A Future Market Insights report has stated that the organic cosmetics/beauty industry will be seeing a compound annual growth of 5% for the next decade. They attribute this increase in demand for organic cosmetics to the growing adoption of veganism. The report also forecasts that a growing number of brands will be adopting organic certificates. Coupled with the increase in eco-consciousness of the consumers, favourable governmental policies and stronger emphasis on sustainability, these will be the drivers of the change so that organisations can have the competitive edge in the market.
The beauty industry generates a lot of plastic waste according to a National Geographic research report and further involves usage of harmful chemicals that are not only detrimental for humans, but also for the environment by causing water pollution. The pandemic also resulted in the supply chain delays which had a negative impact on cosmetics and personal care goods. But this has acted favourably for the organic cosmetics industry as consumer tastes have shifted and they now proactively search for clean, branded goods. A more widespread usage of organic cosmetics will deter the organisations from using plastics or harmful chemicals in order to maintain their competitiveness in the market.
Consumers play a big role in the advocacy and uptake of eco-friendly products. Will this shift in the consumer taste incite a global restructuring of the cosmetics industry? Can this also act as a catalyst of change in other consumer goods industry?
The Beauty Industry’s Shift to Organic Ingredients Is Spurring Growth of Organic Cosmetics Market: Future Market Insights Report Analyzes https://finance.yahoo.com/news/beauty-industry-shift-organic-ingredients-140000598.html
Organic Cosmetics Market: Industry Analysis, Size, Share, Trends and Forecast to 2030 https://www.futuremarketinsights.com/reports/organic-cosmetics-market
The beauty industry relies on plastic. Can it change? https://www.nationalgeographic.com/environment/article/beauty-personal-care-industry-plastic