With the COVID-19 pandemic taking a toll on profits and operations of industries across the globe, the usually resilient personal care products market is no exception to the impact of the ongoing crisis. During these recessionary times and consequent economic fallout, there will be a pronounced impact on consumer spending. While many personal care products are essential, several others are not, prompting consumers to make alternate choices. Such changes in consumer consumption can have a profound impact on companies operating in the personal care products market with the sharpest market declines witnessed over several decades. An industry trend analysis is crucial to help companies stay ahead of the curve during such unforseen circumstances.
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Personal care industry trends analysis for a global brand
Market under focus: EMEA | Industry: Beauty and wellness | Focus: Personal care products | Duration: 3 weeks
Businesses that take a reactive approach can often get left behind amidst the market competition, and also this also proves to be a significant roadblock in capitalizing on market trends. Our client, a global personal care products manufacturer, was grappling with this challenge. With the personal care products market becoming intensely competitive with numerous market players, the company’s strategies became obsolete, and their market share was plummeting rapidly. The company approached Infiniti Research to help combat this challenge and strategize to build a stronger market foothold. Our industry experts were also tasked with proactively identifying the latest market innovations and trends in the personal care products market through an in-depth market trend analysis. By identifying the gaps in their existing operations and understanding various customer touchpoints, the client also sought to identify new channels to market their products and optimize sales.
Scope of the engagement
over a span of 12 weeks, experts at Infiniti Research undertook a deep-dive analysis of the personal care products market in EMEA. The engagement covered:
- Latest market trends and innovations in personal care products
- Competitor strategies
- Comprehensive customer intelligence to understand the changing consumer behavior for personal products in EMEA
- Design innovations and packaging trends in the market
The engagement involved a well-balanced combination of primary and secondary research. Telephonic discussions were undertaken with over 100+ respondents with expertise in the development, sales, marketing, and also customers in the target market for personal care products. The secondary research undertaken by our analysts included comprehensive research materials from company websites, industry news, public database, and a multitude of other structured and unstructured sources.
Experts at Infiniti Research carried out a comprehensive market intelligence assessment and industry trend analysis to help the client understand the latest market trends, selecting the right channel strategy, and analyze in detail the changing consumer behavior. The detailed industry trend analysis highlighted the latest innovations, technologies, processes, and ingredients within different product categories. Through this, the client was able to gather an idea on the changing and challenging current trends in the personal care products market. They were also able to weigh the pros and cons of each of the latest market trends in the personal care products category and choose the right trends to channel their investments. The risk assessment strategy provided enabled them to plan for possible market threats and underlying risks and plan their positioning strategy, pricing, collaborations, and product launches accordingly. The client also identified the right channels for attracting target customers and built optimum social media and online marketing strategies to promote the brand’s products to the desired audience groups.
Infiniti’s competitor intelligence solution allowed the client to gather insights on a region-wise breakup of data on key product portfolios and marketing strategies used by top competitors. This also included exclusive insights on products targeted by competitors based on their customer segmentation strategy and associated pricing strategies.
For more insights into our solutions portfolio for companies in the beauty and wellness market, get in touch with an industry expert.
The industry trend analysis enabled the personal care products brand to monitor innovative technologies, products, and ingredient trends in the EMEA region. The data gathered through the engagement was leveraged to restructure their innovative pipeline, enabling the client to plan and revamp their product launch and pricing strategies. Through the risk assessment by experts at Infiniti Research, the client was able to identify early signs of risks and build concrete action plans to mitigate them. They also identified and invested in a number of strategies to compete with category-killers using the deep-dive insights and market entry strategies provided by our industry experts.
The company invested in an attractive and trending product category based on the recommendations of our industry experts. Within nine months of implementation, the personal care products company became one of the top brands for this product category in the EMEA region. During the next two consecutive quarters, they also recorded a 30% increase in their quarterly profits and a 17% increase in per-unit sales within the first six months, consequently strengthening their market share in the EMEA region.
Want more insights on this engagement with market data and insights on the trends, challenges, opportunities, and competitor analysis in the personal care products market?