Natural Irish Skincare Companies Are Thriving
Startups in Ireland
Startups in Ireland are using a combination of strategies in the development of innovative products in order to meet the growing demand of the international skin-care market. In the past decade, the skincare market comprised very few Irish companies but this situation has since changed. Over 30 Irish skincare companies now exist, with over half being started in the last five years. Many, since inception, have focused on being global leaders.
Natural Skin Solutions
Although a cliché of market leaders exist in this sector, which includes the dominance of companies such as Nivea, it is worth noting that consumers are shifting towards more natural solutions for their skins. Consumers, both male and female, want to know about the ingredients in the products as well as the science behind the product.
The Irish Skincare Landscape
In the Irish landscape, the longest established names in skincare include players such as Green Angel and Voya. However, newcomers such as Ocean Bloom, Aroma Bump and Bare chic have cropped up and mainly cover consumers’ personal grooming through tags such as ‘free from’ as well as providing organic products that are based on natural ingredients. These new skincare companies bring high levels of innovation to the market. For instance, the founders of Modern Botany, Simon Jackson and John Murray, aim at bringing simplicity to the field with their 100% natural products. Through this, they have been able to develop a unisex product which can be used on almost all skin types while at the same time serving as a nail/hair conditioner. Others such as Susan Keating and Professor JJ Leahy of the University of Limerick are investing in seaweed chemistry with the hope of coming up with skincare solutions for both men and women.
R&D Funding for Scientific Development
For most of these brands, a great deal of R&D funding has been spent on the scientific development of their products. These expenses can be claimed on the companies R&D tax claim, which will generate a 25% offset against corporate taxes.
