The impact of millennials on the skincare industry cannot be ignored. Millennials really like skincare products that are natural, clean and healthy for taking care of their skin. When we talk about millennials, we are generally speaking of those between 18 to 34 years old.
Millennials are very aware of the importance of skincare and are continually searching for beauty and skincare products that are made of natural or phyto ingredients that are also environmentally friendly. The enthusiasm of millennials for these types of products is surely making an impact on the beauty and personal care industry.
It is also clear that the enthusiasm of the millennials has also impacted the wider beauty industry. More and more people regardless of age are now demanding cleaner products which is due to the impact of millennials on the wider market!
The current value of beauty and personal care products is estimated at $500 billion annually and predictions are that it can reach $800 billion by 2023 which shows a compound annual increase of roughly 7%. But this is where things get interesting, and we can see the impact of millennials on the market, the demand for organic products is predicted to grow from $11 billion to $22 billion in 2024. This increase of organic products is at an annual growth rate of 12%.These implications have not gone unnoticed by manufacturers, and many are already working on building stricter standards and more organic products.
Other factors that have increased the demand for clean products besides the millennials are more consumers becoming aware of ingredients that are used in skincare products. Due to more coverage about beauty products in the media and the ingredients that are used in them we see consumers wanting more transparency and information.
The impact of millennials can be seen also by growing demand in products that have ingredients such as antioxidants, natural oils, and vitamins. Although still young many millennials are very focused on products that help to reduce stress. There has been clear links between stress and skin problems such as acne and wrinkles. Therefor many millennials are demanding products that are anti-stress.
In general, we can see that millennials are much more selective than the previous generations when it comes to choosing skincare and beauty products. They are much more focused on the composition of products they use and ingredients that are used in their skincare. This has made many manufacturers to look much more in-depth into the ingredients they use.
Millennials are very open to innovation in skincare products, but these innovations must be in harmony with their demand with cleaner and more phyto products.
