The paper provides an overview of biocosmetics, which has tremendous potential for growth and is attracting huge business opportunities. It emphasizes the immediate need to replace conventional fossil-based ingredients in cosmetics with natural, safe, and effective ingredients. It assembles recent technologies viable in the production/extraction of the bioactive ingredient, product development, and formulation processes, its rapid and smooth delivery to the target site, and fosters bio-based cosmetic packaging. It further explores industries that can be a trailblazer in supplying raw material for extraction of biobased ingredients for cosmetics, creating biodegradable packaging, or weaving innovation in fashion clothing. Lastly, the paper discusses what it takes to become the first generation of a circular economy and supports the implementation of strict regulatory guidelines for any cosmetic sold globally.