Personal Care and Beauty Trends 2024
May 10, 2024
The personal care and beauty world is colliding with a wave of revolutionary trends, where clean formulas, cutting-edge tech, and unapologetic self-expression redefine what beauty means today. This year's trends are shattering old moulds and ushering in a new era of self-love and sustainability.
With the irresistible glow of the beauty industry attracting new brands and investors, it’s a battlefield where only the boldest innovations thrive. Companies face a critical choice: stand out in this fiercely competitive landscape or be lost in the crowd. From futuristic tech to a renewed focus on holistic wellness, beauty has become the industry everyone wants in on—top financiers and A-list celebrities alike. Let's dive into how 2024's hottest trends promise to reshape beauty's future forever!
Ayurveda: the indispensable healer
India’s ancient Indian healing system, Ayurveda, is not just a relic of the past but has become the new frontier in personal care, captivating consumers with its holistic approach.
The Indian Ayurvedic products market was valued at INR 748.5 billion in 2023, with a forecasted growth at a compound annual growth rate (CAGR) of 17% from 2024 to 2032. The COVID-19 pandemic notably increased consumer demand for Ayurvedic products due to heightened awareness about health and immunity. And so, industry giants have expanded their product offerings to cater to this growing market ever since.
According to the Brand Xcel Report 2024, Lotus Herbals, Patanjali, Dabur, Himalaya and Santoor are the top consumer brands cherished across India for their clean and ayurvedic properties.
With ingredients like neem, turmeric, and sandalwood offering centuries-old solutions for glowing skin and healthy hair, it's no wonder that Ayurveda is wooing a new generation of beauty enthusiasts, especially among Gen Z and Millennials.
Nielsen's data reveals that 77% of urban Indian consumers are willing to splurge on herbal personal care. This shift isn't just about vanity; it's about values. The shift towards Ayurveda and clean products is sparked by a collective awakening to prioritize safe body care, and its impact on the environment. With ancient wisdom and modern convenience in mind, conscious consumers are demanding more mindful options. Ayurveda has undoubtedly moved beyond its niche roots and has become a broader movement.
Omnichannel Commerce: Boosting Digital Footprint
With over 60% of beauty and personal care sales now involving multiple touchpoints (McKinsey), consumers are navigating their intuitive journeys between digital convenience and in-store exploration with increasing fluidity. Omnichannel commerce is the new gold standard for customer engagement.
Imagine virtually trying on a lipstick shade through your phone and seamlessly heading to a store where a beauty advisor, already aware of your preferences, provides expert recommendations based on your digital journey. This is the brilliance of omnichannel commerce, and brands like Sephora have mastered it with its “Virtual Artist” app.
This trend resonates deeply with modern beauty enthusiasts, who seek not just convenience but also customized solutions. Studies indicate that 73% of consumers use multiple channels during their purchase journey, and omnichannel retail ensures they receive consistent, personalized messaging whether they’re on their mobile, desktop, or browsing in-store. Sephora’s approach exemplifies this trend, blending digital and physical channels into a unified, intuitive experience.
Renowned beauty brands like Fenty Beauty, Rare Beauty, and Huda Beauty have forayed into the Indian market, leveraging the power of omnichannel commerce. With strategic collaborations between online and offline retail, these brands seamlessly cater to diverse consumer preferences, offering a blend of personalized experiences and convenient access. This approach ensures their wide appeal among India's increasingly beauty-conscious population.
Unilever reported a 9% growth in sales overall in 2022, which was partly driven by its omnichannel strategy. They achieved this by investing heavily in e-commerce, digital marketing, and personalized customer experiences while simultaneously enhancing their in-store presence.
Omnichannel commerce isn’t just about convenience but more about empowering customers to shop their way and will be the powerhouse of what the brands will need.
With the global beauty industry poised to hit $758.4 billion by 2025, omnichannel commerce helps brands unlock valuable consumer insights, refine their strategies, and forge stronger customer loyalty. Those who adopt this strategy redefine the customer journey by offering a seamless, holistic experience that ties convenience with a personal touch.
Korean Beauty: Surpassing Boundaries
From K-pop to K-drama to beauty, Korea has paved a path of global influence that’s hard to ignore. it is captivating skincare enthusiasts and beauty critics with its innovative ingredients, multi-step routines, and a philosophy that glass skin. From double cleansing to masks and serums packed with potent actives like snail mucin and propolis, the craze is real. In fact, Sheet masks, a quintessential K-beauty staple, are projected to reach a market size of $500 million globally by 2026, highlighting their massive appeal.
Korean beauty's emphasis on luminous, healthy skin has become a global movement reshaping how the world approaches self-care. From COSRX and Isntree to Beauty of Joseon and Skin1004, skincare enthusiasts are raving about the products these brands offer across the globe. Even Etude House's makeup products are now highly valued by Indians.
The K-beauty market is estimated to be worth over $13 billion in 2024, fueled by consumer demand for products that emphasize hydration and natural glow. One leading brand, Laneige, epitomises this trend. Known for its innovative Water Sleeping Mask, which harnesses hydro-ionized mineral water and calming scents to replenish moisture overnight, Laneige has garnered international acclaim. The brand’s focus on hydration aligns with the Korean ethos of nurturing the skin’s natural barrier, making it a cult favourite among millennials and Gen Z alike.
Artificial Intelligence: making care easy
The global personal care industry, valued at over $483 billion in 2021, increasingly embraces AI-driven self-care solutions that make wellness accessible and highly personalized.
India’s leading beauty brands, L'Oréal and Lakme (Brand Xcel 2024 Report), both leverage AI for personalised beauty experiences. While the former offers Modiface for virtual makeup try-ons and SkinConsult AI for tailored skincare advice, the latter uses online consultations and interactive tools to provide custom recommendations. By harnessing the power of AI, brands like them tap into big data to deliver personalized recommendations, driving customer loyalty while maximizing sales.
For consumers, this means finding the perfect skincare products effortlessly. For brands, AI helps with R&D and refine product development by interpreting customer feedback and market trends at scale, improving efficiency in inventory management and targeted marketing. With AI’s predictive analytics, companies can anticipate consumer needs and quickly adapt their strategies.
This convergence of advanced technology and consumer insights enhances personalized shopping experiences, reduces product waste, and forges deeper connections between brands and their customers. Ultimately, AI offers unprecedented value, shaping a future where beauty becomes uniquely personal and responsive.
Sustainability reigns supreme
As consumer preferences continue to shift towards sustainability, the personal care industry is also witnessing the allure, pushing eco-conscious practices into the spotlight. With nearly 61% of consumers expressing a preference for brands prioritizing sustainable packaging, the movement's impact is unmistakable. Refillable containers, biodegradable ingredients, and cruelty-free certifications are now crucial selling points. Leading the charge is L'Oréal, which has pledged to reduce its carbon emissions by 50% and ensure 100% of its packaging is refillable, reusable, or compostable by 2030. With the beauty industry’s contribution to plastic packaging waste, about 120 billion units of plastic annually according to the Zero Waste Week, the continued innovation in refillable is necessary.
This shift isn't solely environmental; consumers are increasingly mindful of ethical sourcing and the human impact. Over 38% of Genz and 36% of Millennials use sustainable products (Brand Xcel 2024 Report).
Transparency and traceability in ingredient sourcing are increasingly valued, leading brands to adopt fair-trade certifications and vegan-friendly formulations. The clean and sustainable beauty trends often coincide, but the clean beauty movement has a significant environmental impact. While consumers lean towards natural alternatives over synthetic ingredients, large-scale harvesting of natural resources can also harm the environment. Therefore, transparent sourcing practices and environmental impact assessments are vital as consumers emphasize sustainability.
To learn more about how sustainability is reshaping the beauty industry and setting new standards, download the Brand Xcel 2024 Report. Consumers are signalling the importance of sustainability, a trend that's expected to grow in the beauty sector. Brands should convey clear messages about their sustainability efforts to cater to consumers seeking products aligned with their values.
Dive into a revolutionary era where clean beauty, advanced tech, and self-expression transform the industry. As a market research leader, we can help you uncover the insights and trends that will shape your next big move with our research expertise. Also, scroll down to subscribe to our newsletter if you haven’t already!