Embracing Artificial Intelligence as a formulator’s assistant in the cosmetics industry
Over the past couple of years, Artificial Intelligence (AI) has begun to permeate businesses across the board, spanning numerous regions and industries. A study from Zoom found that nearly 7 in 10 (69%) of APAC employees say they’re excited about AI, while additional data suggests that organizations in this region plan to grow their investments in generative AI faster than those in other regions.
Recent research demonstrates that AI has even begun to work its way into the fabric of the cosmetics industry. Notably, in 2023, the AI in Beauty and Cosmetics market was valued at USD 3,736 million and is predicted to reach USD 16,006 million by 2031. So, how is this technology being incorporated into the formulation process, traditionally a highly specialized, technical and creative field? And what impact will this have on the industry?
Introducing the newest lab assistant
Though AI has a long way to go before it can create credible cosmetics products autonomously, the use of this technology – particularly large language models (LLMs) – as part of a formulator’s toolkit will likely have huge implications for the industry in the not-too-distant future.
While it’s still early days, AI may be able to offer huge benefits to the daily function of a cosmetics formulator. One of the key areas it could impact is in cosmetics testing, specifically by suggesting relevant tests to help prove the claims that formulators need to make. By analyzing regulatory requirements, product claims and existing scientific literature, AI can identify the most appropriate testing procedures to ensure product safety and efficacy.
AI tools can also help with generating product and development ideas – a staple and often time-consuming task for any formulator. By analyzing trends, market data, and ingredient profiles, AI can suggest new product concepts and identify potential gaps in the market. This can help formulators to stay ahead of the competition and develop products that resonate in the market.
Cosmetics formulators also need to stay abreast of a huge amount of new and upcoming research into the ingredients, formulations, and actives. Often released in the form of lengthy research papers, AI tools can help formulators to summarize and digest new research, identifying key findings and potential applications for their work in a timely manner.
These are just several of the ways in which formulators are and could be using LLMs to help improve efficiency and productivity in the workplace, but the possibilities truly are endless. That said, AI tools are still relatively in their infancy, and users need to understand the limitations of this technology.
AI won’t be a silver bullet
As with any new technology, AI tools will have a number of drawbacks, particularly when used in a business context. To make the most of the benefits that AI can provide, formulators must be aware of these limitations to mitigate and minimize any potential risks.
Most importantly, it’s essential to remember that AI is not a substitute for real life experience in the lab. Though it can help to guide you down a path, the tools can make mistakes and as such, everything must be thoroughly fact-checked. Moving forward it will be essential for cosmetics organizations to establish clear guidelines for using AI, particularly regarding ethical considerations, data privacy protocols, and quality control measures.
Though many companies will have concerns around the use of AI, ignoring the technology entirely could be to their peril. If used appropriately, AI offers a powerful tool to propel the cosmetics industry into a future defined by personalization, sustainability, and unprecedented product efficacy.
Perry Romanowski, Chair of Education at the IFSCC and Vice-President at Element 44 INC, will be speaking at the Cosmetic Conference (in association with IFSCC) at in-cosmetics Asia on Tuesday 5th November at 11:00-12:00 for the session ‘The future of beauty: How AI will affect cosmetic chemists and formulation’.
The topic of AI in cosmetics will be further explored at in-cosmetics Asia, at sessions including ‘10 ways AI is changing the personal care industry’ presented by Yann Chilvers, Founder and Co-CEO of Covalo at the Marketing Trends Theatre on Wednesday, 6th November at 15:00 - 16:00. in-cosmetics Asia takes place at the BITEC in Bangkok, Thailand from 5-7 November 2024.
To register to attend the event, visit https://www.in-cosmetics.com/asia/en-gb.html
