0800 035 2510 info@data-fox.com

The cosmetics industry is a consistently growing and evolving sector. As there is stiff competition in this market, businesses need to continuously seek innovation to stay ahead of the game and be loved by the consumers. The increasing awareness about the benefits of organic skincare, haircare and body care products has enhanced the demand for vegan products that are chemical-free and gentle to the environment and animals. Whether it is by developing quality routine skincare products or formulating sophisticated chemical-free cosmetics and makeup items, R&D and innovation are changing the face of the cosmetics industry for the better.

Areas of Innovation in Cosmetics

Even though the innovation process in cosmetics is constant, there are very few revolutionary results that take the market by storm. The key to ensuring success in the cosmetics industry is to listen to the needs and demands of the consumers at any given point in time and be the first to invest in R&D to develop a product that meets those requirements. There are several areas that a cosmetic business can focus on and conduct R&D to achieve innovation accordingly. Some examples include:

  • Developing bespoke formulations that work on all types of skin, hair, etc.
  • Improving existing formulations to give better efficacy
  • Reducing any toxicity or making products safer for long term use
  • Testing the efficacy of new, organic ingredients 
  • Reducing or eliminating the environmental impact of new or existing products
  • Designing and developing beauty technology that helps monitor and maintain healthy skin
  • Improving the shelf life of new and existing products
  • Developing new or improved distribution methods
  • Developing and testing new packaging and packaging equipment
  • Developing or upgrading technology and software used in the R&D process

Why Should Cosmetic Businesses Invest in R&D?

Companies that carry out extensive R&D to develop innovative cosmetics and skincare products that meet the market demands are considered responsible and are likely to sell more than their competitors who do not follow the same approach. For a product to be loved by consumers and achieve the desired sales figures, it needs to be exceptionally effective and safe. Something only R&D can help achieve. And now, with climate change becoming more urgent, it has become critical for businesses from all sectors, including cosmetics, to invest in research to develop sustainable, eco-friendly products that work. 

Apart from market success, profits and environmental benefits, businesses can enjoy many other benefits of investing in R&D in cosmetics. One of them is R&D Tax Credits. There are many opportunities in skin care and cosmetics R&D that could qualify for R&D Tax Credits. They are a great way businesses can receive funding from the government and use it to continue their pioneering work. The tax relief or cashback payment can take care of several associated costs and help your cosmetics business grow. If you have recently overcome scientific challenges and developed a unique beauty range or launched a new and improved formula, don’t miss the chance to claim cashback from the government. Call us on 0800 035 2510 or email us at info@data-fox.com to discuss your claim and get started!