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Which 3 trends will impact the global beauty market in 2023?

Research firm Mintel predicts that ‘Beauty Rx’, ‘Evolved Self-Care’ and ‘New Rules of Engagement’ are set to influence beauty consumers, product innovation and marketing tactics over the next 5+ years.

In terms of ‘Beauty Rx’, the Mintel study states: “The medicalisation of beauty is leading to more demand for proof behind claims, creating value through ingredient-led products and driving the market for synthetic natural ingredients.”

Andrew McDougal, director, Mintel Beauty & Personal Care, adds: “As the hunger for more efficient and potent products and treatments grows, consumers will look further to find proof that their money is being well-spent. Potential developments from beauty brands could come from the emergence of genetic sequencing and advances in diagnostics and wearable devices. Expect to see major opportunities stemming from hormones, health risk and diagnosis, 3D printing, personalised vitamins and supplements, as well as gene editing. Meanwhile, synthetic biology technologies are finally maturing, offering a way for almost anything to be manufactured competitively and sustainably. The beauty industry must learn to use this technology to develop new products and processes, improve existing ones and reduce costs to remain competitive in the future.”

‘Evolved Self-Care’, says Mintel, is “beauty that is intended to be uplifting and can contribute to a post-pandemic sense of self-care that includes sexual wellness, the hormone journey and wellness for every life stage.”

McDougal continues: “While the amount of time consumers have to spend on wellness routines is contracting, when faced with stress and upheaval, they will look for ways to uplift themselves and beauty is the perfect category to support that. However, it’s critical to ensure that all consumers feel seen and spoken to. Looking ahead, the importance of community will continue to grow post-pandemic as people look to reconnect and feel a part of the collective. Expect to see global beauty companies focus on holistic habits and products that support everything from sleep to blood circulation and their connection to beauty.”

As for ‘New Rules of Engagement’, brands should embrace disruption in the category to create new rules for engagement and building communities, allowing for more playfulness, experimentation and DIY.

Says McDogual: “Experimentation drives engagement and technology will usher in the next generation of experience, whether in the store or the home. As online and offline formats continue to merge, technology will allow for the replication of experiences across channels with simple approaches, from RFID (radiofrequency identification) to digital avatars and the metaverse. Looking ahead, the development of VR (virtual reality) technology, hardware and content will become convenient and practical enough for consumers to use every day. This will enable brands to use these technologies strategically to create ‘phygital’ (physical and digital) experiences that will dominate the way consumers discover, shop and connect with brands.”