Market overview: At a glance
What's in this report?
Introduction
Top 5 trends:
4. Sustainability and fast beauty
Fast beauty noun
On-trend cosmetics products that are produced and launched quickly, with the help of agile supply chain capability and digital marketing.
Source: Daxue Consulting
Key market challenges addressed
Amid the rise of Instagram trends and influencers, an opportunity broke out within the beauty industry to develop a new model, based on accelerated product cycles, enabling brands to capitalise on the latest trends and produce limited runs as quickly as possible, at accessible price points.
And so 'fast beauty' was born, pioneered by brands like e.l.f and NYX, and adopted by young players like Winky Lux and 3ina. And it continues to disrupt the entire industry.
“Fast beauty is making the establishment listen – the big, old suppliers, brands and retailers” says Mark Curry, co-founder of Be for Beauty.
“Consumers are now in charge of their own destiny, so brands need to keep them satisfied by delivering better, quicker, or remain as they are at their peril.”
“Fast beauty brands are accelerating production cycles and thereby challenging the bigger and more established brands through this agility and speed,” adds Alexandra Rastall, Client Manager, Life & Style at global research agency Kantar Millward Brown.
But fast beauty brands have their own set of challenges to address too. “One of the caveats to this impact is how saturated the industry already is,” says Rastall. “Growth is ultimately slowing and so there does seem to be a ceiling as to how much fast beauty brands can impact on growth in the longer term.”
“Being fast today isn’t enough. In order to compete, you have to have data and insight into what consumers are wanting and where the market is going"
- Remy Wildrick Klein, Marketing Director, e.l.f.
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- Companies:
- Euromonitor International
- Mintel International Group
- Avon Products
- Feelunique
- Topshop
- ASOS
- e.l.f. Beauty
- Millward Brown
- Daxue Consulting
- CB Insights
- The Inkey List
