Growth
Subscription boxes are becoming more popular every day. Companies like Target, Sephora, and Morphe Brushes have joined in on the movement. Subscriptions boxes are popular because they are easy and convenient. Each month subscribers get sample or full sizes of products to try out. The products vary each month and are usually centered around a theme.
An area that has potential for major growth in the cosmetics industry is marketing more products towards men. Men wearing makeup is becoming a more common thing and there isn’t many products marketed towards them. There is a gap in the makeup world that could be a potentially huge profit market.
An area that is lacking in the cosmetics industry is cosmetics for aging population. There are plenty of skin care products that target aging women but there aren’t that many makeup specific products for aging. If the cosmetic industry could include the anti aging benefits of skin care into their makeup products, it could be an area for massive growth.
A company called Z-palette creates empty magnetic palettes that you can customize with any products you choose. Most products such as eyeshadows, blushes, and bronzers are in metal pots that you can pop out and put all in one Z-palette. This allows more customization and freedom for customers. Cosmetic brands should start to offer their own magnetic palette’s so their customers can start to customize their makeup experience. These palettes could be available to fill in Sephora, Ulta, or even on their websites.
Eco-friendly packaging and vegan products are starting to become a high demand with where the future of our world is heading. According to Rachel England, “Euromonitor reports that in 2008, the cosmetics industry created 120.8 billion units of packaging” (Resource, 2010). The packaging contains mostly plastic and cardboard that end up in our landfill. Companies such as LUSH, and Mac cosmetics have took the initiative to recycle their packaging. Customers who bring in 5 empty pots/containers back to their local LUSH store receive a complimentary face mask. Customers who bring in 5 empty lipsticks back to Mac receive a complimentary lipstick. More cosmetic companies should take the initiative to offer some sort of reward to their customers for recycling.
Multi-functional product are starting to make a wave in the cosmetic industry. BB creams and CC creams came out a few years ago and have grown in popularity ever since. The BB and CC creams are a light coverage foundation that also contain ingredients and vitamins that help to fight aging, brighten skin tone, and help to improve overall complexion. Milk Makeup
Offers an entire line of products that are multi-use and made for women who have a busy on the go lifestyle. Their blush sticks can be used as blush, eyeshadow, and lipstick. This allows customers to carry very few products on the go, and get the most out of their money.