its products to 50% or less by the end of 2030. Dr. Barb Paldus, founder of Codex Beauty, reported that by 2021, Codex will be shifting entirely to mono-material packaging, which can reduce its carbon footprint by a negative 100%.
This sustainability trend has the possibility to be a massive competitive advantage and revenue driver for companies. Not surprisingly, companies have caught on to these advantages so, as the year goes on, expect to see more companies developing recyclable, refillable, and mono-material packaging to capitalize on this growing sustainability interest. Continue reading by downloading the full report below …
Read last year’s Skincare Industry Trends Report here.
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