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By Malini Adapureddy,
The beauty and skincare industry has repeatedly stood the test of time, even amid uncertainty and industrial changes. During the Covid-19 pandemic, while most industries experienced a downfall, the skincare and beauty industry saw an uptick, especially with the viral nature of self-care and skin care routines. As of 2022, the beauty and skincare industry has managed to achieve an incredible revenue rate of over US$534bn and is widely considered to be one of the fastest growing segments in modern-day industries. A simple walk to a department store’s beauty section will showcase ample reasons as to why this industry is growing at such a rapid pace. With brands offering specific skincare products for every single part of one’s body, and tackling every skin condition one can think of, there is no doubt that this is an industry that is blooming, not only because of consumer interest, but also because of its propensity for innovation and easy accessibility
While shelves may be adorned with pretty bottles with enticing scents, the industry is witnessing a significant shift, showcasing a change in preference over what brands traditionally depend on. Although products in attractive packaging were always the most sought after, there is a slight shift in the consumer mindset, leading many to choose products that provide proven results, over those that look and smell good. The impetus for this change lies in the growing demand for evidence and science-based skincare, a trend made popular by the dawn of serums and actives in the consumer market. The drive to acquire effective products has always been prevalent, but with ready access to information, consumers are now empowered to make decisions based on the research behind skincare items, along with their efficacy and their overall consumer impact.
Science-based skincare has emerged as the newest craze in this industry, and is one of the key trends that is shaping the future of all those who want to enter this competitive industry and willing to establish their presence, either as a startup, or through a reinvention of long standing products. Traditionally, science-based skincare often referred to over-the-counter topical ointments or pills, mostly available through dermatological prescriptions. This often led many people to shy away from using these products, because of the lack of an aesthetic look, fragrance and appeal being offered. One key factor hindering customers from utilising these products was the misguided notion that skincare products that contain chemicals are inherently bad, and can damage the skin in the long run, despite being prescribed by dermatologists. However, science-based skincare brands are breaking the norm, by providing their customers with products that offer dermatological benefits to tackling severe skincare issues, and which can also be used regularly without the risk of harm to a person’s skin.
Science-based skincare brands often have sections within their product descriptions that outline the scientific benefits, making it easier for their customers to be well-informed about the products. This has led to a more consumer-focused and informed demand economy that removes any veils of misreport being cast on popular beauty and skincare products. While information is the key to utilising science-based skincare products, researchers and dermatologists are constantly on the lookout for ways to develop new and better formulations, to address skincare concerns that are commonly being faced by customers. By understanding a particular demographic, as well as the environmental factors that affect certain customer bases, researchers can develop new actives and ingredients that can tackle skincare concerns in a safer and quicker manner than before. Research can also provide the industry a significant boost through the entry of a whole new set of science-based skincare products, thereby boosting the economy even further, and making it future proof.
While research is one of the biggest drivers behind this new knowledge-based skincare economy, it is not the only facet fueling this ever-growing market. Technology is also being implemented to improve the range of services that these brands can offer. This advancement has enabled industries to progress at a faster rate, improving production and other manufacturing processes with a significant throughput. Through innovation, beauty and skincare brands are also able to increase manufacturing speed, along with the variety of products being offered. With a wider choice and a steady flow of products, customers can always be assured that they will receive products that are specific to their skincare concerns and needs, and which they are completely informed about.
(The author is Founder, Deconstruct. Views expressed are personal and do not reflect the official position or policy of the FinancialExpress.com.)
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