Mintel has announced three key trends set to impact the global beauty and personal care industry in 2024. As beauty consumers place more significance on value, driving the importance of quality and proven ingredients; consumers prioritise wellness and accelerate the power of the mind-body connection; and AI transforms the industry through efficiency, innovation and inclusivity, these are the trends shaping beauty markets around the world:
The next chapter of wellness will be mind-body beauty, where mental well-being and physical appearance are interconnected.
Artificial intelligence will transform the beauty industry by making it more personalised, efficient and effective, but governance and transparency will be critical to growth.
The beauty industry will experience a paradigm shift as consumers demand effective, high-quality products.
Looking ahead, KinShen Chan, Mintel’s Senior Beauty and Personal Care Analyst, South APAC, explains how brands can tap into consumer attitudes and behaviours to develop their marketing strategies and innovation pipelines.
“The mind-body connection is critical in elevating beauty’s role in overall wellbeing. As our understanding of this connection deepens, brands will look to offer a comprehensive approach to beauty, improving external appearances and enhancing mental and emotional well-being through technology integration, partnerships, inclusivity and personalisation. Practices such as psychodermatology (exploring the relationship between psychological well-being and skin health) and neurocosmetics (which focuses on the mind-skin connection) will gain traction. Meanwhile, wearable devices will provide real-time feedback on stress levels and skin health, strengthening the mind-skin connection. Advanced data analytics, DNA testing and personalised algorithms will enable brands to innovate customised beauty products and regimens tailored to individual mental and physical needs.”
“AI is revolutionising the beauty industry, accelerating product development and promoting inclusivity. By analysing data, learning patterns and generating insights, AI is addressing ethical concerns and speeding up new product development. Brands should leverage information, like customer feedback on social media, to identify gaps and create innovative products tailored to specific needs. Going forward, expect to see AI enabling highly tailored beauty experiences based on individual preferences, genetics, environments and lifestyles as well as assisting with precise skin analysis, personalised product recommendations and real-time wellness monitoring.”
“Consumers are increasingly seeking products that prioritise efficacy and functionality over extravagant packaging and flashy marketing campaigns. Today’s consumers are looking for transparency; they are more inclined to seek justification for premium pricing based on tangible results rather than superficial factors. Research, clinical studies or certifications to substantiate their claims of effectiveness will gain credibility and trust. We are seeing a new wave of ‘new-age minimalism’ and ‘coded luxury’ as consumer focus shifts away from amassing an extensive collection of products to curating a carefully selected range of high-quality essentials. Brands that focus on innovation, expansion and eco-conscious practices are set to achieve growth. Expect to see companies invest in advanced formulations, cutting-edge ingredients and technologies for targeted solutions.”