2023 will be a big year for the cosmetic industry, with consumers coming out of a 2-year economic slowdown and looking to spend their hard-earned money on new and exciting products. Certain luxury cosmetics forms have been consistently used throughout the last couple of years, but we anticipate that some will rise to the top and grow significantly in the new year.
Using our White Space AI tool, the team here at Simporter analyzed 26 forms to predict which will have the most significant growth potential, specifically within the Luxury Cosmetics industry, in 2023. Our software analyzes social media mentions, consumer sentiment patterns, and search traffic to make highly accurate trend predictions.
Check out the data insights below.
Powders
With the ongoing shift towards products that offer consumers a cleaner look and a more minimalist beauty routine, it’s no surprise to see Powders take the number one spot on our list. With an already impressive 9.16 percent share of voice, we predict that powders will grow by 48.10 percent in 2022, with tremendous opportunity relative to the other forms we’ll discuss throughout this article.
Powders refer to cosmetic products that use makeup powder to deliver a look or effect and are typically applied to the body using a brush of some sort. They can come in multiple forms, known as setting Powders or finishing Powders and can either be presented in a pressed or loose form.
The most commonly used form is Setting Powders, which some consumers regularly apply because they have the specific purpose of helping the user “set” or hold foundation products in place. Ideally, using Setting Powders will prevent base makeup from wearing off quickly.
For a generation of consumers focused on efficiency and bang-for-your-buck value, Powders such as this one from La Mer that help reduce the need to reapply base makeup are going to become increasingly popular.
Pads
Pads come in as the number two luxury cosmetics form on our list. We predict that in 2022, Luxury Cosmetic products in pad form will experience a respectable 38.53 percent growth compared to their performance in 2021. Consumers are returning to their on-the-go routines, where mobile makeup solutions will become more critical every day. Makeup Pads will come in handy for consumers that need a quick fix in the car, at the office, or during a night out on the town.
A majority of the most popular products that use Pads as a primary delivery mechanism are focused on maintaining a clean, fresh face and mitigating the impacts of acne, blackheads, and other blemishes. With Gen Z and Millenial shoppers flexing their buying power muscles as we head into 2022, we expect products like these Apple Cider Vinegar Resurfacing Peel Pads from Volition Beauty to hit a grand slam.
As consumers conduct their daily routines, Pads will be a reliable, simple, and effective solution that takes care of several top-of-mind problems all at once. Pads may only have a 0.70 percent share of voice now, but we expect that to grow dramatically in the coming year.
Creams
Gen Z and younger buyers are looking for cosmetics products that deliver a fresh, natural, and glowy look, so including Creams on this list is a no-brainer. Among all 7 of our predicted top performers, Creams hold the largest share of voice at 18.82 percent and have an expected growth rate of 24.25 percent.
Creams are used for various reasons and can be applied to most body parts for multiple purposes such as anti-aging, moisturizing, makeup, and more. For example, this Vegan Collagen Overnight Recovery Cream helps with deep moisturizing needs and is a high-quality option for nighttime skincare routines. Creams are convenient to use both at home, and on the go, so they’re a fantastic form that will help consumers with their skincare needs as they return to their pre-pandemic daily routines.
Compared to many of the Trending Cosmetic Luxury Categories we’ve covered in our other blog, Creams are not only popular among the younger generations. We believe that the expected growth of this form is going to be across consumers of all ages,
Pills
When you think of the Cosmetics industry, your mind doesn’t necessarily go straight to thinking about Pills. But, Pills are a prevalent category and expected to grow by 46.62%, the second most on our list. They have a small share of voice at 0.36 percent, but that won’t last for long based on the trends we’re predicting.
Multivitamins like these from Perricone come in Pill Form and are the optimal solution for consumers wanting to stay on top of their beauty and health routines. Some Pills can help with sleep enhancement, hair treatment, nail health, and the list goes on and on. No matter what condition you’re treating, you’ll be able to find products in the form of Pills that can help achieve the sort of impact you’re seeking. With the world returning to pre-pandemic norms, Pills are set to make a big push in the market as the perfect form that balances effectiveness, simplicity, affordability, and convenience.
Stick
Luxury Cosmetics products that come in Stick Form hold a 9.35 percent share of voice and are expected to see a 17.96 percent growth rate in 2022. The anticipated growth makes perfect sense considering sticks such as lipsticks, eye shadows, bronzers, and more are transportable and easy to integrate into daily routines. With economies reopening and consumers feeling more societal pressure to look their best in public, products like this Christian Louboutin Velvet Matte Lip Colour should see a surge in sales and usage.
Balm
Balms are fragrant ointments or preparations used to heal or soothe the skin, typically focused on hydration and the prevention of cracking/blemishes. With winter approaching and temperatures dropping, hydration becomes more critical than at any other time of the year. So, we anticipate that Balms, currently holding a 1.74 percent share of voice, will experience high growth rates of 18.97 percent heading into the new year.
Cosmetics products such as this Extra Illuminating Moisture Balm from Bobbi Brown claim to provide consumers with a burst of hydration and long-term skin benefits. These properties fit the profile of consumers looking for products that help energize a tired, dull complexion and restore their natural radiance. With younger buyers looking for straightforward methods to achieve their preferred aesthetic, Balms will fit the bill.
Bars
Coming up last, but definitely not least, on our list of rising forms is Bars. These products are geared towards consumers looking for a simple way to cleanse their skin and are expected to grow their 0.96 percent share of voice by 2.17 percent in 2022.
As people return to their in-person jobs or start to see friends and family on a more regular basis, their daily hygiene routines will most assuredly need to change as well. Items such as fresh’s Umbrian Clay Purifying Treatment Bar act as phenomenal solutions for clients looking to maximize the value of their soaps and cleansers when showering, bathing or washing their faces. Products like these often contain high mineral content that helps treat imperfections or blemishes, extract toxins or remove skin-born bacteria, and soothe the user’s skin.
Our Feelings on Forms
Consumer feedback over the last year has indicated that the more convenient a product is, the more likely they’ll purchase it. Convenience and value take precedence over vanity, brand names, and packaging, so we’re confident that the forms covered in this article will experience explosive and noteworthy growth phases over the next 12 months. Powders, Pads, and Creams will continue to dominate the marketplace while Pills, Sticks, Balms, and Bars will steadily increase their share of voice and market penetration. People want to feel like their money is going towards cosmetics products that require little thought or time but deliver high impact, and we think these seven forms do just the trick.