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As a result of the raging global pandemic blended with the unexpected economic crash of 2020, not a single aspect of life was spared. Everything we knew changed, and even our beloved beauty & personal care industry wasn’t immune to the drastic effects. Globally, the beauty industry felt Covid-19 shock waves intensely; during the first quarter, the sales were slow, and we observed widespread store closure.
But the global beauty industry did bounce back and positively responded to the crisis. Beauty & Personal Care industry alone generates $500 billion in sales a year and is responsible for hundreds and thousands of jobs globally. This article examines trends concerning the beauty and personal care industry. It then explores the predictions made for the cosmetic world that can fundamentally change the industry’s outlook and how Tradewheel.com can help beauty traders find wholesale cosmetic buyers.
Indeed, beauty is in the eyes of the beholder. But we cannot debate on the long-term appeal of the global beauty and personal care industry. Not only it has been growing steadily over the years, but it has also been successful in crafting generations of loyal customers. Even though it goes without arguments that the magnitude of the effect of Covid-19 on this industry would be far greater than any other recession it previously experienced, one thing is for sure; the beauty industry will prove to be resilient. Even the darkest time couldn’t defeat this industry.
As we enter 2021, we see the global cosmetic industry (including skincare, color cosmetics, deodorants, oral hygiene, fragrances, hair care, and personal care) standing back on its feet and proliferating. It is estimated to worth around $532 billion and counting. Beauty is one of the most competitive industries, and if you are working alongside, you must be informed of the latest industry’s latest trends. To further the importance, it is predicted that the industry would blossom with a rate of 5.2% each from 2020 to 2023.
Heading into 2021, the world demands to return to the glamor of pre-COVID normalcy. Many of the trends from the past are expected to stay, and the new ones are just on the horizon of rising. Brands are consistently reinventing themselves, trying to be better than the competition imposed on them. And people follow them religiously! Regardless of what aspect of the beauty industry we analyze, we would find the same goal, to be better and have loyal consumers.
Now that you have realized how big and significant the cosmetic and personal care industry is, it is time to dwell on its latest trends.
Natural beauty is the latest proponent. It is expected that this trend would be just as popular on the red carpet as it is off the carpet. During the pandemic, women realized that they don’t need heavy makeup but instead shifted to opt for a more natural and simplified make routine. Makeup now is no longer demanding to be perfect but more effortless and natural. This trend is inclined to enhance natural beauty. Less is more, and people are finally ready to carry through this notion in their makeup routines as well.
Covid-19 allowed enough time for people to focus on their skin more and targeting the roots rather than settling for heavy make looks. Part of this obsession is the result of the emergence and acceptance of Korean makeup looks. Some people even claim skincare to be therapeutic in sorts, adding up their popularity. Moisturizers, cleansers, scrubs, serums, etc., did quite well during this time and became buzzwords in the industry.
Again, consequent to the pandemic, the most significant accessory that it would leave with us would be the newfound focus on the upper half of the face. The emphasis on the face, eyes, eyebrows, and under eyes would stay. Bold lashes, fluffy brows, and other multi-tasking products that incorporate skincare into makeup would be appreciated. Double duty products that offer concealing along with the skincare effects so that people know their make is helping their skin throughout the day are most n demand.
During the year, where we spent most of our time indoors or behind a mask, the beauty techniques didn’t abandon us at all; they just become quite ingenious. In the wake of a pandemic that caused grooming centers and beauty centers to shut off completely, the “do it yourself” trends were here to save the day. From face masks recipes to nails and everything else, there was something for every beauty ritual that you could do at home. As a result, nail suppliers witnessed a 175% rise in sales, followed by shaving and hair removal products that had a 97% annual increase.
Like all the other business domains, the beauty industry also witnessed a meaningful change in customer buying behavior. Now the industry has eCommerce websites at its forefront. The cosmetic industry is always looking for innovation, and e-commerce platforms offer just that. Retailers and cosmetic suppliers use e-commerce websites to sell hyper-personalized skincare and other beauty solutions, as it costs a lot less than the conventional brick-and-mortar store. These websites allow the retailers to reach new markets and customers very easily and offer in-depth customer insights.
Customers now want to purchase products that are safe and sound. If we have learned anything from 2020, health is wealth, and thus the emphasis is on using skincare or cosmetic products that ensure safety. The wellness trend translates to people inquiring and desiring to know what ingredients are they putting in the bodies when using skincare. How can they help them, and what makes these ingredients the best? Beauty products advanced by science are not just a phase but the future of the industry as well.
Whether it is skincare, makeup, or hair, customers are relying on a minimalistic approach. They want more from less, using one product that guarantees all benefits is the latest trend. People are shifting from 6 step night skincare to one cream a day that offers anti-aging, skin perfection, hydration, etc. People are looking for something that is simple, useful, and of course, effective.
Believe it or not, packaging can make a huge difference. One of the reasons why Korean skincare buyers are so persistent is their beautiful packaging and color scheme. Brands are now required to focus on the packaging just as much as they focus on the ingredients and formulas. Implementing sustainable alternatives can help brands.
Twelve months ago, none of us predicted that face masks, tracksuits, and Dalgona coffee would dominate the trends. Yet here we are, indulging in each one of them. Now that we have crossed the threshold of 2021, trends are about to change, and with that change comes hope for a better year.
The beauty and personal care industry is also looking forward to implementing a more positive approach. Instead of mere optimism, it is time for acceptance. True, 2020 rechanged the market forever, and the customers have disrupted their buying behaviors. Their needs want, and beauty aspirations are different than ever. With this in mind, here are the few most dominant predictions for the beauty & cosmetic industry.
Any and every client-facing organization has been forced into innovation. Whether it's makeup specialists or skin doctors, all are shifting to the digital arena. One thing that is for sure is that digital dermatology would stay. Specialists believe that digital dermatology makes sense, even in the post-pandemic world.
Although we agree that in the past year, a lot of unusual trends emerged, some of them will be staying with us even after when all this chaos is over. Liquid blush, bold nails, false mink lashes, cleansing brushes, coffee exfoliant scrubs, glitter eyeshadows, matte eyeshadows, etc., are the prominent products that can generate sales. Brands and marketers are advised to invest in these products if they want to succeed.
Given the altered buying behavior, cross-border collaboration is also one of the most important trends for 2021. Cosmetic and personal care brands are actively engaging with companies overseas to sell and promote their products.
Consumers are willing to spend more on beauty brands and labels that promise sustainability. More than ever, the year 2021 is pressing on abiding brands to make sustainable products. Innovative solutions and 73% of global millennials are pushing brands to rethink their packaging. The urgency to adopt sustainability is higher than ever.
It is too early to determine what will happen next, but with the availability of vaccines, the possibility is higher that people would be able to join social gatherings soon. No matter what happens, it is certain that the beauty industry will continue to see growth and prosperity. This will generate business opportunities for those who are willing to find them.
Tradewheel.com is indeed a trusted global platform that helps suppliers find genuine beauty and personal care buyers anytime and anywhere in the world. Looking for foreign wholesale beauty buyers? As the leading online B2B marketplace, we cater to a vast number of wholesale cosmetic importers and have perfect tools that can take your business to the next level.
Here are some tips for you to find the right cosmetic buyers using Tradewheel.com:
The first step towards finding genuine cosmetic buying leads is to register to Tradewheel’s website. Complete your profile and allow the foreign buyers to find you and your products.
To find customers, the essential thing is to follow the trends. If you offer hot-selling products, you will see more customers coming your way.
When selling to businesses, the prices must be fair. Wholesale buying decisions are lengthy and incorporate logical aspects, and the price is the most critical factor.
Upon receiving buying inquiries, be sure to reply to them on time. Take this opportunity and respond to the customers as soon as possible and with as much detail as possible.
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