The global circular beauty products market stands at US$ 2.4 billion and is predicted expand at a CAGR of 5.8% between 2022 and 2032. The market is growing owing to factors such as changing lifestyle trends, growing market for sustainable beauty products, eco-design packaging solutions, animal cruelty-free products, and chemical-free products.
According to the United Nations, one-third of the total food production procured for human consumption is wasted or lost from the primary source. It is high time beauty product manufacturers cater to this issue by investing in developing beauty products from food waste ingredients.
Skincare and haircare formulation manufacturers have been utilizing food ingredients, especially superfoods from food waste, which is a more eco-friendly and new development. However, food waste ingredients are not a niche idea from smaller beauty ingredients companies but an important step towards the sustainable future of beauty products.
- French cosmetic giant L’Oréal announced an investment fund for improvising innovations in the circular economy on the occasion of Earth Day, on April 22.
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Key Segments Covered in Circular Beauty Products Industry Research
- Circular Beauty Products Market by Product :
- Personal Care
- Body Care
- Others Products
- Circular Beauty Products Market by Consumer Orientation :
- Male Circular Beauty Products
- Female Circular Beauty Products
- Circular Beauty Products Market by Sales Channel :
- Online Sales Channels
- Company Websites
- e-Commerce Platforms
- Offline Sales Channels
- Modern Trade Stores
- Brand Stores
- Beauty Salons
- Circular Beauty Products Market by Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa
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Augustinus Bader, BYBI, Caudalie, Chanel, Circumference Inc., Earth Harbor, Fruu, Mark & Spensors, Monta Monta, Rabot 1745, Superzero, The Body Shop, Three Ships are key manufacturers of circular beauty products.
- Aquafaba (chickpea salt water, usually discarded) has the same properties as egg white and can be used as a replacement for hair care products. Lush has launched a vegan protein shampoo made with Aquafaba, touting its protein and saponin properties to protect and strengthen fine hair.
- British brand UpCircleBeauty launched an oil, scrub, and soap bar based on used coffee waste and chai spice granules.
- Food supplier Daylesford Organic launched a bitter orange hand balm containing cold-pressed citrus aurantium from Seville orange peels.
- Fruu combines locally-produced series of small batches of processed fruit waste bi-product beauty, such as natural lip balm, to create biodegradable beauty products and sustainable formulations, which at the same time brings additional revenue for small fruit producers.
Key Takeaways from Market Study
- By product, the personal care segment is projected to provide an absolute $ opportunity of US$ 1.2 billion over the forecast period (2022-2032).
- Among the sales channels, online sales are anticipated to expand around 2.2X in market value by 2032 and create an absolute $ opportunity of US$ 1.2 billion by 2032.
- Female consumers are set to account for an absolute $ opportunity of US$ 1.1 Billion.
- Europe is expected to hold around 33.5% of the global circular beauty products market share by 2032.
- North America is predicted to provide an absolute dollar opportunity of US$ 483 million by 2032-end.
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A key strategy for participants in the circular beauty products market has been to salvage waste from food and beverage companies that are intended to go to landfills. In addition, companies are using F&B byproducts that they reclaim and optimizing their utilization in the formulation of skin care products.
Companies are also focusing on manufacturing facilities for capacity expansion for bringing sustainable products to the masses and are investing in the research and development of innovative products, customized to fulfill the demand of niche consumer segments.
Manufacturers should increase their production, and, as a result, aim to offer innovative products that are tailored to the customized needs of consumers, with a focus on sustainability. Additionally, collaboration with retail channels should remain a vital strategy for manufacturers of circular beauty products, as they would become aware of the needs of consumers, and, in turn, develop application-specific products, catering to diverse customers across geographies.