Unilever’s acquisition of Wild: A sign of more M&A in Sustainable/ Ethical Beauty? I think so... (reasons below)

A few years ago, we conducted a consulting project to assess the market opportunity for sustainable and ethical cosmetics. Our focus: market growth, channel dynamics, key players, and emerging risks and trends.

Even back in late 2020, we saw strong momentum in ethical beauty, with attractive revenue CAGRs compared to other sustainable sectors (e.g., sustainable fashion). Three key drivers stood out:

1️⃣ Beauty consumers are among the most ethically conscious - deeply aware of ingredients and their impact on skin.

2️⃣ Sustainability matters more than ever - consumers are actively seeking eco-friendly alternatives.

3️⃣ The consumable nature of cosmetics fosters repeat business, helping brands build loyal customer bases.

Wild capitalized on this with natural ingredients, no single-use plastics, and a devoted consumer base.

For Unilever, this deal isn’t just about adding another brand - it’s a strategic move towards more sustainable products, a growing priority for eco-conscious consumers.

Given the rise in deal volume in the Beauty sector in 2024 and this acquisition, I expect more acquisitions like this as companies race to align with shifting consumer expectations.