Emerging Trends in the Beauty Industry for 2024: What You Need to Know

The skincare industry had an outstanding year in 2023, driven by strong sales growth and evolving customer preferences. According to Numerator, beauty sales were gained by 15.8% year-over-year, leaving behind other consumer sectors despite economic challenges like high inflation. This growth was charged by increased spending by consumers, especially on premium products, as well as a change in direction in purchasing habits – with now more frequent trips per household and a greater focus on higher quality skin care products.

Key trends in the beauty marker helped push forward this growth, with skincare brands leading the way. Numerator’s Breakthrough Beauty report emphasized several key themes driving the market’s success, including the Clean Movement, the Ingredients Movement, and the Beauty-for-All Movement. Let’s take a closer look at each.

The Clean Movement

As consumers became more active and traveled more in 2023, hygiene and body care products saw a drastic upstick in usage. The trend was mostly prominent amongst younger generations like Gen Z and Millennials, who preferred clean and organic skincare products free from harmful chemicals like sulfates and parabens. 

For example, Procter & Gamble’s Native brand became the quickest-growing skincare brand, thanks to its emphasis on clean ingredients. The rise in demand for travel-size products also added to this growth, showcasing an increasing desire for convenience. 

The Ingredients Movement

Consumers became more knowledgeable about skincare ingredients, leading to more of a need for products targeting specific skin concerns, such as anti-aging and sun protection. 

In 2023, the best skincare products focused on high-result ingredients like retinol and niacinamide, with top brands such as CeraVe, The Ordinary, and Hero Cosmetics seeing incredible gains. 

There was also a strong preference for products that addressed hydration, skin sensitivity, or hyperpigmentation. A nice surprise? Sun protection has become a key priority, with nearly 54% of beauty customers purchasing SPF products. Younger consumers, particularly Gen Z, showed an increasing preference for skincare brands like CeraVe and Neutrogena for sun protection, distancing themselves from traditional sun care brands.

The Beauty-for-All Movement

The cosmetics market also experienced growth, with consumers moving toward more customized and personal makeup choices. This trend showcased a need for products that were tailored to individual needs and self-expression. 

While cost remained an important factor, consumers growingly sought makeup with skincare benefits and cleaner ingredients. Also, Gen Z and Millennials highlighted the importance of SPF in makeup products, while older generations focused on shade variety. Brands like Fenty Beauty and Rare Beauty led the pack in premium makeup, while budget-friendly brands like E.L.F. grew rapidly by tapping into trend-driven consumers on platforms like TikTok. 

Starting the Next Movement

As beauty brands expand on the movements generated in 2023-2024 and look toward 2025, three core principles stand out. First, brands should focus on having a Gen Z-first approach, as this generation is restructuring skincare and beauty standards. 

Second, integrating sun protection into skincare and beauty products will be key to meeting consumer demand. 

Finally, balancing your pricing portfolio is essential, as consumers look for both premium and value products. By aligning with these trends and standards, skincare beauty brands can continue to excel in a dynamic market.