Millennials and Gen Z are fueling the global boom in “clean beauty,” a market poised to exceed $8 billion this year, according to the Research & Markets analysis firm.
Global sales of clean beauty products—which are eco-friendly, non-toxic, free of harmful ingredients, and provide full ingredient transparency—are projected to hit a 12.5% year-over-year rise by the end of 2023.
“Younger consumers, in particular, exhibit a preference for clean products,” the Dublin-based market research firm said. “They’ve grown more discerning about product ingredients.”
The market category includes haircare, skincare, makeup and fragrances. While skincare has dominated it, makeup is currently its fastest-growing segment—partly due to social media influence and the use of Augmented Reality (AR), Virtual Reality (VR), and Artificial Intelligence (AI) technologies that personalize the shopping experience.
Most clean beauty products are sold in specialty stores like Ulta Beauty and Sephora, but fast-growing online commerce is creeping up as the #1 sales channel.
Top brands in this market worldwide include: e.l.f. Beauty, Inc., The Honest Company, Inc., Estee Lauder Companies Inc., Natura & Co (Avon Products, Inc.), LVMH (Sephora), Orveon (BareMinerals), Beautycounter, Credo Beauty, Ilia Beauty, NakedPoppy, Ere Perez, and RMS Beauty.