Why is eco-beauty a good business idea?
The 2020s are set to be defined by hyper-sensitivity about the environmental impact of our consumer choices, but the beauty industry still has a long way to go…
New businesses in the sector are in the privileged position of being able to build sustainability into their products from the outset (rather than as a tricky and expensive retrofit).
That goes for the way products are packaged, and the various liquids, gels, sprays, and vapours we douse ourselves in everyday.
According to retail analytics firm Edited, the global beauty industry is valued at $532bn. And according to the British Beauty Council’s Value of Beauty report, the UK’s beauty sector alone was worth £27.2bn in 2018.
By capitalising on this new breed of environmentally-conscious consumers with sustainable alternatives, you could tidy up.
The Blue Planet II effect has been significant. According to the Waitrose & Partners Food & Drink Report 2019-19, 88% of people who watched the programme have changed their lifestyles to reduce single-use plastic.
However, while we’re generally good at recycling kitchen waste (an estimated 90% of us do), only half of us recycle bathroom products such as shampoo, condition, and shower gel. It’s no good just reducing your use of one kind of plastic if you’re too lazy to recycle your empty toiletries.
Big brands have been doing their bit to try and change consumer behaviour. Selfridges has been running its Project Ocean campaign since 2011. Held on the ground floor of its Oxford Street flagship store, the Beauty Booth allows shoppers to discover, shop and test plastic-conscious products, with 10% of sales donated to the Zoological Society of London.
And This National Geographic article covers a number of smaller companies that are introducing more environmentally conscious alternatives. Unsurprisingly, they tend to be more expensive to produce, and therefore to buy.
Regulation can go some way to improving environmental practices in the industry, but changing consumer behaviour is going to be essential if we want widespread adoption of alternatives. First movers might face a challenge, but people are increasingly willing to sacrifice some convenience if it means protecting the environment.
via https://www.AiUpNow.com/ by Henry Williams, Khareem Sudlow
