Entrepreneurs in the industry discuss the jargon, impact and issues associated with this booming but often confusing category of the cosmetic industry
The global cosmetics industry is a multi-billion-dollar business, with Asia-Pacific leading the pack since 2018, accounting for about 40 percent of the entire market.
As with many other industries, cosmetics companies have been increasingly called out for unsustainable and unethical practices, which include the heavy use of single-use plastics and toxic ingredients as well as animal testing. Some estimate that the cosmetics industry produces more than 120 billion units of packaging a year, contributing to the loss of 18 million acres of forest annually, which is more than 65 times the size of Hong Kong.
As Millennial and Gen Z consumers show more interest in environmental sustainability, and are willing to vote with their wallet, more and more brands are being forced to rethink their unsustainable practices and find ways to minimise their impact on the environment. Within the cosmetic industry, the organic and natural beauty market was said to be worth about US$34.5 billion in 2018, and is expected to grow by at least 1.5 times by 2027.
We speak to two Millennial entrepreneurs from the Gen.T community in the sustainability space on the topic of sustainable beauty. Weighing in are Stephanie Dickson, co-founder and editor-in-chief of Green Is The New Black, a lifestyle media and events platform focused on sustainability, and Nicolas Travis, who is the founder of Allies Group, which owns clean beauty brands Allies of Skin and PSA.
See also: The Beauty Startups That Are On The Rise Across Asia
What does “sustainable beauty” mean?
This may come as a shock: there’s no global definition of "sustainable" beauty.
Across Asia, different regulations apply. In 2003, Asean markets, which is made up of 10 Southeast Asian countries, transitioned from a pre-market approval to a post-market monitoring system. They abide by the Asean Cosmetic Directive, which provides a list of ingredients that are positive, negative and restricted.
On the other side of the world, the US Food and Drug Administration (FDA) states that “cosmetic products and ingredients do not need FDA approval before they go on the market”. The only exception is for colour additives. Individuals and companies in the US are thus legally responsible for ensuring the safety of their cosmetic products, which has resulted in different standards across the board.