Alibaba.com, a leading platform for global B2B ecommerce, have revealed top B2B beauty trends. It has found that the Beauty & Personal Care category is the fourth largest on the platform and the UK is the second largest market, falling closely behind the US.
An increased focus on wellness generally has led to a rise in the category’s growth. According to an insight published by McKinsey & Company, ecommerce in beauty nearly quadrupled between 2015 and 2022 and is expected to be the fastest-growing sales channel. Furthermore, the data analysed by Alibaba.com highlight that the number of B2B buyers in the beauty and cosmetics sector has increased by 12% year-on-year.
- The UK is in the top three core growth markets with 19% YoY growth
- Strong European growth also being seen in France (+24%)
- and Germany (+27%)
There is also increasing interest among B2B buyers in clean and natural makeup products. According to research carried out by Alibaba.com, it is expected a compound annual growth rate of 7% from 2022 to 2031 for such products. In the UK, there has been a:
- 77% increase in buyer demand for epidermal growth factor products
- 55% for functional skincare sets
- 126% for sunscreen products
In light of inflationary pressures, B2B buyers are embracing cost-effective and efficient DIY (do it yourself) beauty options, including a notable focus on nail products. At the end of last year, for example, the average daily active buyers of nail art supplies on Alibaba.com increased by 35.7% compared to the previous year. Notable trends in the sector include nail artistry (up 46% YoY) and nail painting (up 44% YoY). Additionally, nail equipment for beauty shops and salons is also gaining popularity with an increase of 59% YoY, as consumers find ways to cut costs.
The beauty sector is experiencing extraordinary growth right now, and we are seeing the so-called ‘Lipstick Effect’ on Alibaba.com first-hand. Consumers increasingly seek out wellness-enhancing, yet affordable luxuries to look and feel good despite challenging economic times. The recent growth in number of buyers of lipsticks, nail products and other makeup items on Alibaba.com both in the UK and EU markets is encouraging and shows the sourcing strength of the platform in these categories.
With the beauty industry projected to maintain its growth trajectory through 2024, Alibaba.com is well placed to support buyers tap into those trends, boost business resilience and drive growth.– Roland Palmer, General Manager of UK, Benelux and Nordics, Alibaba Group