Every business is feeling the impact of the COVID-19 crisis right now -- but, according to analysts at Grand View Research, the effect on the beauty industry may not be as severe.
The research firm states, "Although discretionary spending has reduced, the Beauty and Personal Care market has witnessed a consumer behavioral shift towards safe and reliable products. Products that have a lower risk of contamination owing to automation and longer shelf lives helping the rationing of consumer supplies are expected to stand out in the near future."
A Focus on Hand Care
One product category consumers are shifting toward is Hand Care. Now more than ever, hand care products have become a focus for consumers and brands. The coronavirus pandemic quickly caused a hand sanitizer shortage -- but many beauty companies, such as Farouk Systems, quickly began manufacturing the product.
Shifting focus now, some beauty brands are beginning to launch moisturizing products for hands. Glossier just launched its Hand Cream, in a stylish package -- and donated the first 10,000 units to healthcare workers.
Grand View Research published a market report last spring that forecasted the global Hand Care Market to expand at a CAGR of 4.5% from 2019 to 2025. The report states, "Initiatives taken by the WHO and FDA to make people aware about hand hygiene and harmful diseases associated with it are expected to support the market growth."
Wash Your Hands, Annihilate the Coronavirus?
Chemical engineer Sam Morell, a specialty chemicals marketing consultant, explains how surfactant molecules found in soap can hinder the spread and, ultimately, annihilate the coronavirus.
Watch the video below.