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Setting the stage: How strategic turnkey partnerships will redefine beauty brands in 2024
After a multitude of beauty events and cornerstone beauty showcases at Cosmopack and Cosmoprof Asia 2023, beauty brands now find themselves at the crossroads of possibility.
The allure of innovation beckons, and the key question emerges: What comes next?
In this dynamic landscape, the right turnkey partnerships emerge as the linchpin for beauty and personal care brands seeking to navigate the evolving terrain. These partnerships can provide streamlined communication, brand-enhancing design, cost and time competitiveness, enhanced accountability, and risk mitigation.
By ensuring effective information flow, they diminish the risk of miscommunication, fostering a culture of collaboration. The application of a streamlined project management approach results in notable cost savings, accelerated project completion, and single-point accountability. Additionally, turnkey partners bring specialised skills to the table, facilitating risk mitigation and ensuring a more secure project outcome. Emphasising transparency, these partnerships provide timely updates that empower informed decision-making.
Smart solutions: Beauty intelligence platform
Amidst this transformative landscape, the beauty industry is undergoing a transformative surge propelled by technological advancements. As indicated in a Research and Markets report, the smart beauty market is projected to attain a value of US $12 billion by 2024.1 Notably, beauty brands that have wholeheartedly adopted digital technologies have experienced growth rates 1.5 to 2 times faster than their counterparts.1
In a realm where innovation reigns supreme, a turnkey partner's role becomes pivotal, transcending mere product development streamlining into smart and digital-savvy solutions.
A recent transformative smart solution for beauty brands is Meiyume's beauty intelligence platform, driven by data and artificial intelligence. The beauty intelligence platform monitors products and consumer sentiment analysis in real time to support brand’s end-to-end product development process. This can empower brands to make informed decisions in real time, ensuring they lead the charge in the beauty industry.
An additional pivotal application of integrating smart solutions into product offerings is evident in the utilisation of smart packaging. This ensures that the initial interaction between consumers and products is both experiential and data-driven, enhancing the overall engagement and effectiveness of the beauty experience.
Formulation leadership: Guiding beauty's evolution
Under the umbrella of smart solutions, formulation concepts take on a new dimension. Platforms such as Meiyume’s beauty intelligence platform identifies trending active ingredients, translating them into premium formulations that go beyond meeting market trends. This reflects an acute understanding of consumer preferences and an agility to adapt to the ever-changing beauty narrative.
Packaging excellence: Engineering silent forces
In light of the sustained upward trend and growing significance of sustainability, a turnkey partner's expertise extends beyond the conventional. The demand for environmentally friendly cosmetic packaging is projected to grow at an annual rate of 5.1% from 2021 to 2028, reaching a substantial valuation of US $358 million, as reported by Zion Market Research.2 Meiyume, due to its knowledge in multi-material complex packaging, emerges as a silent force in crafting award-winning and sustainable products.
The beauty intelligence platform also plays a role in identifying trends in packaging, ensuring a seamless connection between sustainable practices and packaging excellence. In this context, the incorporation of smart packaging further enhances product offerings across multiple use cases, such as accessories, beauty products and fragrances. Meiyume's proficiency in smart packaging technologies ensures that each product leverages intelligent features for an elevated consumer experience.
Sustainable practices: Eco-conscious approach
Sustainability has evolved from a trend to an imperative, shaping consumer choices. A compelling shift is underway as 62% of global consumers express a willingness to alter their purchasing behavior in support of reducing environmental impact, according to the National Retail Federation.3
As such, seamlessly integrating eco-conscious practices into its turnkey solutions has become vital for beauty manufacturers. Meiyume’s adherence to the principles of environmental responsibility, encompassing the 4Rs (Recycled, Recyclable, Reused, and Refillable) and the 4Ps (Product, Place, People, and Process) not only aligns with consumer expectations but also defines a brand as a responsible industry player.
The concept of sustainability, facilitated by a turnkey partner, goes beyond materials and ingredients. Brands have to ensure that their turnkey partner’s approach inherently minimises waste, optimises resources, and champions responsible manufacturing processes, contributing to the long-term success of a brand.
A partner with a comprehensive coverage ensures that brands working with them benefit from a partner capable of addressing a wide variety of product categories with a sustainable and holistic approach. Meiyume's turnkey expertise spans a wide array of categories, including beauty, skincare, fragrance, personal care, men’s grooming, pet care, oral care, hair care, mum and baby, colour cosmetics, wipes and masks, and gifts-with-purchase.
Speed to market: Navigating the fast-paced beauty industry
Competitiveness, in the context of a turnkey partner, is about streamlining processes and reducing time-to-market. Hence, beauty brands need to rely on a partner to navigate the intricate web of product development to ensure that they stay ahead in meeting consumer demands in the fast-paced beauty industry. Global reach and a profound understanding of supply chain stand out as pivotal factors that can steer brands in the right direction.
Market acumen: The competitive edge
In the dynamic beauty landscape, aligning with a turnkey partner equipped with up-to-date industry knowledge and trends becomes a crucial determinant for brands seeking a competitive edge. It is imperative for brands to seek a partner with in-house expertise complemented by transformative solutions, exemplified by Meiyume's beauty intelligence platform.
These strategic alliances empower brands with valuable insights into consumer behaviour, competitor strategies, and emerging market trends. By leveraging such information, brands can make informed decisions that effectively resonate with their target audience.
Your strategic beauty ally
As beauty brands transition from the spotlight of exhibitions to the backstage collaboration, the search for a turnkey partner becomes a quest for a trusted ally. With its smart solutions, sustainable practices, and invaluable insights, Meiyume is not just a service provider; it is the architect of beauty brands' success stories covering formulations, packaging, manufacturing and sourcing. In embracing a strategic turnkey partnership, beauty brands are crafting a resilient and successful future in the ever-evolving beauty landscape.
References
1. Safic Alcan. Beauty Through Science: Technology Taking the Lead.
2. Zion Market Research. Sustainable Packaging Market: Industry Prospective.
3. Research Insights. Consumers want it all: Hybrid shopping, sustainability, and purpose-driven brands.
