New report highlights compliance concerns for global cosmetics market
By Helena Biggs | 31 July 2019 | News
The results of a survey by Cosmetic Compliance of over 600 industry leaders have been revealed, highlighting trends and concerns for the global cosmetics industry.
The Cosmetic Compliance Report notes that the cosmetic industry is poised to see 7% annual growth over the next five years and is expected to reach a market value of more than $800 billion by 2023.
A spokesperson for Cosmetic Compliance comments: “As the industry grows and welcomes new entrants, it is more important than ever for cosmetic stakeholders to comply with the latest regulations regarding ingredients of concern, such as allergens, parabens, and residual toxins.”
Findings revealed that international regulations are rapidly changing, so cosmetic companies need to stay up-to-date, and ‘it is difficult in today’s regulatory climate to write truthful claims supported by adequate scientific evidence with no formal definition for ‘natural’ cosmetic products.’
For brands and companies, their investment priorities over the 18 months were revealed to include investments in labelling and packaging, whereby a facts table should be required alongside clearly displayed risk information, expressed in plain language. This is intended to better support customers in selecting and safely using a product.
A key challenge was found to include global export activity. The EU was stated to present the biggest challenge for compliance, as 50% of providers are focus on exporting to the EU. China ‘is the largest hurdle in exporting’ as steadily doubling in cosmetic growth.