Premiumisation and affordability, ingredient-led beauty, blurring wellness and transforming women’s health are set to be key beauty and personal care trends in 2024. This briefing explores consumer drivers, case studies, implications for beauty and personal care players, and predictions for the forecast period for each trend.
This report comes in PPT.
Consumer sensitivity to pricing persisted in 2023, but its impact was less pronounced than in 2022. Instead, consumers are adopting a more considered purchasing approach. Some are budgeting regularly, due to the high cost of living, but this does not necessarily translate to reduced consumption. Rather, beauty consumers are trading down in some categories to afford premium options in others and are seeking out “dupes” to align with perceived value.
Consumer demand for ingredient-led features is rising globally, driven by consumers’ desire to control their health outcomes. Ingredients are generating new positionings that expand wellness benefits, popularise international beauty concepts and contribute to the rise of dermocosmetics. Heightened demand for clinically-positioned products and medical beauty drove dermocosmetics to grow strongly in value in 2023, by 13%.
Wellness has extended into a variety of need states, encompassing preventative health, nutritional balance and health as lifestyle. Skin health plays a key role in the growing popularity of wellness, based on the idea that what consumers apply on their skin is as important as what they ingest, underpinning demand for beauty products that can be seamlessly integrated into daily routines.
The past decade has seen a push among female consumers to better understand how hormonal changes during life stages impact their skin and hair. The industry is in an exploratory stage to identify scientifically proven claims that address need states by life stages, and to invest in consumer education regarding functional benefits for women.
This is the aggregation of baby and child-specific products, bath & shower, deodorants, hair care, colour cosmetics, men's grooming, oral hygiene, fragrances, skin care, depilatories and sun care. Black market sales and travel retail are excluded.
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