The beauty industry is also being transformed by technology, with AI, AR, VR, and other digital innovations playing a significant role. L’Oréal is leveraging these technologies to provide personalized experiences and products, and to drive positive impact. The company has developed AI-based skincare solutions, personalized makeup devices, and has launched the first ever virtual makeover for Microsoft Teams. Despite the potential challenges posed by climate change and rapid tech evolution, the beauty industry is showing resilience and growth potential.
Key takeaways:
- The beauty industry is expected to grow annually by 3.32% (CAGR 2023-2028), with the South Asia Pacific, Middle East, and North Africa (SAPMENA) region being a major growth engine for companies like L’Oréal.
- L’Oréal is focusing on sustainability, with initiatives such as the EcoBeautyScore Consortium, reducing plastic use, and aiming for carbon neutrality at all its sites by 2025.
- Technology is transforming the beauty industry, with AI, AR, VR, and other digital innovations being used for personalized skincare and makeup solutions, and e-commerce in beauty quadrupling between 2015 and 2022.
- The beauty industry is on the verge of a transformative shift driven by technology and sustainability, and despite its resilience and growth, it faces challenges as the climate warms and tech evolves.