MAY 22-24, 2024

2023 Beauty Insights- 16th Edition

L’Oréal Groupe Australia and New Zealand recently announced a significant initiative to bolster coral restoration in the Great Barrier Reef through a substantial investment in the Great Barrier Reef Foundation (GBRF). This marks the sixth commitment by L’Oréal to coral reef regeneration, highlighting its dedication to biodiversity.

According to Grand View Research, the global men’s grooming products market, valued at $301.3 billion in 2022, is set to expand significantly with a projected compound annual growth rate (CAGR) of 8% from 2023 to 2030.

The 4th edition of Cosmoprof India, which was held on December 7-9, 2023 at the Jio World Convention Centre in Mumbai, hosted over 450 exhibiting companies from 19 countries and attracted about 9,000 professional visitors, a 20% growth compared to the previous edition.

The Covid-19 pandemic totally upended beauty habits around the world, fuelling a desire to embrace more natural routines, which meant the end of goodbye full-coverage foundation and contouring. Since then, more ostentatious beauty looks have risen once again, such as unapproachable makeup, cherry makeup, pumpkin spice makeup and red wine makeup.

Sustainability is increasingly more important to today’s US beauty consumers. According to the market research firm, sustainable segments across beauty, are experiencing substantial dollar growth, with compostable products growing by 30.9%, cruelty free products up 18.1%, and plastic free products up 12.2%. Thus, U.S. consumers are transitioning from an ingredient-focused clean beauty 1.0 — with claims like ’paraben-free’ or ’sulfate-free’ — towards a clean beauty 2.0 that also encompasses environmental concerns, before perhaps also amalgamating the societal issues.

Chinese baby care brand Turtle Papa announced that it has recently completed an exclusive A+ round of investment from LVMH’s fund L Catterton. The investment amount has not yet been disclosed. And the parent company of the Chinese color cosmetics brand Blankme also received investment from L Catterton, a private equity fund under the LVMH Group.

L’Oréal and Cosmo team have entered into a partnership to develop the use of a method for extracting botanical fine fragrance molecules using a water-free process with a low environmental footprint. L’Oréal will gain exclusive access to the technology designed by Cosmo International Fragrances.

The target GMV of TikTok’s E-Commerce is US$50 billion in 2024. It is reported that the current GMV of TikTok e-commerce in Southeast Asia exceeds 13 billion US dollars, of which Indonesia’s market exceeds 4 billion US dollars and the Thai market is about 3.5 billion US dollars.

Cross-border E-Commerce platform Shopee’s “Double 12” data shows that cross-border order volume surged 17 times as the same period in the past. New sellers performed outstandingly, order volume of which increased to 95 times as the same period. Shopee Mall order volume increased to 30 times during the same period on weekdays, making beauty one of the most popular cross-border categories.

According to statistics from Shanghai Customs, the export value of Shanghai’s beauty and cosmetics in November was 946 million yuan, and the export value from January to November was 10.136 billion yuan, by an year-on-year increase of 15.89%. The import volume of beauty and cosmetics in November was 3.55 billion yuan, and the import volume from January to November was 43.828 billion yuan.