It's January, so you know what that means. Let's dive into 2024 with a few predictions on where I see ESG and impact headed in the beauty and personal care industry.
Emphasis on Expertise
Brands will continue launching with immediate targets of large retail partnerships, external investment, or an exit. Â
To embed the ESG chops needed for this level of growth, brands will lean on the expertise of
CSOs (yours truly)
industry collaborations and trade associations (Independent Beauty Association, Personal Care Products Council)
incubators (True Beauty Ventures, Maesa)
Holistic View of Regulatory
In the United States, companies will have to consider emerging standards on green claims, product material choices, and end of life at the state and federal level.Â
For companies with overseas operations, there’s even greater emphasis in understanding the EU + UK perspective.Â
Cross-Sector Learnings
Greenwashing scrutiny in other consumer packaged goods (CPG) sectors will carry over to beauty and personal care, forcing companies to learn from mistakes in (and embrace best practices from)
Fashion & apparelÂ
Food & beverage
Home care
To see a great example of this, check out this article I wrote for Provenance: "5 Food and Drink Brands Called Out for Greenwashing and the Lessons We Can Learn"
Embracing Advanced Technology
With so much focus on data from product development to marketing, companies will turn to advanced technologies for
Life cycle analysis for carbon accounting (Bluebird Climate)Â
Synthetic materials (Mothership Materials, Arcaea, Novvi)Â
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If you're interested in learning more about Source Beauty ESG and how I support companies of all sizes with their sustainability and impact initiatives, feel free to reach out (maggie@sourcebeauty.co) or check out the Source Beauty services guide.
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