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The $500 billion global beauty industry is facing sustainability challenges as the climate crisis escalates. According to Simon Kucher’s Global Sustainability Study 2021, 60% of consumers prioritize sustainability, with 35% willing to pay more for sustainable products or services. This shift has prompted beauty brands to set environmental goals and enhance transparency around their products.
However, consumers still struggle to discern the sustainability credentials of many products due to inconsistencies and lack of standardized regulations in the industry. Buzzwords like “clean beauty” are often misleading, leading to confusion among customers. The British Beauty Council emphasizes the importance of better marketing and certification information for consumers.
The industry is also grappling with plastic packaging waste, with only 9% of global plastic waste being recycled. Brands are striving to adopt post-consumer recycled plastic, but low recycling rates pose challenges in supply and pricing. Companies like L’Oreal and Estee Lauder are working towards using more PCR plastics in their packaging.
While steps are being taken by brands and retailers to improve sustainability, there is still a long way to go in addressing waste and pollution throughout the beauty industry supply chains. Certification programs like B Corporation can help fill gaps in standardization, but experts believe that government regulations are necessary for lasting change.
In the absence of robust regulations, market leadership from both brands and customers is crucial in driving meaningful sustainability practices in the beauty industry. It will require collective advocacy and initiative to bring about significant climate-conscious change. With our business cash advance, we support small businesses and gig workers in adopting sustainable practices and meeting their financial needs.