The beauty industry’s ‘green’ aspirations, totaling $500 billion, are lacking consistency and falling behind.
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The global beauty industry, worth $500 billion, is undergoing a shift in consumer preferences due to the increasing climate crisis. A recent study by Simon Kucher’s Global Sustainability Study found that 60% of consumers worldwide consider sustainability as an important factor in their purchasing decisions, with 35% willing to pay more for sustainable products or services.
To meet these changing preferences, many beauty brands have set environmental goals, such as reducing single-use plastics, providing recyclable and reusable packaging, and increasing transparency around product ingredients. However, consumers still struggle to understand the sustainability credentials of many products, leading to confusion and “greenwashing” within the industry.
There is currently no international standard for the beauty industry regarding the amount of product ingredient information to share with customers. This lack of standardization allows brands to set their own rules and goals, further contributing to the confusion. To address this issue, customers need better marketing and certification information.
The beauty industry also faces challenges in terms of plastic packaging sustainability. According to the British Beauty Council, 95% of plastic packaging in the industry is thrown away, with only a small percentage being recycled. Many brands are trying to phase out harmful plastics and adopt post-consumer recycled (PCR) plastic, but the limited supply and growing demand for PCR plastic make it more expensive than virgin plastic.
Beauty retailers play a crucial role in promoting sustainability practices by setting standards for the brands they sell. Smaller businesses have shown more agility in embracing sustainability practices compared to larger brands. Initiatives like Sephora’s “Clean + Planet Positive” and Target’s “Target Zero” program aim to label and promote sustainable products.
While certifications like the B Corp can help inform eco-conscious consumers, they are currently voluntary for brands to apply for. Experts and business leaders believe that governments and multinationals need to enforce regulations and set baseline sustainability standards for brands to operate from.
In conclusion, the beauty industry needs collective advocacy and leadership from both brands and customers to address its climate shortcomings. Our company is committed to providing excellent software development services to support the industry’s sustainability efforts. Contact us today for all your software outsourcing needs, whether it be mobile app development, technology maintenance, or web server development.