According to a new report from the market analysis company Mintel, “mind-body beauty,” artificial intelligence, and sophisticated simplicity will be the three global beauty megatrends.
The global cosmetics industry is poised for a major transformation in 2024, with the emergence of three megatrends, as per the market analysis company Mintel.
Consumers of beauty products are now seeking value, emphasizing quality, proven ingredients, well-being, and effectiveness while incorporating the latest advances in artificial intelligence (AI).
Here is an overview of the trends that will shape the beauty industry in the coming months.
NeuroGlow: Mind-Body Beauty
One of the most significant trends is “NeuroGlow,” which highlights the connection between mental well-being and physical appearance. Mintel underscores the growing importance of beauty in the pursuit of well-being. As a result, areas such as psychodermatology, focusing on the exploration of the correlation between mental well-being and skin health, and neurocosmetics, which concentrates on the relationship between the mind and the skin, will see increased prominence on a global scale.
“The mind-body connection is essential to elevate the role of beauty in the quest for well-being,” explains Sarah Jindal, Senior Director at Mintel, in charge of the Americas Division of Beauty and Personal Care and Household Research. “Brands will seek to offer a holistic approach to beauty that enhances outward appearance and reinforces mental and emotional well-being through technology, partnerships, inclusivity, and personalization. Advanced data analysis, DNA testing, and personalized algorithms will enable brands to innovate by creating personalized beauty products and regimens tailored to individual mental and physical needs.”
Beaut-AI: Artificial Intelligence in Beauty
Artificial intelligence (AI) is poised to transform the entire cosmetics industry. Mintel predicts that it will further infiltrate the sector through personalized recommendations, virtual trials, and data-based insights. This evolution will make the beauty industry more personalized, efficient, and effective. However, transparency and appropriate governance are essential to ensure sustainable growth.
“With data analysis, machine learning models, and the ability to generate information, AI addresses ethical concerns and accelerates the development of new products. Brands must leverage information such as customer feedback on social media to identify market gaps and create innovative products tailored to specific needs,” says Sarah Jindal.
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