The beauty industry is primed for quite a makeover with the latest findings from the British Beauty Council out today. Provenance is proud to be a part of this powerful report for our transparency work with Cult Beauty and 50+ brands across the space.
From ongoing concerns around waste (120 billion units of packaging are produced by the global cosmetics industry) to unclear sourcing information (86% of beauty shoppers want information about ingredient supply chains) – the report makes the business case for change while inspiring wider collaboration.
With the global 'natural' beauty market estimated to hit £17 billion by 2024, the British Beauty Council are specifically calling for:
- "The industry to collaborate through a Sustainable Beauty Coalition.
- Individual brands to do more to improve the impact of their products and support consumers to make better choices.
- Consumers to choose positively impactful products, to use them wisely and to engage with brands on the issues they care about."
Representing a challenge for this, the report also states that 1 in 5 people don’t know how to check a product’s sustainability credentials. As a solution, there is a special mention of our work with Cult Beauty to power their “Cult Conscious” edit – bringing transparency with integrity through Provenance Proof Points (which recently won the £1m prize for “Blockchains for Social Good” from the EU Commission).
Download the full report from the British Beauty Council to see what positive next steps we can all take to ensure a better future for the industry.
You can also read more about our work with Cult Beauty and the 800+ products we’re enabling to be more open with proof.