Ingredient-conscious consumers are beginning to dominate the cosmetics market as the general population becomes more aware of the social & health issues behind their favorite brands. In advance of the Summit, we broke down some of the industry trends surrounding the use of taboo ingredients.
The Hidden Costs of Information Deficiencies in New Product Development - and What You Can Do to Eliminate Them
The global cosmetics market is growing at a rapid pace of 6.4% per year, and is projected to reach a staggering $675 billion dollars by 2020 (Business Wire). Competition is fierce in this rapidly expanding market as companies vie for their share.This paper examines how information deficiencies are a core issue that creates expensive delays and offers next-generation solutions to eliminate them.
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How can we maintain compliance, even while bringing more new products into more markets? How can we accelerate time to market? And avoid employee burnout? Increasingly, forward-thinking companies are finding that unified, cloud-based software addresses their biggest challenges and unbridles their team’s potential.
The cosmetic industry is poised to see 7% annual growth over the next five years and is expected to reach a market value of more than $800 billion by 2023. As the industry grows and welcomes new entrants, it is more important than ever for cosmetic stakeholders to comply with the latest regulations regarding ingredients of concern, such as allergens, parabens, and residual toxins.
With this in mind, the Cosmetic Compliance Team surveyed 600+ industry leaders to uncover where cosmetic compliance is heading in 2019. This report classifies the most pressing issues of cosmetic brands and solution providers, as well as a variety of other industry players. Continue reading to uncover the industry’s leading compliance challenges, priorities, investments, and much more!