Today’s cosmetics market gives consumers the creative freedom to customize their own personal care and cosmetic products. But how can manufacturers keep up with the rapidly growing demand?
In the past, consumers of personal care and cosmetic products had to make do with what was available in shops and departments stores. The only control they had was what went into their shopping basket. Today, consumers are in the driving seat. No longer satisfied with mass-produced products, they demand the creative freedom to customize their own. Enter do-it-yourself (DIY) cosmetics.
DIY cosmetics are emerging at an accelerating pace and manufacturers must continuously embrace and adapt to the changes to remain ahead. Let’s look at what’s going on right now:
Tailor-made lipsticks were among the first products to enter the DIY cosmetics scene. Consumers can choose and blend different pigments to create specific shades, add a preferred scent and round it off with a custom matt or gloss finish. Within minutes, they have their very own customized lipstick.
As for skin care, several leading brands are already offering custom-blended serums that consumers can mix and match at home to suit their specific needs. It is not just the eager tech-focused millennials who are jumping on this trend. People of all ages are finding it more convenient, especially when it means not having to spend time sampling and testing products at cosmetics counters.
Consumers are becoming more discerning, selective and engaged than ever before. Thanks to social media platforms, blogs, vlogs and news sites, consumers have instant access to information about trend-setting ingredients and formulas.
Technology continues to pioneer new ways for us to explore vanity. Even a smartphone camera can be transformed into a colorimeter. In a matter of seconds, you can scan your face and analyze your unique skin tone to create a customized shade of foundation or concealer.
Inkwood Research(1) declared that the global beauty and personal care products market is anticipated to hit USD 750 billion by 2024, with e-commerce set to be a key channel for growth. An A.T. Kearney study(2) revealed that 37 percent of respondents said that they learn about new products from social media or peer reviews and follow “influencers”, the typically young, digitally plugged-in beauty connoisseurs.
With Asia Pacific marked as the fastest-growing region for this market and consumers seeking more meaningful engagement with brands, it is crucial for personal care and cosmetic product manufacturers to keep abreast of these emerging trends so they can stay relevant to their consumers.
The more consumers continue to push the envelope, the faster manufacturers must respond to meet demand. They must be quick to source the latest trend-setting ingredient or formulation to maintain their market position. It is important that they ask themselves if they can quickly access extensive sourcing networks to locate hard-to-find raw materials, learn of emerging trends in other markets and ensure full compliance in all the markets they operate in.
Whether a cosmetics manufacturer is new to an Asian market or seeking market growth, asking themselves if they can keep up with emerging trends and reduce crucial time-to-market or if they should work with a specialized partner is essential in ensuring their success.
What is your take on upcoming trends in DIY cosmetics? Do you have concerns with increased consumer demand in the wake of instant accessibility?
Cesar is based in Switzerland and has a degree in Chemical Engineering. He is currently responsible for DKSH’s Business Line Personal Care Industry globally.