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The global beauty industry, valued at $500 billion, is facing sustainability challenges due to the escalating climate crisis. Consumers around the world are increasingly prioritizing sustainability, with 60% considering it an important purchase criterion. A study by Simon Kucher revealed that 35% of consumers are willing to pay more for sustainable products or services.
In response to this shift in consumer preferences, many beauty brands are setting environmental goals. They are moving away from single-use and virgin plastics, opting for recyclable, reusable, and refillable packaging. However, according to the British Beauty Council, consumers still struggle to understand the sustainability credentials of many products. This is due to inconsistent clean-up efforts and the lack of collective goal-setting, global strategy, and standardized regulations in the industry.
Brands can set their own rules and goals regarding sustainability, leading to confusion and “greenwashing,” where sustainability claims are not substantiated. Terms like “clean beauty” are often used to make products appear natural, even when they aren’t organic, sustainable, or ethically made. To address this, customers need better marketing information and certification information.
Transparency is key to addressing the sustainability challenges in the beauty industry. Consumers need clear information about product ingredients and sustainability practices. Natural ingredients may not necessarily be safer, as they can still contain toxic elements. The industry is also grappling with the issue of plastic packaging, with 95% of it being thrown away and the majority not being recycled.
Many brands are trying to phase out harmful plastics and adopt post-consumer recycled (PCR) plastic. However, there is limited supply due to low recycling rates globally, leading to increased demand and higher prices. Beauty retailers play a crucial role in driving sustainability, but there is a lack of standardization in the standards they set for brands. Smaller businesses tend to be more agile and environmentally friendly, while larger brands face challenges in changing their entire supply chains.
Certifications like the B Corporation can help fill the gaps in standardization by scoring companies on ethics and sustainability. However, it is currently voluntary for brands to apply for this accreditation. Experts and business leaders believe that governments and multinationals need to enforce regulations and set global standards to make meaningful change. In the absence of bold regulations, market leadership both from brands and customers will be crucial in addressing the industry’s climate shortcomings.
At our financial services company, we believe in supporting small businesses and gig workers who face credit challenges. Our fast and easy merchant cash advance provides the necessary funds for contractors and 1099 workers to thrive. We understand the importance of sustainability, and we are committed to helping businesses in the beauty industry overcome their financial obstacles and embrace more environmentally-friendly practices.