LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global facial serum market provides an analysis on the most important trends expected to impact the market outlook from 2016-2020. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Brijesh Kumar Choubey, a lead analyst at Technavio for research on cosmetics and toiletry, “The online channel will play a vital role in market growth over the coming years, allowing vendors to gain increased visibility. Manufacturers are predominantly expanding their online presence as one of the most discussed subjects online as well as one of the top three Google search topics is beauty.”
L'Oréal has recently witnessed the importance of the online channel in fueling growth. When it expanded its online operations in China in 2015, there was a 20% sales contribution from the online channel. Customers find this retail channel convenient and time-saving; they can also get product reviews and feedback easily from previous customers.
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The top three emerging trends driving the global facial serum market according to Technavio consumer and retail research analysts are:
- Increasing use of natural and organic ingredients
- Packaging innovations
- Leveraging online channel and in-store digital initiatives
Increasing use of natural and organic ingredients
The increased focus on health and wellness across the globe has also left its impression on the beauty and personal care industry. Natural and organic products are emerging as important product segments in the market as consumers consider these products safer than regular products, which may contain hydrofluorocarbons, formaldehyde, fragrances, and micro-particles of other ingredients. Recognizing the growing trend, manufacturers are developing natural and organic cosmetics products to cater to the growing number of consumers who are avoiding products with synthetic components.
For instance, some facial serums enriched with natural ingredients include Vitamin C Skin Boost Instant Smoother, Vitamin E Overnight Serum-In-Oil, Vitamin E Intense Moisture Serum, Nutriganics Drops of Youth, Aloe Protective Serum, Nutriganics Smoothing Serum, Drops of Youth Eye Concentrate, and For Men Maca Root Eye Rescue Serum from L’Oréal under its The Body Shop brand.
Packaging innovations
“The packaging of products plays a two-fold role of safeguarding the content and as a marketing tool to make the products stand out on a store shelf and allure consumers to choose the product,” asserts Brijesh.
Some of the serums launched in 2015 that had innovative packaging were the dual-phase serum for Clarins Double Serum and IOMA’s device for measuring hydration in the skin. The emergence of oil-based cosmetics is leading to innovations in packaging that enable deep formulations to be held and dispensed in a more effective manner. An example of such an innovation is the Serumony pack, a luxury serum dropper in the form of an airless pen, launched by French supplier Aptar in 2013.
There is also a growth in demand for dropper bottles for serums. To that end, Skin Inc. markets its serums in dropper bottles. These serums are packaged in clear dropper bottles that display the colorful, active ingredients. There is also increased usage of biodegradable plastics in cosmetics packaging as companies are trying to increase their sustainability efforts and develop more injection type cases or packs.
Leveraging online channel and in-store digital initiatives
Considering factors such as convenience and easy on-the-go shopping experience, consumers are now increasingly purchasing beauty products online. To fulfill consumers’ requirement and meet their expectations, there has been an increase in the number of beauty manufacturers embracing the online platform and adopting an omni-channel strategy.
For example, L'Oréal's L'Oréal Paris and The Body Shop; LVMH’s Sephora; Chanel; and Henkel's Schwarzkopf Professionals have online presence. The online platform is providing significant growth opportunity for the beauty care product manufacturers. In 2015, L’Oréal's online sales grew by 37.9% compared to 2014, accounted for 8.2% of the company’s consolidated sales, and contributed revenue of USD .44 billion.
Retailers are using in-store virtual reality technology to add to the shopping experience of consumers. Using this technology, customers can see and experience how they will look after applying a beauty product. An example of a brand that uses the online channel and undertakes in-store digital initiatives to effectively engage consumers is Sephora, the beauty retail brand from LVMH. In 2015, Sephora opened its first smart store, Sephora Flash, in Paris.
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