By 2028, the global makeup category would reach €51.61 billion ($50.28 billion), up from €36.13 billion ($35.22 billion) in 2021 and with, according to Fortune Business Insights at a CAGR of 5.2% (2021-2028). And WGSN said that despite rising concerns about the cost of living around the world, consumers clearly still have a strong appetite for makeup.
So what makeup trends are emerging? And where exactly were the opportunities for the industry?
Post-pandemic beauty behavior is changing
“The makeup category has been energized by a surge of post-pandemic creativity and a desire to do things differently.”said Sharon Ahn, beauty trends forecaster and analyst at WGSN.
Writing in the latest report from WGSN Intelligence: the future of makeup in 2025Ahn said: “As we move into 2025, existing beauty norms and behaviors will continue to be challenged, and cosmetics brands will need to leverage creativity, experimentation and technology to thrive.”
Beauty Behavior, she said, had “permanently changed”Since COVID-19, the industry has had to adapt products and strategies to meet new consumer priorities. “Product safety and minimalist, skin-friendly make-up will move up the hierarchy alongside integrative design and sustainability.”she said. WGSN has previously highlighted the importance of color cosmetics in the broader skinimalism trend.
Ahn said that color cosmetics consumers are also increasingly looking to immersive virtual experiences in the metaverse and in-store to unlock important opportunities for the industry – a concept reflected in previous Mintel insights.
“The future of makeup combines imagination with innovation. Cosmetic products are developed for all realities and all people, so that no one goes unnoticed and nowhere uncared for.” Ahn wrote in the WGSN report.
Enter the ‘Beauty Verse’
A key area for color cosmetics in the coming years, she said, is anything virtual, especially the metaverse.
“The acceleration of beauty into the metaverse will open up unlimited possibilities for interactions between consumers and brands. For cosmetics brands, the ‘Beautyverse’ presents an untapped opportunity to entertain and connect with digital natives and particularly Gen Z and Alpha cohorts living in fluid realities.”She wrote.
There was one “dynamic environment”Offered by the Metaverse, which allows cosmetics brands to develop long-term engagement strategies with consumers, she said, particularly through the use of virtual worlds, cryptocurrency and NFTs [non-fungible tokens] and augmented reality [AR].
“Virtual try-on rooms, digital showrooms and metaverse pop-ups provide consumers with an immersive experience to discover and explore makeup products and connect with brands from anywhere, anytime,” said Ahn.
WGSN’s Head of Insight also recently referred to virtual influencers as “Super innovative space”with a lot of potential for beauty brands.
Post-purchase engagement with QR codes and NFTs
Ahn said beyond the metaverse, the “Pandemic renaissance of QR code technology” should also have an important place in the future of makeup by enabling consumers to make more informed decisions when choosing cosmetics and also enhancing the post-purchase experience.
Digital collectibles like NFTs also offer brands a variety of options to drive engagement and increase brand loyalty in the years to come, she said.
“By 2025, any confusion about the purpose of NFTs among beauty consumers will be resolved when their tangible benefits are realized, including unlocking exclusive perks, loyalty programs, special memberships and access to virtual versions of product purchases.”
Executives at Meta recently said 2022 is represented “The Beginning of the Beginning”for the metaverse, with many precursors such as virtual reality (VR) and augmented reality (AR) already in existence. A panel of beauty industry experts agreed during a debate at this year’s Cosmoprof Worldwide Bologna, confirming the industry as “at”. “At the beginning of something big”.
Interested in the future of beauty technology? You can register today for CosmeticsDesign’s exclusive webinar, “Beauty 4.0 – Tech, Tools and Future Trends” for free for an expanded look at horizon trends and opportunities in this rapidly evolving space.