Oil free, cruelty free & anti-aging serum among moisturizer wants
Time and time again we hear in advertisements that moisturizer is the key to healthy, long-lasting skin. And quite frankly, they’re right! You never really realize how great moisturizer is until you’ve got uncomfortably dry skin that is begging for a little TLC.
But we all use moisturizer for different wants and needs, which is exactly why the market has such a high demand for product innovations that can tend to several different audiences. Market Research Future reports that Manufacturers have been focusing on developing unique formulations and adding it to the existing product line in order to enhance the value of their product range. Therefore, this industry is a very customer-oriented market in order to meet their needs.
With the market constantly in the battle to develop new and improved innovations and integrate them into their product lines, the industry is expected to have a calculated 5.7% compound annual growth rate during 2013-2023.
But what kind of innovations do consumers want from their moisturizer? You’re in luck, Caddle has the answers! Recently, we surveyed over 11,000 of our members on their moisturizer purchasing habits, and we were intrigued when comparing our results with industry trends. Let’s find out what we learned.
A product for any skin type
Ah, the battle of the generations. You’ve heard it before, “those darn millennials” or “those outdated baby boomers”. Believe it or not, the battle between generations has been an argument that has been passed down for generations and will continue to do so.
But maybe that’s because we all want different things? This certainly seems to be a possibility when it comes to moisturizer. When we asked our members what innovations they would be most interested in trying, each generation voted for something different. This is fluid with the industry itself as moisturizing cream has been segmented on the basis of specialty attributes. These attributes consist of:
- Natural & organic
Let’s face it, a 60-year-old baby boomer is less likely to apply acne prevention moisturizer on their face than what a 16-year-old would, and the same can be said that a 16-year-old is less likely to apply anti-aging moisturizer to their face.
The point is, each generation is going to want something different out of their moisturizer, so it’s only fair that those in the industry meet each generation’s needs. And, why wouldn’t they? More wants lead to more opportunities for innovation, which leads to new product lines, which lead to profit!
Not quite, but close! Being vegan means more than just cutting meat out of your diet, it means taking care of those little critters too. In turn, this rapidly increasing lifestyle is having a big effect on the CPG industry. In particular, “market share of cruelty-free moisturizing cream is found to be growing at a higher rate due to the rising population of vegan consumers,” noted Market Research Future.
This is something that holds true to Gen Z members. When asked what innovations they would be most interested in trying, 32% of Gen Z members indicated that they would be most interested in trying cruelty-free moisturizer. When compared to other beauty products, this seems to be a common trend. When we asked our members, what cleansing wipe innovations they would be most interested in trying, Gen Z members again indicated that they would be interested in a cruelty-free product.
It appears that veganism is a relatively new lifestyle, so where do Gen X and Millennials fit into this category? They too are following suit. While these members indicated that they would be most interested in Oil free/lightweight moisturizer, their second common innovation turned towards, — you guessed it – cruelty-free.
This creates the perfect opportunity for industry leaders to develop products that meet the needs of multiple consumers wants. Take Alba Botanica for example. Their Acnedote Oil Control Lotion is a lotion that is not only oil-free but cruelty-free too.
Certainly, creating a single product that meets the needs of multiple audiences is bound to turn a profit.
Is K-beauty the road to healthy skin?
With some products, we tend to be brand loyal beings. In the case of moisturizer, while 46% of members indicated that they would purchase a different brand of moisturizer if their preferred brand was out of stock, a surprising 21% said that they would go to a different store to find their preferred brand.
But when it comes to your face, your main concern shouldn’t be brand says beautytap.com. Skin manufacturers don’t know every skin type, let alone your own, so it’s important to be loyal to your skin’s needs and the ingredients that meet them.
“The options come directly to us by the brands themselves, which is why K-beauty (Korean beauty) stands mostly apart from the pack. You see, as a general rule, we’re pursuing them instead of the other way around,” Tracy Teel of beautytap.com mentions.
Teel makes a good point. Perhaps consumers are spending too much time being brand loyal instead of researching which brand is best for their skin. She also makes note of K-beauty. A form of beauty products that are focused on health, hydration, and naturalness.
K-beauty ranked as one of the lowest innovations that our members would be most interested in trying. Perhaps this is an untapped market that industry leaders could integrate into their product line and marketing campaigns to bring more awareness about the benefits of K-beauty.
After comparing industry trends to what our members indicated in our survey, it is evident to see that the moisturizer industry is full of potential. With the opportunity to create products that tend to specific generations, or even a collective of generations in one product, or the potential marketing strategy K-beauty products could adapt, the industry is certain to see the CPAG increase as forecasted.
If you’re in the CPG industry and you’re wanting to gain insights on your consumers without lengthy wait times, please reach out to us here at Caddle so we can accelerate your time to insights.