As the world faces ongoing business challenges due to the COVID-19 pandemic, there are several trends that beauty and cosmetic brands, as well as ingredient suppliers, can rely on to both develop new products and successfully market them to consumers.
ECO IS ETHICAL
Mintel reports that water scarcity and the overuse of plastic are on the forefront of young consumers’ minds as they question their daily habits. This creates an opportunity to use sustainable ingredients and formulas with less or no water.
ONE SIZE DOESN’T FIT ALL
Consumers are not all cookie-cutter and they know it. Take, for instance, hair types. Create niche products for everyone and shout it from the rooftops.
TIME IS MONEY
Even though the COVID-19 epidemic has created a slowed-down time warp for many, it doesn’t mean consumers want to waste their time. They still want multifunctional personal care products that give them free time to do things they enjoy or spend time with those they love.
STAY THE SUSTAINABILITY COURSE
The ongoing shift towards pursuing purpose over profit has accelerated during the pandemic. Consumers not only want organic and sustainable items, but they also expect companies to work for philanthropic causes.
A VIRTUAL WORLD
Especially in health & beauty, virtual and augmented realities will rule as people stay home more often. Benchmarking Co. found 73% of consumers plan to continue to buy beauty products online only after the crisis is over. What ingredients can help enhance and sustain these at-home experiences? What kind of packaging will draw their interest online?
The virus has put a laser focus on physical health and mental well-being, and consumers will seek ingredients that promote both in all types of products.
DO IT YOURSELF
Opinium found in May 2020, 34% of poll takers are coloring, or plan to color, their hair at home during the ongoing lock down. Design new formulations for safe and easy at-home use.
Consumers will increasingly take pride in supporting food and drink companies that limit their use of resources. They also expect you to partner in causes that are dear to you, Mintel says.
ECOMMERCE IS HERE TO STAY
Buying online is the new norm, and becoming even more so with older consumers, according to Euromonitor. Make browsing and buying easy for your customers.
"A significant body of research studies1, compiled over the course of a century, show that companies who continue to market during a recession can actually increase their overall market share. If your brand must go dark for financial or logistical reasons, it can weaken consumer bonding metrics. Be sure to maintain some marketing visibility (compile and utilize first-party data, share customer experiences, deploy PR and social media tactics, etc.)."
TMC is the premier marketing agency devoted to the marketing needs of the chemical and specialty ingredient industry. We help manufacturers and distributors market their ingredients to brands worldwide. Our expertise spans across 7 sectors, including food, pharma & life sciences, paints & coatings, beauty & personal care, agro, water treatment and HI&I. We focus on innovator companies who lead the way in creating ingredients for today’s demanding consumers.