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The cosmetics industry is a sector in constant growth, and at the same time in constant evolution. Brands and retailers are dealing with a new approach to beauty and self-care: thanks to socio-economic uncertainties and new ways of interacting between individuals, consumers are less and less influenced by a concept of beauty as aesthetic perfection. Rejuvenating at all costs and conforming to stereotyped canons are no longer the main objectives for choosing a beauty product. Proposals and brands with a holistic approach are gaining more and more value, with treatments that increase psycho-physical well-being, and consequently self-esteem and self-acceptance.
The wellness industry is increasingly connected to cosmetics, and is a strategic trend for the overall growth of the sector. As highlighted in the 2023-2027 report of the strategic consultancy multinational McKinsey & Company, the wellness sector is worth 1,500 billion dollars , with an annual growth forecast up to 2027 that can reach 10%. The United States is the market most attentive to this sector, with a turnover of 450 billion dollars in 2022. Followed by China, with a turnover between 350 and 400 billion dollars. In Europe the value is lower, equal to about 130 billion dollars, but with important signs of growth. The attention to well-being increases the birth and sales volumes of new categories of beauty products, with innovative ingredients, spa treatments and proposals studied for hitherto little considered topics such as disorders related to the quality of sleep or even real taboos such as sexuality and menopause.
The new dimension of beauty was discussed at Cosmoprof Worldwide Bologna last March during which the current role of cosmetics as a comfortable and welcoming space emerged, where everyone can find solutions to improve their personal balance by accepting emotions and fragility.
«Well-being is a central theme, which offers new business opportunities for companies in the beauty sector – comments Chloe Arjona, senior consulting manager specializing in beauty at NellyRodi -. In fact, brands can accompany consumers on a journey through self-acceptance at all stages of life, operating as a life coach and helping consumers to express themselves in a protected space».
Sandrine Henrie, co-conceptor of Ulé Beauty adds: «We are experiencing a gradual transformation: a growing interest in the theme of wellness has already arisen in recent years. The pandemic has accelerated this evolution, and today we are witnessing the transition from wellness to wellbeing». After all «the care of mental well-being is very important for consumers – says Mayia Alleaume, beauty expert & founder of Sentara Holistice – for this reason they follow brands that share common values, traditions and habits in a credible and authentic way. Communities are created in which to share suggestions and difficulties. Until recently, consumers wanted to cover up, hide their true face and body; today they seek the truth, they want to feel self-confident and regain self-esteem, improving their well-being and balance. It’s a more spiritual approach to cosmetic products, with easy treatments and rituals that help you feel better and stay better. There are no solutions suitable for everyone, but spaces where everyone can find the product, treatment or activity that best suits their needs».