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China’s cosmetic market has been experiencing lucrative growth in the recent past. Retail sales of cosmetics in the nation are projected to exceed RMB 240 billion in 2017. The market is expected to continue its growth trajectory from 2018 to 2023. This may be attributed to rising focus on physical appearance. Modern consumers are in constant pursuit of beauty. Well-developed distribution channels offer the necessary support for market growth. Rapidly growing demand from Tier II and Tier III cities is expected to open new avenues for sale of cosmetics in the coming years.Browse Full Research Report With TOC on
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On the basis of products, the market is divided into skincare, hairdressing, beauty, color cosmetics, and perfumes. Skincare holds a considerable share of the total market. Out of the total revenues in 2013, skincare accounted for 48%. Males are emerging as an important consumer segment. This has fueled introduction of various products suitable for them.
Hairdressing may witness stagnant growth in the forthcoming years. Perfumes are highly-demanded in large cities. Experts foresee high consumption of mid-priced and top-end products owing to the expanding disposable earnings and rising awareness of regular skincare.
China’s cosmetics market is characterized by stiff competition. This is the result of an influx of global brands and the emergence of domestic vendors, all vying for business from the most populous country in the world. Domestic companies account for a lower portion of the total market as compared to other regions like the U.S., and Japan.
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Regional participants lack the necessary research & development capabilities, and a clear positioning in the market. Their products are popular in remote areas that are untapped by foreign brands. Retail stores are the major distribution channels in the overall market. However, revenues from the internet are on the rise.
Some of the reputed brands in China’s Cosmetics Market are Clinique, Lancome, Sasa, Jumei, Yoka, and Lamer. Global players need to adapt their offerings according to Chinese regulations governing the industry. China’s cosmetic regulations are complicated. Products are granted the Cosmetics Production Permit following approval by The China Food and Drug Administration (CFDA). Rising emphasis on protection of consumer rights has increased pressure on cosmetic companies to ensure product quality and safety.
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