Though the industry faces a contradictory understanding of sustainability, they have taken a step in the right direction.
Consumer demand and global regulations ensure beauty brands become more conscious about sustainability in terms of products and packaging.
By 2027, the beauty industry is projected to grow by $463.5 billion in the US alone. An article published on Common Thread mentions that globally, the beauty industry is growing at a rapid pace. The article states, “How big is the industry? Up from $483 billion in 2020 to $511 billion in 2021—and with an annual compounded growth rate of 4.75 percent worldwide—it’s predicted to exceed $715 billion by 2025. And $784 billion 2027.”
This unprecedented growth in the beauty industry means that products will be more easily accessible. While the stats have positive indications, it also points towards a grave issue—wastage.
According to a study, parts of which were published on The New York Times’ official website, “As of 2018, the industry was creating 7.9 billion rigid plastic packaging units per year in the US alone.” While a majority of these plastic wastes were recyclable, almost 95 percent found their way to landfills and oceans.
Fortunately, both brands and consumers are beginning to realize the importance of sustainability. Beauty brands are experimenting with newer forms of sustainable packaging and products. Though the industry faces a contradictory understanding of sustainability, they have taken a step in the right direction.
According to Sarah Jindal, associate director of global beauty & personal care at Mintel, “The word ‘sustainability’ has become overused in the industry and oftentimes not correctly, which has led to confusion on the part of the consumer.”
Nicolas Hieronimus, CEO, L’Oréal, feels that consumers around the world expect transparency, especially amid the Covid-19 pandemic where “Sustainability is more than ever an imperative.”
Apart from sustainable packaging, manufacturers are turning their eyes towards sustainable cosmetics. With a 15 percent annual growth rate, the green cosmetics market has a promising future.
As per a study published on Acme-Hardesty, the green cosmetics “growth rate far outpaces that of the global personal care and cosmetics industry, which is sustaining an overall 5 percent annual growth rate. By 2025, the organic beauty market will reach $25.11 billion.”
From Dove to L’Oréal to Giorgio Armani, the biggest names in the beauty industry are working together to build a sustainable planet.
Here is an interesting video on “The beauty industry’s solution to plastic waste”:
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