The reinvention of beauty: Built for people, backed by science
The total global health and wellness market will almost double by 2030
The evolved global beauty category will account for approximately one-third of the global health and wellness market by 2030
People are thinking about their beauty and wellness in a more holistic way and are seeking science-led products that enhance beauty from the inside out – even choosing products endorsed by scientists themselves.
Within health and wellness, newer beauty categories are driving growth. By 2030, devices and non-invasive aesthetic treatments will drive growth of 25.1% and 12.4% while more traditional beauty categories experience 3-5% growth.
As much venture capital funding is gained by brands focused on science-led claims versus those focused on natural or sustainable claims
R&D investments as a percentage of revenue by pharma companies are 9x that of beauty companies
More spend by beauty companies on advertising and promotion than pharma spends on R&D
Consumers are people who have different wants and needs depending on the role they are playing in the moment. For beauty companies, being equipped to rapidly adapt to individual needs is crucial to gaining market share.
Those embracing this approach are boundaryless in their aspirations and they cut across silos to embrace new capabilities, skills and ways of working. They build on their experience to continuously reinvent who they are and reimagine how they can succeed. They rely on a strong digital core to generate data insights that allow them to better understand and anticipate people’s multifaceted and ever-changing needs. And they build cultures that are laser-focused on perpetual innovation and ongoing reinvention.
These four steps can help put beauty companies on a path to growth in this science-led future:
Beauty has a new look and it’s centered on human needs and backed by scientific discovery. Is your business ready for its beauty makeover?