This perspective paper presents a focused review of a selected topic of chemical-based products, namely, formulations. As formulations cover a wide range of chemical-based products, we highlight opportunities for innovation in three types of formulations — liquid blends, which are mixtures of chemicals that are in the liquid state at standard conditions; liquid formulations, which are mixtures of chemicals that may exist in different states but the final product is a single-phase liquid; and emulsions, which are also mixtures of chemicals that may exist in different states, but the final product is in the form of an emulsion. In each case, we discuss aspects of design, analysis, and innovation together with issues and challenges that could be tackled to find better and more sustainable products. In particular, the potential of hybrid artificial intelligence augmented computer-aided techniques that can aid in the design, analysis, and innovation of formulations is highlighted.