The cosmetics industry occupies a prominent position in the current UK economic landscape. The UK is the third-largest market in Europe, both in terms of value and consumption of personal care products.
While these figures show the real boom the sector has experienced in recent years, there are further aspects to consider when analysing its evolution.
How have consumer needs changed? What are their demands regarding the quality of the offer? But above all: how can companies meet these new expectations?
A different consumer ethic
Trends have long been established among product shoppers that companies cannot underestimate.
Today, a new consumer ethic is emerging, one that is increasingly oriented towards sustainability and low environmental impact.
Brands are demanding greater transparency at every stage of the production process, from the sourcing of resources to the manufacture of products, their packaging and the labour conditions of the workers.
Consumers have increasingly made their voices heard in recent years, and quite forcefully so: according to a 2019 survey, many people today find it hard to fully trust brands‘ claims about their sustainability.
Companies are therefore called upon to win the trust of the public through a concrete commitment that goes beyond mere slogans. Whether it’s the components of creams and make-up or the packaging they use, brands are called upon to act now.
This is a real transformation of the offer, with the need to adopt solutions that can bring concrete results.
Forecasts predict that the global market could reach 390 billion dollars by 2024, so there is no shortage of opportunities for a sustainable and different kind of growth.
But how to make it possible?
Innovative strategies for the cosmetics industry
Responding to consumer demand requires substantial investment and increasingly includes organic, non-animal tested ingredients with a reduced proportion of chemical components.
As far as packaging is concerned, recycled paper and reduced plastic are now a must for many consumers.
Integrating all these elements into your offering requires not only a change in production processes but also a careful analysis of your market.
Because it is only in this way that companies in the industry can identify strategic partners with whom they can achieve their goals for growth. Changing one’s own processes requires specific know-how and means that the beauty industry may not possess.
It is therefore necessary to review the supply chain and the people who are part of it. For example, purchasing managers are increasingly finding themselves having to identify new suppliers, but without knowing in which areas the right ones are concentrated.
In this context, it is essential to have the right information to reflect the characteristics of the companies you are looking for.
Analysis with up-to-date data is the starting point in this process, especially when approaching unknown markets.
In which countries are the manufacturers of the best recycled paper packaging for my products located? Where can I find distributors specialising in organic skincare? Who are the suppliers of components with which I can reduce my environmental impact?
These are questions that cosmetics companies are increasingly facing, even in the UK. Finding an effective solution certainly takes time and resources, but having reliable data can certainly make the process easier.
This is the only way for companies to embark on new growth paths and meet the demands of a market with high expectations.