Before this decade is over, today’s $427 billion beauty industry will have reshaped itself around an expanding array of products and markets. Consumers, particularly younger generations, will be spurring this reshaping, as their own definitions of beauty morph while their perceptions of everything from their role in sustainability to the importance of self-care evolve. Brands and retailers will also change, seeking greater agility and adopting multichannel operating models. They will be doing this as competition in an already crowded market continues to intensify across all categories — skin care, makeup, fragrance and hair care.