As COVID-19 rages on, many people in the cosmetic industry are worried about how their companies will fare. Many companies that produce cosmetic and topical over-the-counter drug necessities, such as shampoo, toothpaste and deodorant are expected to maintain their usual level of sales. Of course, hand soaps and hand sanitizers have seen a boom in sales. Consumer demand is lower in a few categories for the short term, but are expected to bounce back quickly, with items including skin care and hair care. Many consumers are looking for products that will assist them in relaxing and self-care practices. In fact, consumers are more engaged in the beauty industry than ever before. It’s the products they are purchasing that is shifting.
Technovio, a market research company, predicts that men’s skincare products market will grow by $1 billion USD between 2020 and 2024. Anti-pollution and multifunctional skincare products are expected to be the driving factors in the market growth.
Among younger generations, lip balm and lipstick are considered the most essential cosmetic product to purchase, followed by mascara and concealer, a study by Rising Consumers Market Research shows.
Although the world is going through an unprecedented pandemic and recession, “the beauty market is fairly recession-proof, and its products will continue to be desired by consumers—both for meeting basic needs as well as an indulgence”. Our company can help yours by ensuring your products stay on the market because they meet all the federal requirements. We can assist with labeling compliance, FDA registration, Good Manufacturing Practices, European Union product requirements, and much more.