Market intelligence outfit Mintel has revealed three global trends it believes will have a "profound impact" on the beauty and personal care industry in 2024.
The company’s annual Global Beauty and Personal Care Trends report identifies ‘NeuroGlow’, ‘Beaut-AI’, ‘Sophisticated Simplicity’ as shaping the sector next year.
Mintel defines ‘NeuroGlow’ as the future of wellness, intertwining mental wellbeing with physical appearance.
Brands, it says, will adopt a comprehensive approach, integrating technology, partnerships, inclusivity, and personalization.
Practices like psychodermatology and neurocosmetics will gain traction, and wearable devices will enhance the mind-skin connection.
Advanced data analytics, DNA testing and personalized algorithms will drive customized beauty products tailored to individual mental and physical needs.
Meanwhile, the ‘Beaut-AI’ trends, says Mintel, will see artificial intelligence revolutionize the beauty industry by making it more personalized, efficient and effective.
AI analyzes data, learns patterns, and generates insights to accelerate product development while addressing ethical concerns.
Brands can harness AI to create innovative products tailored to specific needs, provide precise skin analysis, personalized recommendations, and real-time wellness monitoring.
Finally, ‘Sophisticated Simplicity’ forsees consumers seeking products that prioritize results over flashy packaging and marketing campaigns, with transparency and substantiated claims of effectiveness paramount.
This trend encompasses a 'new-age minimalism' and 'coded luxury,' as consumers focus on a curated selection of high-quality essentials.
Mintel says brands investing in innovation, eco-conscious practices, advanced formulations, and cutting-edge technologies for targeted solutions will thrive.
“We believe that these trends will have a profound impact on the beauty and personal care industry in 2024, and brands that adapt to these changes will lead the way,” said a Mintel spokeswoman.