Podcast 206: Is the beauty industry truly saturated?

Today, when beauty standards and consumer expectations are constantly evolving and ever more demanding, the question of whether the beauty industry is saturated seems more relevant than ever. With sustainability the buzz word on every consumer brand’s agenda, even if they pay only lip service to it – as we found out in our recent episode on greenhouse glossing – should we worry that some beauty brands shut up shop?

The underlying question here is whether the beauty landscape is just too crowded in a changing consumer climate. Last week, we explored the cut-and-thrust world of beauty retail with industry expert and analyst Wizz Selvey, shedding light on the unexpected turn of events for The Body Shop.

This week, Formula Botanica CEO and podcast host Lorraine Dallmeier delves deeper into this topic, examining the landscape of the beauty industry to ask if there is still room for innovation and new brands.

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Inspiring quote:

“So, is the beauty industry really saturated? And the answer, of course, is no. Brands will always come and go, but they will only enjoy longevity if they continuously innovate and improve – and many of them simply won’t be able to do that, and this creates huge gaps in the market for new brands to join in.” – Lorraine Dallmeier

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Key takeaways include:

• The evolution of beauty standards: The beauty industry’s landscape is one of constant change. When brands don’t continuously innovate, as seen in the recent case of The Body Shop, they run the risk of going out of business. Lorraine discusses how staying relevant through innovation is not just a strategy, but a necessity for survival and success.
• Opportunities for newcomers: Despite appearances, the beauty industry is far from saturated. There exists a myriad of opportunities for brands that can bring fresh perspectives, innovative products, and a strong vision for change. The key lies in differentiation and understanding consumer desires.
• The importance of innovation: Drawing parallels with iconic brands such as Lush, this episode underscores the critical role of innovation in maintaining relevance and competitiveness. As the industry grows, the appetite for novel and sustainable beauty solutions only intensifies.
• A tribute to pioneers: Reflecting on the legacy of Dame Anita Roddick, we’re reminded of the power of activism within the beauty sector. New brands have the chance not just to capture market share, but to continue the mission of making the world a better place through sustainable and ethical beauty.

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There’s a wealth of information in our old episodes and we encourage you to go back and listen to them. If you want to hear more about some of the topics we cover in this episode, please do delve back into the podcast archives. Go and listen to:

Episode 151: The history of slavery in soapmaking – how a beauty company was formed on the back of history and is a current-day activist and campaigning entity.
Episode 145: The 9 boundaries of planetary care – the minimum framework businesses need to operate in to ensure sustainability of the planet.
Epiosode 197: Skincare for racial equity – how one woman went on a mission to foster the science of 4.5.6 skin types for a more inclusive, equitable cosmetics industry.

Thank you for joining us for this episode of the Formula Botanica Green Beauty Conversations podcast. If you enjoyed listening, please share, subscribe and review this episode on iTunes, Spotify or Youtube so that more people can enjoy the show. Don’t forget to follow and connect with us on Facebook, Twitter and Instagram.

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