This Global Industry Will Be $390 Billion By 2024. Opportunities Abound to Offer Natural, Green and Organic Solutions
Approximately 74 million women in the USA walk out their door each morning wearing some kind of cosmetics. The cosmetic industry in the USA is about $72 billion today and projected to be $390 billion globally by 2024. So, when it comes to cosmetics, what do women want? Women want cosmetic products to deliver on their promises and do them no harm. If a product makes claims about a hero ingredient, say coconut, they expect to see coconut listed as one of the top three ingredients. When a product claims to be an intensive lotion for extremely dry skin, they expect that in addition to water, the product is filled with natural oils and butters that soothe dry cracked skin. When a product says it is all natural, they do not expect to see mineral oil or petrolatum on the ingredient list. They want integrity of claims between what is promoted on the front label and the ingredient list. Well, here is the problem and the opportunity.
Chemicals and contaminants linked to cancer can be found in food, water and many other everyday products. However, no category of consumer products is subject to less government oversight than cosmetics and other personal care products. Although many of the chemicals and contaminants in cosmetics and personal care products likely pose little risk, exposure to some has been linked to serious health problems, including cancer. Many of these chemicals listed below are still found in todays cosmetic products:
Formaldehyde, a known carcinogen
Chemicals that release formaldehyde
Mercury, which can damage the kidney and nervous system
Lead, a potent neurotoxin
Asbestos, a known carcinogen
Isobutylparaben, isopropylparaben, butylparaben and propylparaben
Toluene, which is toxic to the brain and nervous system
Triclosan, which affects the thyroid
Per-polyfluoroalkyl substances (PFAS), which have been linked to cancer
With the global trend of natural and organic for everything, women want safer and gentler ingredients in their beauty products. The skin is the largest organ of the body and absorbs what you put on it. The connection between what women ingest in food, environment, household and beauty products and increased cancer risk is making more women pay attention to ingredients and potential side effects. Today’s women, especially Millennials and Gen Z want more than just a great cosmetic product.
Women want products that do no harm to themselves or the environment. They want to know the story of where their products’ ingredients come from and that laborers are being fairly paid and children not exploited in the process of sourcing ingredients. They want eco-friendly and sustainable packaging. Women will pay more for these types of products. They know that natural and organic products will cost a little more and they are willing to pay for the benefits.
Their is a rising trend in the use of natural and organic ingredients in cosmetic products. This trend caters to the ever-increasing demand for organic and natural cosmetic products among all consumers. Use of organic cosmetic products minimizes the chances of any possible side effects of the product. If you wanted to create a brand in the cosmetic industry, the time is now. And if you embed the following elements in your brand, you will have a greater likelihood of succeeding.
Natural and organic ingredients
Planet based causes
Honesty and integrity
The cosmetic industry will undergo a major transformation in the next five to ten years to healthier and more sustainable products. If you want to be part of the transformation in an extremely large industry, then research the industry, look for solutions that are good for everyone and launch a new cosmetic brand.