“Rising technological developments and product innovations are projected to take place in the next five years in countries like China, India, Japan and South Korea, says Dr. Mosongo Moukwa” – in a great read in the business standard, concerning the cosmetics & personal care industry.
The global market for cosmetics and personal care products is rapidly expanding, and rising technological developments and innovations of skin & personal care items will happen, especially in the next five years in countries like China, India, Japan and South Korea. Nail products, lip products, facial make-up, and hair color products are the primary areas where these would take off.
As consumer behaviors are changing, so are their needs also. There are more choices and varieties in the markets available, empowering them to create their ideal cosmetics & personal care products, tailored to their individual needs. Much of that is also due to various product innovations and subsequent changes in the way consumers perceive their skin care needs and products they use to address those needs then.
Another exciting aspect of the cosmetics & personal care industry is the rise of ‘medicalised’ and organic skin care products, and devices are some of the developments.
Large cosmetics & personal care product manufacturers are catching on, introducing hundreds of new products every year. The most recent product customization innovations include new product formats, textures, and functions. Many others provide more ‘tweaking’ and ‘missing’ than full customization.
There is a growing number of Asia-inspired cosmetics & personal care products and innovation in international markets. This so-called ‘Asianification’ trend is expected to grow stronger and deliver more product personalization concepts
Overall, presently, makers of cosmetics & personal care products are establishing their businesses/shops in emerging markets of Asia because that is that is where growth is. On the other hand, Africa and the Middle East have maintained double-digit growth despite the political instability in the region.