Mintel Senior Analyst on 2024 Global PBC Trend Report key takeaways

By Cassandra Stern

- Last updated on GMT

Currently, shared Clare Hennigan, Global Senior Beauty & Personal Care Analyst with Mintel, “the beauty industry is experiencing a paradigm shift, as consumers increasingly seek products that prioritize efficacy and functionality” over glossy packaging and catchy marketing gimmicks. © dima_sidelnikov Getty Images
Currently, shared Clare Hennigan, Global Senior Beauty & Personal Care Analyst with Mintel, “the beauty industry is experiencing a paradigm shift, as consumers increasingly seek products that prioritize efficacy and functionality” over glossy packaging and catchy marketing gimmicks. © dima_sidelnikov Getty Images

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This year’s report identified the mind-body connection, artificial intelligence, and minimalism as three of the most impactful trends driving the beauty space forward into 2024.

Recently, market intelligence agency Mintel released its 2024 Global Beauty and Personal Care Trends Report​, which highlighted three major areas of significance: “NeuroGlow,” or “mind-body beauty,” “Beaut-AI,” or artificial intelligence’s transformation of the beauty industry, and “Sophisticated Simplicity,” or the rising consumer demand for efficient and effective beauty products and ingredients.

For an analysis of key takeaways from the report, including the potential impact of the report’s findings on US cosmetics and personal beauty care product manufacturers and suppliers, CosmeticsDesign spoke to Clare Hennigan, Global Senior Beauty & Personal Care Analyst with Mintel, for her insights. 

Interconnectivity of mental and physical well-being 

As detailed in the report, “consumers are prioritizing wellness to feel better in body and mind​,” and a noteworthy “70% of US consumers are interested in and willing to pay more for BPC products with mood-boosting qualities (eg de-stressing).”​ As a result, the report shared, “the ‘NeuroGlow’ trend offers a comprehensive approach to beauty, improving external appearances and enhancing mental and emotional well-being through technology integration, partnerships, inclusivity and personalization​.” 

Therefore, a key takeaway from this beauty trend is that “consumers understand that psychological and physical factors impact their appearance, underscoring opportunities for companies to explore the mind-body connection​,” said Hennigan. For cosmetics and personal care product manufacturers, suppliers, and brands, this means that “as more scientific research is done to validate how mental health and lifestyle influence cosmetic needs, brands will increasingly look to incorporate science-backed neurocosmetic ingredients into formulations as a way to address needs - both mental and physical​,” she explained. 

The report also noted, “as our understanding of the mind-body connection deepens, the trend of integrating mental well-being into the beauty industry will become mainstream​.” As a result, “beauty brands, retailers, and wellness providers will include mental well-being practices as a fundamental part of their customer strategy​” moving forward and can “help usher consumers into the next chapter, which involves incorporating stress relief techniques, healing practices, targeted supplements, and revised daily routines to elevate the role of beauty in a more enriching life​,” the report concluded. 

Beauty’s partnership with AI 

The report shared that “28% of US consumers say they would be interested in trying hyper-personalized products (i.e., products developed through biometric data, e.g., DNA) and would be willing to pay more for them​,” which is a strong indicator of the growing interest in the intersection of beauty products or services and the benefits of artificial intelligence. “AI is revolutionizing the beauty industry​,” the report continued, by “accelerating product development and promoting inclusivity​,” and “by analyzing data, learning patterns and generating insights, AI aids in addressing ethical concerns and speeding up new product development​.”

Therefore, the report stated, “the ‘Beaut-AI’ trend identifies how beauty brands can leverage information, like customer feedback on social media, to identify gaps and create innovative products tailored to specific needs​.” For example, “AI is revolutionizing beauty with personalized recommendations, virtual try-on experiences, and data-driven insights, helps identify emerging beauty preferences and eco-friendly options​,” and promotes inclusivity through algorithms “trained on diverse datasets, catering to a wide range of beauty needs​,” Hennigan explained. 

Moving forward, the report concluded, “the future of AI-driven beauty offers personalization, advanced solutions, sustainability, co-creation, and ethical considerations, providing consumers with innovative and inclusive experiences​,” including “precise skin analysis, personalized product recommendations, smart mirrors, interactive displays​,” and more. 

Elevating minimalism with efficacy

According to Hennigan, “the beauty industry is experiencing a paradigm shift, as consumers increasingly seek products that prioritize efficacy and functionality​” over glossy packaging and catchy marketing gimmicks. As noted in the report, “the emerging ‘Sophisticated Simplicity’ trend emphasizes the quality of ingredients, the proven effectiveness of products, and the reassurance of simplicity​.” Therefore, “consumers are more inclined to seek justification for premium pricing based on tangible results rather than superficial factors​.” 

In fact, “66% of US beauty buyers say they prefer to use high-quality products, regardless of price​,” the report revealed. As a result, “consumers will continue to demand more and more transparency when it comes to beauty product ingredients​.” Additionally, Hennigan explained, “value becomes even more important as consumers across the globe experience a cost-of-living crisis, driving dupe culture, and brands that do charge a premium need to work harder than ever to justify the price​.” Further, she added, to maintain brand equity, luxury brands may need to emphasize “exclusivity, craftsmanship, and heritage​” to best resonate with consumers. 

Regarding the future forecast of the “Sophisticated Simplicity” trend, the report detailed that “we are seeing a new wave of ‘new-age minimalism’ and ‘coded luxury’, driven by industries like fashion, which emphasizes investment in high-quality, minimalist pieces with timeless appeal… looking ahead, this will continue to evolve through innovation and expansion in the beauty industry…[and] brands that focus on innovation, expansion and eco-conscious practices are set to achieve growth​” in this space. 

Appealing to the future consumer 

Based on the report’s findings, Hennigan shared that one of the best ways cosmetics and personal care product manufacturers and suppliers can cater to these trends for more consumer appeal would be “backing claims with scientific research, [which] is incredibly important​.” As “beauty enthusiasts are savvy when it comes to ingredient knowledge,” ​she shared, they will continue to “look for brands that deliver tangible benefits, without over promising results​.” 

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