By Ana Allen, MakeUp in LosAngeles 2024 Ambassador
Introduction:
This trend report will touch upon what is driving the market for makeup and skincare in North America, drilling down on the state of the market, the key trends and what will be driving these two dynamic categories in the future.
State of the Market:
Two years on from the COVID-19 pandemic, the market has bounced back significantly. Demand for premium products has continued to grow significantly. Conversely, the mass market has been hit by the cost of living crisis, impacted by tighter budgets for individuals on lower and fixed incomes. However, with inflation coming under control in North America, the beauty industry can look forward to stronger growth across all segments in the next couple of years should the better conditions prevail.
The US market for color cosmetics was valued at $15.5 billion in 2022 and is projected to grow at a CAGR of 5.3% to the year 2030, according to Fortune Business Insights.
Depending on which market research source you look at, the current value of the US skincare market is anywhere between $17 billion and $24 billion (which can depend on how the category is defined), with a projected CAGR market growth of between 3 to 4% over the next five years.
General Trends:
Sustainability
With the Pandemic firmly behind us, concerns have once again shifted back to the environment. This means that consumers are now more conscious than ever about the beauty products they buy. This means ethically and sustainably sourced ingredients, as well as an even greater emphasis on recycled and biodegradable packaging. But brands should be warned that if they are going to go with sustainable claims, the changes have to be meaningful and must really help individuals reduce their footprints.
When it comes to color cosmetics in particular, the emphasis is increasingly on the packaging, emphasizing a move away from non-recyclable plastics. Hermes Beauty has tackled this problem by creating a range of color cosmetic products with exquisite refillable packaging that consumers will not want to throw because of the collectable factor.
But it’s not just about packaging, sustainable formulations are also increasingly important for consumers who want to ensure that every aspect of their beauty products is good for the planet. Biossance has created a squalene-based skincare range from plant-derived squalene, which it also supplies to other skincare companies in an effort to reduce the risk to animals that are often poached to source conventional forms of squalene. The Biossance range also includes carbon neutral shipping and considered packaging.
Reducing Waste for a Healthier Planet with Arnasi™ Innovations
In a world grappling with overflowing landfills, and consumer goods failing to meet the mark, Arnasi™ emerges as a beacon of hope. As a product development and innovation company, Arnasi™ is on a mission to harness cutting-edge technology to tackle these global challenges head-on.Hailing from the same team that brought forth LiquiGlide®, Arnasi™ leverages this groundbreaking technology as a cornerstone for transformative solutions. LiquiGlide® has already left its mark by revolutionizing packaging, preventing waste, and enhancing user experience.
Consumer Packaged Goods play a significant role in our daily lives, yet many fall short in delivering true value. Arnasi™ aims to change this narrative by infusing purpose into CPG advancements. By integrating LiquiGlide® technology, Arnasi™ seeks to bring about tangible improvements, ensuring that modern consumer products contribute positively to people’s lives.
Holistic Approach to Beauty
More applicable to skincare, this means a more rounded approach to beauty, with an emphasis on natural ingredients and multistep beauty routines that might include beauty supplements, as well as paying attention to overall mental and physical health. Many brands are looking to Chinese medicine and ayurvedic practices as inspiration. Consumers increasingly feel that they need to get the health and condition of their skin right before they start applying makeup to their skin.
Mango People is an ayurvedic-inspired line of color cosmetics that also incorporates skincare functionality. In August of this year, the company started selling its products in Sephora stores, pointing to another turning point in its success story.
Personalization
Personalization is being taken to a new level thanks to the incorporation of AI technology (specifically apps) that are helping consumers pick the exact shade of color cosmetics to suit their coloring or look. For skincare this means AI-powered skin analysis tools that help to diagnose specific skin types and conditions in an effort to create targeted and more effective skincare regimens.
Perfect Corp is one of the leading players in this competitive space and has just launched a new generation of AI-powered apps that are designed to help color cosmetic and skincare consumers make product choices that meet their exact requirements. The launch of the YouCam Makeup app earlier this year unlocks far more detailed skin analysis for individuals, helping them to build out more personalized and effective skincare routines, as well as helping them to choose color cosmetic product that are suited to their skin and coloring, while also helping them to hit on the look they want to achieve.
Skin Flooding and Skin Cycling
This trend has been made popular on social media platforms and encourages consumers to switch out their skincare regimens throughout the week in an effort to increase its effectiveness. This trend is also having an impact on the color cosmetic habits, specifically by encouraging consumers to go make-up free from time to time.
De-Influencing
In a quest to find authentic content, social media users are increasingly turning to influencers who are not afraid to call a poor beauty product out. Brands need to be aware of this type of influencing and be sure to tap into it to their advantage. The hashtag deinfluencing currently has 1 billion views on TikTok, underlining just how important the consumers’ quest of authentic digital content is.
Duping
Inexpensive beauty products that are marketed to look like more expensive brands. This trend is impacting both the color cosmetics and skincare segments, driven by the cost of living crisis as consumers look for products with a high-end feel at a decent price. However, brands are fighting back with campaigns that emphasize the quality and research and development that goes into premium brands.
Duping is playing out all over social media platforms, with consumers happily posting about inexpensive beauty products that they deem comparable to luxury brands.
Haircare brand Olaplex hit back against dupes with a campaign that positioned a fake Olaplex product, called, Oladupé. Although the campaign was tongue in cheek, it did have a serious message, underlining how the quality of its products is no match for dupes.
Hybrid Skincare/Makeup
A new generation of more sophisticated BB and CC cream is hitting the market to answer consumer demands for products that cover up skin imperfections while also working to improve the overall health, hydration and tone of the skin. A particularly big area of growth is BB creams for men, more readily referred to as tinted moisturizers.
Underlining this trend is Garnier’s latest launch, its Skinactive 5-in-1 BB Creams which as well as providing makeup cover, also have anti-aging claims, comes in a number of s shades, are created for a variety of skin types and also contain different levels of SPF protection.
Men
The more fluid and egalitarian Generation Z is hitting their mid- to upper-twenties now. This means greater spending power for a generation of males that is far more confident about expressing an interest in skincare and wearing makeup. This more open attitude is fueling far greater interest in increasingly elaborate skincare and color cosmetics products, for which social media platforms are increasingly the go-to for information, particularly TikTok. It also points to more gender fluid product and brand offerings, underlined by an increasing number of skincare and color cosmetic ranges that are not marketed to a specific gender.
Guise: Redefining Men’s Personal Care with Confidence-Boosting Cosmetics
Founded in 2022, Guise emerged onto the beauty scene at the Makeup in LA Beauty Tank, where they captivated the panel of judges with a groundbreaking mission: to maximize men’s self-confidence through a line of products designed to expand personal care. In a bold move challenging traditional gender norms, Guise proudly embraces the idea that cosmetics are not just for women but are, indeed, for men as well.
The landscape of men’s personal care is undergoing a seismic shift, and Guise is at the forefront of this transformation. With a commitment to helping men look and feel their best, the brand recognizes the evolving needs of the modern man.As skincare becomes an integral part of men’s daily routines, the transition to makeup is a natural evolution. Guise understands that discreet, premium cosmetics can be a powerful and often overlooked tool in maintaining optimal skin appearance. The brand seeks to empower men to embrace a holistic approach to personal care, encompassing both skincare and makeup.
The brand encourages men to embrace products that enhance their natural features, fostering a sense of self-assurance in various aspects of their lives.
By recognizing the changing attitudes of men towards grooming and cosmetics, Guise is pioneering a path towards a more inclusive and confident future. With a mission to maximize self-confidence through carefully crafted products, Guise is redefining the boundaries of beauty and personal care, one makeup application at a time.
TikTok
Long gone are the days when TikTok was just an app for posting a few dance moves. It’s now turned into a huge resource for beauty, and while younger users remain the target audience, an increasing number of Millennials and Gen X users are making up the audience. In September 2023 TikTok launched its shop, something that has proved to be an overnight success. It’s also worth noting that health and beauty has already proved to be the shop’s dominant category by a long way.
The Future
Men’s skincare and color cosmetics are likely to underscore growth for both categories in the coming years.
Likewise, advances in technology are also likely to impact every areas of both categories – from AI software to help drive efficiencies throughout the supply chain, to further advances in AI apps to personalize product offerings all the more, as well as a new generation of AR technology that will reinforce another level of digital engagement with brands.
Kids’ Personal Care
As we delve into 2024, a significant trend in the realm of kids’ personal care has emerged, reflecting a growing emphasis on safe, clean, and enjoyable products for children. Parents are increasingly seeking products that not only cater to the health and well-being of their children but also provide a positive and playful experience. Two notable trends within this category are the rise of kids’ play makeup and the increased focus on kids’ skincare.
Kids’ Play Makeup
In 2024, the demand for kids’ play makeup has skyrocketed, reflecting a shift towards fostering creativity and self-expression in children. Parents are actively seeking safe alternatives that allow their kids to explore the world of makeup without exposing them to harmful chemicals often found in traditional products.
Noteworthy Product: Jovy – The First Clean Non-Toxic Play Makeup for Kids -They won at the BEAUTY TANK MUNY 2023
Jovy stands out as a pioneer in this trend, offering a range of clean and non-toxic play makeup for kids. Their products prioritize safety without compromising on the fun factor. Jovy’s commitment to clean ingredients aligns with the growing awareness among parents about the potential hazards associated with conventional makeup products.
Free from harmful chemicals such as parabens, phthalates, and synthetic fragrances.
Vibrant and appealing colors to engage children’s creativity.
Designed with dermatologist-tested, child-friendly formulations.
Makeup Looks and Effects for 2024
For the upcoming Spring/Summer ’24 season, the beauty industry is embracing a bold and unconventional trend: imperfection as perfection, particularly showcased through mismatched eyeshadow. This departure from traditional makeup norms offers a fresh and avant-garde take on eye makeup.
Key Elements of the Trend:
Imperfection is Perfection: The trend celebrates the beauty of imperfections. Embracing uniqueness and asymmetry in eyeshadow application becomes a statement in itself.
Bright and Bold: Unlike subdued or neutral tones, this trend encourages the use of bright and bold eyeshadow colors. Expect to see a burst of vivid hues that defy convention.
Mismatched Placement: The charm of the trend lies in intentionally mismatched eyeshadow application. Artists and makeup enthusiasts are encouraged to experiment with different colors on each eye or even within the same eye.
Out-of-the-Box Creativity: This trend invites makeup artists and enthusiasts to think outside the conventional eyeshadow palette. Unusual color combinations, shapes, and placements are not only welcomed but celebrated.
Cool and Fresh Aesthetic: The trend is described as a “cool and fresh” take on eyeshadow application. It brings an element of surprise and excitement to the makeup scene, challenging the norms and encouraging individuality.
Tips for Embracing the Trend:
Experiment Freely: Don’t be afraid to experiment with bold and contrasting colors. Mix and match shades that you might not traditionally pair together.
Play with Shapes: Explore different eyeshadow shapes and placements. This trend allows for creative freedom, whether it’s asymmetrical designs, geometric shapes, or freeform application.
Layer and Blend: Achieving a harmonious yet mismatched look involves careful layering and blending. Focus on seamlessly blending the contrasting colors to create a cohesive, yet intentionally mismatched, effect.
Express Individuality: Use this trend as an opportunity to express your individual style. Let your personality shine through your makeup choices and embrace the uniqueness of the trend.
In Spring/Summer ’24, the beauty landscape is set to be transformed by the liberating and expressive trend of bold mismatched eyeshadow, where imperfection becomes the epitome of perfection.
Learn more about Ana Allen and her expertise here!
