If you watch beauty videos on YouTube, you know that over the past few weeks there have been multiple videos on beauty gurus telling their truth. The truth videos were created by beauty gurus or influencers, in which they talk openly about the beauty community within YouTube. One common theme among these videos is how the beauty industry influences YouTube. There is no lie that over the past couple of years, the beauty world has been dominating everything. However, many influencers believe there is going to be a decline in the industry. Is the beauty industry really going down in the dumps or has it just started in its potential to do bigger and better things?
In 2017, it was reported that beauty products were valued around 523.43 billion dollars.  This is expected to change in 2023 but only get higher than before. In 2023, the beauty industry is expected to make 805.61 billion dollars. An increase by 282.18 billion dollars. A big portion of the money can be credited to how the entry of barriers are so low in the beauty industry. You would think that it would be hard to enter the beauty industry and compete. However, it is very easy to enter but the level of competition is still there. Competition within the industry is real because as many influencers pointed out, beauty companies have saturated the industry by creating new products every month. With every new product one company comes out with, another company comes out with something either similar or completely different. Nonetheless, many experts believe the the industry will continue to grow. It will be a slow growth but it will not decline. This is due to the fact that a lot of beauty companies are very adaptable to their ever demanding consumers. Companies want to stay in business and in order to survive, they have to adapt. If not, consumers can go to a list of different companies that offer similar, if not, the same products. Some changes experts are seeing in the future is a demand for cruelty free products. As well as using products that are good for consumer’s skin and health.
Some might say there are flaws when it comes to the the public relations and marketing side of beauty companies. There are many different beauty companies that offer similar products but brand it in a unique standpoint. This is done because the entry barriers are low, allowing companies to be created and formed. That being said, there seems to be a growth within the industry. Even though, it is a slow growth, it does not seem like consumers are going to stop buying products anytime soon.
References:
“Global Cosmetics Products Market Expected to Reach USD 805.61 Billion by 2023.” Reuters,
Thomson
Reuters, www.reuters.com/brandfeatures/venture-capital/article?id=30351.
Kestenbaum, Richard. “How The Beauty Industry Is Adapting To Change.” Forbes, Forbes
Magazine, 21
June 2017,
www.forbes.com/sites/richardkestenbaum/2017/06/19/how-the-beauty-industr….