Room for Growth in Beauty and Personal Care Markets
The beauty and personal care industry has continued to see steady growth in recent years, which means there is plenty of opportunity for brand new or emerging brands to carve out their place in the market. With the help of reliable partners, these brands can ensure that their products will obtain exposure that they may not previously have thought possible.
A 2012 estimate predicted that by 2017, the beauty and personal care industry would reach $265 billion in worldwide revenue. Taking into account items like sunscreens, deodorant and skin care, that number could exceed $630 billion. These staggering figures might scare new or growing companies about their prospects on the market, but what it really means is that there’s more opportunity than ever before for new companies to make their mark on the industry.
The biggest way that these new or emerging brands can compete with the existing big names in the industry is to be personal. Consumers are constantly on the lookout for products that reach out to them on a personal level, and that’s true across all industries. The bigger a company gets, the harder it becomes to maintain that “personal” appeal.
Smaller companies have more of an ability to give consumers more personal attention and more flexibility to customize their products to fit the needs of their consumers. Additionally, social media is playing a huge role in the success that smaller and newer beauty and personal care companies are able to achieve. In years passed, brands had a much harder time breaking through because it was extremely difficult to reach out to new customers. With the rise of the internet and social media, brands can stay in constant communication with existing customers while having the key to growing their customer base right at their fingertips for no cost at all.
Finally, stores are beginning to stock their shelves with many products from smaller brands, as the average consumer is starting to use much more discretion over the products that they purchase. National and regional distributors can help small, emerging companies to get their products into stores to reach out to people who may not be as likely to do their beauty and personal care product shopping online. It’s an exciting time for emerging brands in beauty and personal care. Take the opportunity you have in front of you to mark your place in the industry and reach out to brand new customers.