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Challenges driving new product development in 2023



Just as we all felt that a return to normal was imminent, the world was hit with a double whammy: the unprecedented cost of living crisis coupled to the fallout of the war in Ukraine.

When viewed in combination with the impact of continuing global supply chains and logistics crisis (driven in part by the COVID-19 pandemic), it means brand owners and ingredient suppliers will have to be flexible and think on their feet to drive innovation in the development of new skin and beauty treatments.  In this blog, we highlight three of the most pressing challenges that could impact on product development in 2023.

  1. Supply chain disruption

While supply chains are slowly returning to normal, the sector is still dogged by many disruptions. This means that not only are certain ingredients in short supply, but it also opens the scenario of possible product adulteration. To offset these issues, it is vital to partner with a trusted and innovative ingredient supplier that can guarantee the timely delivery of a quality raw ingredient or final product. At Oleon Health & Beauty, we understand that supply chain tracking technology will become an essential component for businesses to prove their actions securely and efficiently on a local and global platform. This transformative approach to traceability will become the industry blueprint, empowering brands to become more trusted in an increasingly discerning society.1 This also ties in with our focus on broadening our production geographies beyond Europe. The latest milestone in our global expansion is a new production facility in Texas, US, which will expand our domestic production facilities in line with our international expansion goals.

2. Ethics in a time of great turmoil

The first half of 2022 was beset by global economic and political turmoil, and it is impacting on the initial euphoria at the start of the year when brand owners looked forward to the return of a growth economy. To compete in this difficult market, it is vitally important for the beauty industry to be held accountable and during this period of reset, all industry players should focus on transitioning into a more ethical, inclusive, and sustainable industry. This view is echoed in a report by trend forecasters WSGN2, which pointed out that brands that do not participate positively will not participate at all. As beauty consumers continue to look to invest in products that support their needs and the needs of others, brand owners that stand for something other than their bottom line will benefit and inculcate a sense of trust with consumers. At Oleon, our focus on sustainability means that you can trust that our supply chain is sustainable and ethical and in line with the UN’s sustainability goals.

3. The recession generation

As we head into a period of great economic uncertainty, consumers will start reassessing their priorities and needs. Frugality will become a new trend in smart consumption, and it will be imperative to develop products that reflect these consumers’ values and interests. In 2023, value will increasingly be equated with efficacy and efficiency. Buying well and making judicious and thrifty choices will be celebrated and respected. Products with proven results will be the new measure of value for money, irrespective of price tag, while products that enable sustainable consumption will be in high demand. Brands must ensure consumers can enjoy guilt-free use of their favorites. Items must come without the fear of creating more waste and celebrate the satisfaction of frugal choices.3 One of the ways that we can impact this is through our packaging. Today, 100% of the packaging used by Oleon for our finished products is recyclable and 30% is made from recycled materials.

4. Progressive transformation

At Oleon, our range of ingredients are sourced naturally, with excellent characteristics and properties for beauty and cosmetic formulations - keeping sustainability, ethical sourcing, and provenance in mind. Beauty consumers that prioritize efficacy and efficiency will look to make smart choices that offer a minimal impact on the planet. This is also reflected by the ‘skinimalism’ trend that champions simplified skincare routines and unites frugality and sustainability in hybrid products that can be used across a wider range of skincare and beauty routines.

Looking forward to 2023, which is certainly set to be a challenging year, we expect to see beauty communities and customer collaborations that will continue to shape product development. This will migrate to brands with shared values, which treat networks and co-creators equitably. 4

As beauty consumers continue to reassess their priorities and needs, brands and retailers must empower these newly confident and self-sufficient shoppers to make smart decisions for their pocket and the planet!

For more information how our team at Oleon Health & Beauty can help you meet the challenges of this rapidly changing market, contact our team here. (Link to email).

 

References:

1,2,3,4 WGSN | Big Ideas 2023: Beauty - WGSN

Green Chemistry is the heart of our company. We use bio-based materials to supply our customers with the most environment-friendly and safe products.

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