Among the many new habits and trends that appeared because of the pandemic, is the higher interest in personal care. The search for beauty and skincare products, for example, recorded an increase through the whole year of 2020. Consequently the revenues also increased, as more people became interested and started buying these products. This current wave of interest, as well as recent trends, have created the new beauty industry global scenario we see today.
The Beauty Industry Around the World
The beauty and personal care market was valued at 483 billion dollars in 2020, and it is predicted to go past the 716 billion mark by 2025. It is one of the biggest industries in the world, and also on the select list of the ones that managed to grow during quarantine. Clearly, the beauty and personal care market is one of the few that were benefited by the pandemic, showing its adaptability and economic importance in times of crisis.
Globally, Asia-Pacific and North America dominate the scenario, holding more than 60% of the total beauty market share combined. This is certainly not a surprise for those who are familiar or work with this industry, like our team here at Smart Research, as United States and Asian-based companies have been the biggest beauty players for decades.
But, as can be seen, the scene is changing and new companies are taking over. Online sales are expected to grow even more, with personal care online share predicted to surge to 48% only in the United States by 2023. In addition, the “clean beauty” trend has exploded everywhere, proving it’s here to stay.
Users have become more demanding with the products they consume, as more sustainable and natural practices are turning into very popular habits. So, to stand out, brands now need three little magical words: natural, organic, or clean. Harsh chemicals-free, sustainable, vegan and quality products have become so important that the global market value for natural cosmetics is expected to reach 54.5 billion dollars in 2027.
Beauty Industry in Brazil
This growth in the beauty industry, especially ecommerce cosmetics in 2021 and beyond, has obviously reached our home-country, Brazil. According to a study by an agency from São Paulo, e-commerce cosmetics revenue in Brazil increased 68% in 2020 between March 1 and June 14. Another study showed that the demand for Fashion and Beauty items increased 54% when compared to 2019.
As shown above, the new beauty industry knows how to adapt and maintain its relevance in times of crisis. Despite all the hardships this pandemic has imposed to us all, the beauty industry is thriving, and will remain like this for a long time. Keeping up with it requires, among other things, a quality partner with experience and knowledge about the industry, and this is exactly what our team at Smart Research has to offer.