Banuba representatives attended one of the biggest evenis in the Beauty industry – Cosmoprof. Read about the insights we gained.
From 16 to 20 March 2023, Cosmoprof rocked Bologna with over 250k visitors from 153 countries, 11% more than during Cosmoprof Bologna, 2022. BolognaFiere exhibition center became the heart of beauty industry innovations and solutions, bringing together exhibitors, buyers, and industry experts worldwide. We at Banuba couldn't miss it.
Sustainability and digitalization became the two leading directions - from nanoparticles in Balloon Compression Technology from the Japanese brand Rosy Drop and AI-powered virtual try-on Tint to the UVA- and UVB-free tanning solutions and cruelty-free all-natural pet-beauty products. Special attention was paid to upcycling in packaging. As a prove, the Cosmoprof Award 2023 went to Earth Beat Denim Lipstick by Cosmei, using refillable packaging made of bio-based materials and denim fibers.
According to Enrico Zannini, general manager of BolognaFiere Cosmoprof, technologies in beauty have become the leading trend. With augmented reality, AI, and virtual reality, beauty brands demonstrate how they enhance user experience through various installations In the Beauty Tech area. These technologies allow consumers to virtually try on products and receive personalized recommendations based on their skin type and concerns. Zannini predicts that these technologies will become even more advanced, leading to new product development and marketing possibilities.
Cosmoprof featured the Ingredients Zone for the first time, devoted to manufacturers of raw materials and their distributions. In conjunction with the Track and Trace initiative, it will track the product's life cycle and its components, evaluating the effectiveness and environmental friendliness of the cosmetics and considering its impact on the environment.
Zannini also highlights the continued growth of the Asian beauty market, particularly in China and South Korea. He notes that these markets drive innovation in the beauty industry, with new ingredients and formulations gaining popularity worldwide. As such, companies that can successfully navigate these markets are likely to see significant growth in the coming years.
Diversity, inclusion, and hyper-personalization in the beauty industry's future were also discussed at CosmoVision. Zannini points out that consumers seek products tailored to their needs and preferences, such as customized skincare routines or makeup shades. According to Forrester, 77% of consumers would pay more for personalized solutions and offers. This trend is driven by the desire for more effective and efficient products, as well as the growing influence of social media and influencers on beauty trends.
Tint Virtual Makeup Try On Software from Banuba already covers all these trends. Its AI-powered algorithm not only helps beauty brands boost online sales by 300% but also assists in sticking to sustainability principles. By leveraging Tint, companies can reduce sample waste, decrease their carbon footprint by reducing return rates by 60%, thus, downsizing the gas emission from delivery, and offer a hyper-personalized approach for every customer.