It’s no surprise that beauty is growing, but independent beauty is growing disproportionately to the industry as a whole. According to Zion Market Research, the beauty industry was valued at ~$532 billion in 2017, and is expected to grow to be valued at ~$863 billion in 2024.
In 2010, independent beauty represented less than 2% of the overall beauty market, but in 2017 it represented approximately 10%. It is predicted that independent brands will represent 20% of the beauty industry by the year 2027. That’s an over $170 billion independent beauty industry—definitely not something to be ignored.
Beyond the financial significance, independent beauty brands are the core drivers of all innovation and newness in the industry at large—attracting a ton of interest and investment from venture capital and private equity groups.
But why are independent brands, at any growth stage, ideal clients for solution providers? Read three reasons below.
Independent beauty brands are new.
New independent brands are launching every day, and launching brands have a ton of solutions needs. From establishing the initial formulations to developing a brand identity to choosing a warehouse—working with independent brands is a great opportunity to connect with potential clients when they need you the most.
Independent beauty brands are changing.
One of the reasons independent brands have been able to keep up with consumers’ ever-changing demands and trends, is that they are generally smaller and more agile than large corporations. As a result, many independent brands are consistently changing and evolving: their product line, their packaging, their branding, their warehousing needs—the list goes on. As a solution provider, this is an opportunity to become a go-to resource at an early stage and develop a long-term client relationship.
Independent beauty brands are growing.
Independent brands are new, reactive to trends—and growing like crazy. With growth comes ever-changing, ever-growing needs. By giving some flexibility to these emerging brands on the ground floor, you can earn their trust and continue to work with them as they skyrocket in value and volume.
Are you a solution provider interested in meeting independent brand founders and decision-makers? Click here to inquire to exhibit!