Webinar on the Five Innovations Paths for 2024 for the Cosmetic Industry
On January 18th, 2024, Erdyn & COSMETIC 360 organized a 30-minute webinar on the Five Innovation Paths in the Cosmetic Industry for 2024. The topic of the 10th edition of COSMETIC 360 was exclusively announced during the webinar.
For those who may have missed the webinar or would like to revisit the insightful discussions, we are pleased to share the recording with you by contacting our Webinar organizers:
- Roxane PRIEUX (firstname.lastname@example.org)
- LAETITIA DURET (email@example.com)
The European cosmetics and personal care emerged as the largest industry in the world. This sector not only plays a significant role in the economy, but it also stands as a crucial sector for research and development, employing around 30,000 scientists. Nowadays, the cosmetics industry faces several challenges in the development of innovative products, with the main goal of meeting the different needs of consumers in the ever-changing world of beauty. With increasing competition and technological advancements, finding new innovation strategies becomes crucial for success and sustainability. This dynamic industry demands continuous reinvention of products and strategies. Innovation in this sector encompasses a broad spectrum from the extraction of natural compounds to marketing strategy and product formulation. Innovation in this industry is not a short-term endeavor, given that the journey from development to market launch for a new product often spans over five years. Additionally, it’s a dynamic process – each year sees about 25% of cosmetic products undergoing enhancements or being entirely new creations. The volume of patent activity serves as a meaningful measure of this innovation, with a notable percentage of patents granted in the European Union pertaining to cosmetics, which hit a high of 10% in 2009. To innovate better, it is important to have a deep understanding of changing consumer trends, advances in science and technology, and a commitment to ethical and sustainable practices.
In the Webinar, we explore the different ways in which innovation can be fostered within the cosmetics industry, including embracing cutting-edge research, leveraging digital transformation, implementing sustainable practices, and promoting inclusive and diverse product development.
In complement to the Webinar, a series of five articles will be published, each showcasing an innovation path: Sustainability, Natural Ingredients, Digitalization, Science and Consumers focus. In these articles, you will find a review of the context driving cosmetic companies to engage with this innovation lever, followed by a comprehensive list of companies actively involved in this area, exemplifying how various players are addressing these topics. We hope these articles will be valuable in effectively contributing to your scientific monitoring.