PERSPECTIVE
The reinvention of beauty: Built for people, backed by science
4-minute read
In brief
- Beauty is undergoing rapid change, driven by consumers seeking science-led products that enhance health and wellness from the inside out.
- Traditional beauty will no longer lead the category. Growth requires a level of reinvention that will ultimately redefine the industry.
- Four steps can help put beauty companies on a path to growth in this science-led future.
Opportunities for growth require fundamental change
$3.1T
The total global health and wellness market will almost double by 2030
$0.9T
The evolved global beauty category will account for approximately one-third of the global health and wellness market by 2030
Growth at the intersection of beauty and science
People are thinking about their beauty and wellness in a more holistic way and are seeking science-led products that enhance beauty from the inside out – even choosing products endorsed by scientists themselves.
Wellness categories are expected to outpace beauty’s growth
Within health and wellness, newer beauty categories are driving growth. By 2030, devices and non-invasive aesthetic treatments will drive growth of 25.1% and 12.4% while more traditional beauty categories experience 3-5% growth.
The money is following the science
2.5x
As much venture capital funding is gained by brands focused on science-led claims versus those focused on natural or sustainable claims
9x
R&D investments as a percentage of revenue by pharma companies are 9x that of beauty companies
7x
More spend by beauty companies on advertising and promotion than pharma spends on R&D
Transforming beauty brands from the inside out
Consumers are people who have different wants and needs depending on the role they are playing in the moment. For beauty companies, being equipped to rapidly adapt to individual needs is crucial to gaining market share.
Those embracing this approach are boundaryless in their aspirations and they cut across silos to embrace new capabilities, skills and ways of working. They build on their experience to continuously reinvent who they are and reimagine how they can succeed. They rely on a strong digital core to generate data insights that allow them to better understand and anticipate people’s multifaceted and ever-changing needs. And they build cultures that are laser-focused on perpetual innovation and ongoing reinvention.
Four steps to a science-led future
These four steps can help put beauty companies on a path to growth in this science-led future:
- Understand people holistically to deliver on their diverse needs
- Reimaging the portfolio to be science-based
- Operationalize the science-led makeover with the right capabilities
- Build a digital core to activate a wealth of intelligence and deliver the level of consumer experiences requested
Beauty has a new look and it’s centered on human needs and backed by scientific discovery. Is your business ready for its beauty makeover?