has also been driven by consumers having less time for their expansive skin care routines, which became a staple for many during peak periods of lockdowns. According to Euromonitor International’s Voice of the Consumer: Beauty Survey, fielded in June 2022, daily or more frequent usage of skin care products globally fell from 24% in 2021 to 23% in 2022, while weekly usage also modestly fell.”


This shift will continue to shape future skin care product development. “Quality over quantity will continue to be a key theme for the category globally in the coming years, and especially in 2023, as consumer confidence and spending power is expected to be weaker than 2022,” says Spicer.


Making the cut


As the ‘skinimalism’ trend continues to build, with consumers adopting more streamlined regimes, brands will have to prove their worth to make the cut. “Brand switching is easily done, and a brand needs to be clear on their USP, and what they provide that differentiates them from less costly alternatives,” says Janice Milner-Walker, founder and MD of beauty brand consultancy Bespoke Advantage. “Consumers are considering price versus the value of a brand, and value encompasses a number of factors – from product format, to multi-purpose, the ingredients, packaging, and incentives.”


In line with the focus on streamlined skin care regimes and hard working, added-value products, demand for multitasking products is growing. Products that can be used multiple ways or combine several functions in one easy step will be on the rise, and the K-beauty craze for multi balms – skin care sticks that can be used on the go – could next pick up in the west (Trend 3). The trend will inspire other types of innovation too. “During 2023, interest in multi-tasking products will rise, with products that heal and protect the skin, from cleansers that cleanse and exfoliate to cleansers that act as a make-up remover while provide a natural peel. New to the market are oil serums, a facial oil based on a


Brands like Loved01 are making skin care accessible to more people with melanin-rich skin


waterless formulation, that contains powerful active ingredients; highly moisturising, they protect the skin’s barrier, and improve skin health,” says Milner-Walker.


Barrier protection has moved to the heart of skin


TOP 5 LARGEST SKIN CARE COUNTRIES, VALUE & GROWTH, 2021


care (Trend 2), with products doubling up on benefits here too. REN’s new Perfect Canvas Smooth Prep & Plump Essence is clinically proven to both help strengthen the skin barrier and protect it from pollution, while also immediately smooth the skin and leave it plumped with hydration. Hybrid products that blur the lines between skin care and make-up, with multi-functional benefits while saving money and streamlining skin care regimes, such as tinted sunscreens, nourishing lip oils and vitamin-boosted primers will also continue to appeal, says Milner-Walker.


But there is also a growing trend for products to bring value beyond the skin, and with the rise in psychodermatology – the link between mind and skin – and the focus on reducing the impact of stress on the skin, some important R&D could take this field of study to a bigger role in skin care in the future (Trend 5).


CHINA $33.1bn +8.8


US


$17.0bn +10.2


JAPAN $11.1bn +1.6


SOUTH KOREA $4.9bn +12.5


Updated 2021 figures. Source: Euromonitor International


GERMANY $3.8bn +0.8


In fact, a key audience for stress management skin care may turn out to be Gen Z. Stephanie Lee, founder of Selfmade, described as ‘the first emotionally intelligent personal care brand’, says: “In addition to experiencing a mental health crisis, a 2022 study found that stress during the pandemic


4 cosmetics business March 2023 cosmeticsbusiness.com


Loved01


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