The $500 Billion Beauty Industry’s ‘Green’ Ambitions: A Patchwork Falling Short

RediksiaThursday, 25 May 2023 | 18:08 GMT+0000
The $500 billion Beauty Industry's Green Ambitions Striving for Sustainability, Falling Short
The $500 billion Beauty Industry's Green Ambitions Striving for Sustainability, Falling Short

DIKSIA.COM - The , worth a staggering $500 billion, is grappling with the challenges of sustainability as the climate crisis escalates.

From product manufacturing to packaging and disposal, the industry is facing mounting pressure to adopt more environmentally friendly practices.

A Global Sustainability Study conducted by strategy and consulting firm Simon Kucher in 2021 revealed that 60% of consumers worldwide consider sustainability an important factor in their purchasing decisions.

Additionally, 35% of consumers are willing to pay extra for or services.

To meet the shifting , many beauty brands have set environmental goals.

These include moving away from single-use and virgin plastics, offering recyclable, reusable, and refillable packaging, and providing transparency regarding product ingredients.

However, despite these efforts, consumers often struggle to assess the sustainability credentials of products, as the clean-up initiatives in the industry have been inconsistent and lack a collective goal-setting approach, global strategy, and standardized regulations.

One of the main challenges lies in the lack of international standards for disclosing product ingredient information to customers.

Brands can establish their own rules and goals, leading to confusion and instances of “greenwashing,” where sustainability claims are made without proper substantiation.

For example, marketing language like “” can create the illusion that products are natural when they may not be organic, sustainable, or ethically produced.