This year was one of upheaval — at home and around the globe — but it was also one of progress and hope, particularly in two focus areas for Amyris: climate and sustainability
This year was one of upheaval — at home and around the globe — but it was also one of progress and hope, particularly in two focus areas for Amyris: climate and sustainability.
Governments in the U.S. and Europe passed major climate legislation packages. Thousands of companies committed to net-zero pathways. COP27 brought world leaders together and enabled them to reach a breakthrough agreement.
Moreover, the future is bright — McKinsey notes economic growth is not only still possible but also a major priority that can be achieved with a resilient stance. McKinsey predicts net-zero-related innovations could generate more than $12 trillion of annual sales by 2030 across 11 value pools.
We know people want and need products that are better for them and for the planet. Lifestyles, budgets, and beauty routines are evolving, and consumers are making purchasing decisions based on more than price and on new definitions of quality — they are buying with a sense of conscience and informedness about sustainability and ingredients backed by science.
Amyris is uniquely aligned with this evolving purchasing mindset and can meet the needs of the 53% of US beauty consumers who research ingredients to better understand the effectiveness of products.
Millennial and GenZ consumers especially demand ethical and sustainable practices and proof behind claims. Science-backed products are in high demand and, critically, they must work.
Mintel predicts that throughout the next 18 months to 2 years, “advances in biology will lead to the next generation of products with proven efficacy. Additional consumer education will appeal to those beauty shoppers already primed for new information, looking for the next greatest innovation.”
Other insightful comments from Mintel include:
· Self-care will be on the rise with the importance of helping one another to help everyone live better and feel better.
· The “kindness movement” will expand as we move away from insular thinking and start putting the health and well-being of the collective at the forefront.
· As the conversation around hormones, periods, and hot flashes becomes more acceptable, brands will be more open to having honest conversations with their consumers and providing them with products that address their needs as well as useful information to make their lives better.
Most importantly, Amyris continues to meet consumer demand in a way that will lead the industry toward sustainable consumption.
According to the UN, sustainable consumption and production can also contribute substantially to poverty alleviation and the transition towards low-carbon and green economies. In fact, 93% of the world’s 250 largest companies are now reporting on sustainability.
We are encouraged by the trends and the change we’ve seen in 2022 and are optimistic about the future and our role in it.