founder of Dubai’s K-beauty store Lamise, recently told the National News. “Korean companies have tried and tested many innovative products and unique ingredients. The cosmetic brands step out of their boundaries to stay progressive and come up with new products,” says Parks, who recently added the brand Daymellow, which specialises in powdered skincare, to her UAE offering. The paper also notes that “slowly but surely”, more and more global brands – such as The Ordinary and Salt by Hendrix – are tapping into the trend and creating their own powder-based products.
The beauty and personal care market is thriving and generally regarded as one of the fastest-growing consumer markets, driven principally by the cosmetics and skincare segments. Often cited as the reason for such strong growth is the generational shift with younger consumers entering the market, a change naturally
reinforced by
social media and strong eCommerce, which traditionally has an enduring effect on buyer behaviour. Globally, the industry growth is driven by competition as beauty brands are always trying to bring new products to market, especially as trends and styles change.
A few interesting facts worth knowing: ●
The global beauty industry is worth over $532 billion. ● It is estimated to hit $716.6 billion by 2025. ● L’Oreal is the leading cosmetics manufacturer.
BRIEF | BEAUTY BEYOND BOLLYWOOD
India has enjoyed something of beauty boom over the past few years, a trend that can be attributed to the country’s improved economy - and the internet. With more Indian women online than ever, their exposure to the likes of beauty influencers has grown expotentially, spurring a rapid increase in both brand discovery and sales of cosmetics. Ayurveda and Bollywood aside, Indian beauty is
currently characterised by the sort of blend of tradition and innovation that maintains habits such as hair oiling, ubtans and kajal while following the routines of influencers such as Debasree Banerjee on Instagram. Some brands are smartly revamping the Ayurvedic tradition and giving it a more sophisticated twist. And while fairness creams remain popular, there has been a movement towards skin tones pride that has been changing the face of Indian beauty. The influential Goldstein market intelligence report valued the Indian market at nearly $11.16 billion in 2017 and predicted it to grow at a CAGR of 5.91% by 2030. It estimated annual retail sales of cosmetics and personal care products is growing 15-20 per cent annually, placing domestic demand in India as one of the fastest growing in the world.
“consumers need to gain interest in this format for more than just its cool factor. this type of game-changing format needs to be accessible beyond the prestige category to make a greater impact for people and planet alike”
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