The beauty industry is a behemoth, with Billions of dollars in sales reported annually. With that many consumers partaking in skincare, expectations and demand are equally numerous. Consumers want evidence based ingredients, expectations of sustainability and let’s not forget diversity and inclusivity. Brand authenticity, transparency and social awareness are increasingly important to a number of consumers.
Ever evolving expectations combined with social media creates a delicate line for brands to walk. A brand’s ability to be nimble and adjust quickly to changing market conditions is critical to success. For these reasons Indie skin care brands are doing very well, and larger legacy brands are working to play catch up.
Niche brands have forced larger, more established companies to work to remain relevant. Shoppers are looking for authenticity, evidence based ingredients, and innovation. As new ingredients emerge on the scene, niche brands are able to react quickly and offer a new Serum or Oil. This process is much more difficult and involved for the legacy brands, and therefore it takes longer, resulting in consumers looking to indie brands for excitement.
Clean, Chemical Free & Non Toxic
One example of the changing marketplace is the importance of ‘chemical free’ and ‘non toxic’ formulas. Increasingly, more and more brands are hopping on the bandwagon in this positioning. The market demands more transparency now than ever before.
False Claims of ‘clean’ or ‘non toxic’ have resulted in swift backlash on social media making many larger brands hesitant to commit to these type products. In reality, there is no exact definition of what it means to be a ‘clean’ formula, so their concerns may well be justified.
Social media influencers can amplify a product drawing the attention of millions, which can be both wonderful and terrifying to manufacturers at the same time. We are beginning to see a shift of companies away from the ‘chemical free’ position and towards a transparent, scientific look at the ingredients in skincare.
Never a Better Time for Indie Brands
Glabal Value of skincare has surpassed 140 Billion Dollars in 2019 with much of the growth supported by consumers interest in self care and ‘clean’ skincare products. The market has also shown more indie brand launches over the past year than any other year. Indie brands are able to target a specific niche with their limited budget and garner the attention of like minded consumers.
The internet, social media and influencers have aided in the rise of these smaller companies. Larger companies have recently started acquiring and buying these smaller, upstart brands to stay relevant.
While there are many reasons that consumers are turning to niche brands, one thing is for sure. Consumers can expect to see more Indie brands, more ingredient transparency and evidence based skin care in 2020.