How CPG Companies Can Revolutionize the Beauty Space with the Help of Digital Lab Tools
As consumer incomes rise and lifestyles continue to become more globalized and cosmopolitan, the worldwide market for beauty care products is expected to reach approximately $265 billion in 2017.1 Interestingly, as the demand for makeup products from consumers increases, so too does the desire to improve their skin care regimen. According to a popular lifestyle website, “If this season’s no-makeup makeup obsession is any indication, then bare, yet clear faces are not just desirable—they’re downright trendy.”2 Indeed, in 2010, GC Magazine estimated that skin care would “increase its already sizeable lead in the beauty market”3, while Statista showed that by 2012, with a global worth of $99.6 billion, the skin care market had already surpassed analysts’ estimates.4
In this context, consumer packaged good (CPG) companies should consider what new and effective products could revolutionize the skincare industry enabling them to take advantage of this burgeoning market. Thus, rather than create the millionth skin care wash or another 10 percent benzoyl peroxide cream, what can CPG companies do to situate themselves ahead of the pack?
CPG Companies and the Use of Technology for Skin Care
To differentiate themselves from others, innovative CPG companies should go beyond traditional products to determine how their researchers can combine skin care with developments in technology. For example, microdermabrasion is a technique that uses “a spray of microcrystals to remove the outermost layer of dry, dead skin cells” to reveal younger and healthier skin.5 Many times individuals go to specialized spas to have the procedure done, but how can companies bring such procedures to the home? If CPG companies, for instance, were able to identify ways in which small-scale microdermabrasion kits could be most easily used in consumers’ bathrooms, this discovery would be significant toward empowering consumers’ to take care of their skin and fulfilling their desires to do so with novel products, all while also increasing company profits. Microdermabrasion technology from the home does exist, but CPG companies could do more to ensure that these items are not as cost-prohibitive and more portable than existing technology. Moreover, microdermabrasion is simply one example; one can consider how other technologies, such as laser resurfacing, liquid nitrogen treatment of warts (a prevalent problem in skin care) and other such treatments currently reserved for the dermatology office, can be refashioned and made safer for the home.
How CPG Companies Can Be Innovative
Once companies are invested in creating products such as the ones described above, there are many digital lab tools that they can utilize to increase the likelihood that their concepts become real products. Most prominently is the use of electronic laboratory notebooks, which are highly successful in supporting innovation. Electronic laboratory notebooks are useful given that they help researchers organize company workflows and keep track of how products are changed along the pipeline to development. Similarly, modeling software can illustrate how different chemicals and technologies interact with each other to create a safe, but effective product that goes beyond a face wash or acne cream.
Digital Lab Tools: Moving the Beauty CPG Space into the Future
As mentioned, the skincare industry is only expected to increase in size and influence as the buying power and size of the middle class expands worldwide. To keep up with their demands for skin improvement—beyond just covering up blemishes—CPG companies can choose innovation by investing in novel technologies, such as the BIOVIA Notebook and Materials Studio, to improve the quality of products for consumers’ skin. To learn more about how to support the innovation within your company, please contact us today.
- “Global beauty market to reach $265 billion in 2017 due to an increase in GDP,” November 7, 2012, http://www.cosmeticsdesign.com/Market-Trends/Global-beauty-market-to-reach-265-billion-in-2017-due-to-an-increase-in-GDP ↩
- “How To Replace Your Makeup With Skin Care,” October 14, 2014, http://www.refinery29.com/skin-care-instead-of-makeup#slide ↩
- “Skin Care Remains Star of Global Beauty Market,” August 31, 2010, http://www.gcimagazine.com/marketstrends/segments/skincare/101889763.html ↩
- “Size of the global skin care market from 2012 to 2021 (in billion U.S. dollars),” http://www.statista.com/statistics/254612/global-skin-care-market-size/ ↩
- http://www.docshop.com/education/dermatology/facial/microdermabrasion ↩