The beauty industry is on the brink of consolidation and only the strongest brands will survive, says one research company.
That is the stark prediction from Mintel Beauty Innovation, a new research tool from the global intelligence company.
Mintel claims the tougher economic climate will mean only brands that can really prove their worth will earn their place in consumers’ beauty cabinets.
Nica Lewis, head consultant of Mintel Beauty Innovation, said: “2009 will be all about survival of the fittest in the beauty industry. Consumers are going to demand real value for their money as well as visible results, and they will stick to the select number of brands they can truly trust.”
During this period of consolidation, Mintel Beauty Innovation has identified four key trends that will influence consumers’ beauty regimes in 2009. They are ‘Austerity Chic’ (de-cluttering and looking good for less), ‘Turbo Beauty’ (products based on science that do what they say), ‘Extreme Ethical’ (more sustainable products) and ‘Beauty Foods’ (incorporating good-for-you food ingredients). has identified four key trends that will influence consumers’ beauty regimes in
Companies that align themselves with one of these ideals will reap significant rewards, Mintel adds.
Mintel’s Beauty Innovation tool has also identified a trend for manufacturers to include more natural ingredients in their product launches.
It reveals one in seven global beauty product launches this year has either been organic, ethical or all natural versus one in nine in 2007.
US manufacturers are moving even faster, it adds, with organic products accounting for 30% of all US beauty products launched this year, up from 23% in 2007.
“Beauty companies increasingly take a more honest approach to personal care,” said Lewis. “As people tire of insincere celebrity culture, we see more manufacturers using pure, natural elements in their products.”