The cosmetic and beauty industry is one of the oldest industries in the country, with some of today’s brands being over one hundred years old. Within this industry, for many decades innovation was clustered in one of three areas: formulations, such as fragrances and haircare products; mechanical devices, such as compacts and brushes: and product designs, such as perfume bottles.
More recently, the combination of the purchasing power of Millennials and Gen X-ers and the computing power of smartphones has created both a demand and an opportunity for the cosmetic and beauty industry to embrace digital technologies wholeheartedly and to take a new direction. The innovator that have responded to these market forces are part of the fastest-growing sector within this industry, which has appropriately become known as “beauty tech.”
For full article, Innovation in the Cosmetic Industry and Beauty Industry: Beauty Tech Patent Trends and Standards click here: