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2024 Skincare Industry Trends

Clarkston’s team of health and beauty consultants have highlighted the top skincare industry trends that businesses should consider. Read all 5 trends for 2024 by downloading the full report here.

The skincare industry continues to grow at impressive rates over the last few years, with a continuing popularity that reflects a shift in beauty standards favoring natural looks over elaborate makeup. As we enter 2024, the industry is leveraging technology and personalization to drive rapid innovation and capitalize on the rise of skincare. Projections indicate that the global skincare market is on track to reach a substantial value of $167.22 billion by 2030, with a commendable 6.21% annual growth rate during the forecast period.  

This evolution is defined by several key trends reshaping the skincare landscape. From the move toward minimalism, which encourages more straightforward skincare routines, to the advanced capabilities of AI-driven data analysis, to the growing prominence of disruptive ingredients that capture attention in the media and on store shelves — the skincare field is more dynamic than ever. To keep up with the industry’s steadfast commitment to DE&I, there’s also an emphasis on catering to a more diverse and representative audience against a backdrop of ongoing innovation. As the global skincare market prepares for expansion, well-informed brands have a unique opportunity to capture value in the skincare industry, where adaptability remains the key to success. 

2024 Skincare Industry Trends

Trend #1: Consumers are embracing simplicity with the rise of “quiet beauty.”

The common saying “Less is more” is prevalent in the skincare industry as consumers increasingly embrace natural skin. Minimalism can be interpreted in multiple ways, from simplifying the number of routine steps to opting for products with fewer ingredients.  

The shift toward “quiet beauty” began when influencers and media figures transitioned from bold, dramatic makeup looks to a more natural “no-makeup-makeup” appearance. This shift in the makeup industry has reverberated into the skincare industry, as consumers highlight their natural beauty through their product choices. According to one study, skincare dominates the beauty industry, claiming a substantial 42% market share, whereas makeup only commands 18%. This shows how people are veering away from the elaborate 10-step skincare routines that gained popularity during the pandemic, now finding better results from streamlined routines. Estheticians and dermatologists recommend using fewer products for better results and reducing the likelihood of redness and irritation.  

In addition to using fewer products, there is a growing emphasis on “free-from” products that avoid harmful ingredients, as 40.2% of consumers consider natural ingredients as the most important attribute of their skincare products. “The Ordinary”, a brand known for its minimalist approach, offers vegan products with very few ingredients and is considered Sephora’s leading brand in 2023. Skinimalism is a trend that shows no signs of waning, as brands increasingly make products with fewer ingredients more affordable. This underscores the industry’s anticipation of a lasting trend towards simplicity and purity.

Download the Full 2024 Skincare Industry Trends Report Here

Trend #2: AI allows companies to understand their customers “skin deep.” 

Recent years have seen many companies lean on technology, like virtual reality and Artificial Intelligence (AI), to engage with their consumers through virtual try-on features and product quizzes. However, the era of categorizing skin into only four types – dry, oily, sensitive, and normal – is fading away.  AI databases have been able to recognize 20,000 different skin profiles derived from consumer data, enabling companies to tailor their products more precisely. AI is becoming better at selecting products and creating new personalized products for their customers, and its ability to rapidly process intricate and specific data enables companies to draw nuanced conclusions about their customers’ skincare needs. For example, AI can identify the direct factor in the human body that leads to the formation of a minor blemish. This level of detail allows companies to create more effective skincare products.  

Similarly to how AI is used in detecting skin, hair, and nail conditions from smartphone cameras, skincare companies are also using this technology to make recommendations on products that would fulfill the requirements of different skincare product consumers. Ulta employs a custom Machine Learning framework to create dynamic beauty graphs for customized suggestions and guided discovery of Ulta products. These are the ways AI gives an avenue for further innovation in the personalization of skincare product offerings. 

Continue reading by downloading the full report below.

Download the Full 2024 Skincare Industry Trends Report Here

Read last year’s Skincare Industry Trends Report here.

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Contributions by Briana Passalacqua

Tags: 2024 Trends