The beauty industry can be traced back to 4,000 BC when ancient Egyptians used kohl (a fine black powder) and other natural minerals to accentuate their eyes. In those days, cosmetics products were widely adopted by both men and women, and purchased in the local marketplace or made at home. Today, the beauty industry is worth a whopping $287.94 billion (about $890 per person in the US) dollars. By 2028, this number is expected to increase to $415.29 billion (or $1,300 per person in the US) dollars. On a global level, the lipstick market is expected to have a 10% CAGR in the coming years, with an overall estimated market value of $16 billion by 2025. These upward trends are a result of growing urbanization, an emerging market focus, and the rising power of consumers. For example, the popularity of the lipstick market can be attributed to lifestyle shifts like remote work trends, the use of video conferencing for everyday meetings, and social media influencers like Kylie Jenner.
There is constant research being done on cosmetic products and how to improve them. one of the new topics of focus is the recent boom of allergies to certain lipsticks, shampoos, and other products. This has forced companies and researchers to look at what is in our products and change what is causing the harm. Since 2020, the allergy modified cosmetic industry has grown 360%. People have sensitive skin, and it is smart that the cosmetic industry is taking the strides to be healthier and allergy friendly.
L’Oréal Corporation is still the king of cosmetics. The research, litigation, licensing, citations, and patents L’Oréal is involved with influence the enterprise cosmetics industry. For example, right now L’Oréal is exploring how adult skin responds to acute stress and short-term environmental factors. This research project, run in partnership with the French National Institute for Health & Medical Research and the University of Western Ontario, will undoubtedly change how L’Oréal and other cosmetics companies develop skin products in the future. There has also been a rise in personalized cosmetics. With everyone’s skin and hair being different and unique, this comes as no surprise. Personalized cosmetics may be more expensive and harder to access, but the benefits can be well worth it.
The future of cosmetics includes more friendly ingredients, more personalized products, and more eco-friendly packaging. This massive industry is doing its best to change with the times and keep customers happy.