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(CityRegions.Com, May 11, 2018 ) The China cosmetic products market was valued at USD 47.33 billion in 2017, and it is projected to reach a value of USD 84.39 billion by the end of 2023, at a CAGR of 10.12% during the forecast period (2018 - 2023). The scope of the report is limited to products offered by major players including providers of products and the distribution channels used for their sale. While the regions considered in the scope of the report include China.
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Growing health issues and dry weather conditions in China have resulted in increasing concerns over hair loss, and other skin-related problems. These concerns have, in turn, led to the growth of cosmetic products market in the country over the past few years, with consumers willing to spend more to get the best products to meet their requirements. There is a huge demand for cosmetics including hair shampoos, lipsticks, eyeliners, highlighters, colorants, and others, in the country.
Innovation in Packing and Design Have Contributed to the Growth of Cosmetic Products in the Region
Consumer demand for enhanced functionality and eco-friendliness in cosmetic design is resulting in exciting innovations in the packaging and design of cosmetics products. Packaging manufacturers are offering a wide variety of innovative choices and creative technologies to serve the market. Various big companies are showing innovative changes in packaging and design. For instance, Procter & Gamble recently announced a major shift to the plant-derived packaging for some of its leading global cosmetic brands and is using sugarcane-derived plastic from Brazil’s Braskem. In addition, L’Oréal recently helped reduce the environmental impact of its packaging by introducing two new assessment tools, namely, Sustainable Packaging Scorecard (SPS) and Packaging Impact Quick Evaluation Tool (PIQET), to its package design process.
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Hair Care Products are Expected to Have High Growth Rate Owing to Changing Consumer Trends
In China, more women are joining the workforce, thus driving the instinct of looking good at the workplace. Interestingly, the cosmetics industry has also witnessed a surge in demand among men, owing to factors such as awareness, the importance of grooming, and the presence of greater number of women at the workplace. Within the cosmetics category, hair is considered as the foremost element that establishes individual style and spells a fashion statement. Thus, the industry has witnessed demand for styling products and hair colors greatly; consequently, the demand for anti-damage and repair products has grown. Products with natural ingredients, especially fruit- and plant-based products are in high demand. For example, L’Oréal launched Garnier Olia Coloration Permanente with 60% natural flower oils in a non-drip cream.
Direct Selling Has Been the Hotspot for Growth Among the Distribution Channels
Direct selling is expected to witness steady growth during the forecast period, with more recognition across China. Direct selling is a traditional channel and the major countries adding value to the market are the United States, China, Japan, Korea, and Brazil. Direct selling in Asia-Pacific engages around 45 million people, compared to North America which engages 16 million people. China has proved its dominance in direct selling with growing middle-class eagerness to experience a wide range of cosmetic products. The channel is expected to continue its profitable run during the forecast period. Mary Kay Cosmetics and other companies are leading the direct selling channel in China. The main factor driving the direct selling channel in China is its tremendous professional opportunities for gaining superior customer experience. Also, with growing middle age population, who remain to be the primary consumers for these products, is driving the demand for the industry.
Major Key Players: L’OREAL GROUP, PROCTER & GAMBLE, BEIERSDORF AG, AVON PRODUCTS INC., THE ESTÉE LAUDER COMPANIES INC., UNILEVER, SHISEIDO CO. LTD, KAO CORPORATION, REVLON, MARY KAY INC., YVES ROCHER INTERNATIONAL, ORIFLAME HOLDING AG, and ALTICOR, among others.
Key Developments in the Market
November 2017: Estee Lauder have reported an increase in the sales of the brand in China and have revamped their millennial line of products offered to steer away for the popular notion of the cosmetic being for the older demographic. The company has succeeded in their efforts as it has grown more than it has in the past six years.
September 2017: L’Oreal has launched a campaign to end the use of animals for testing products. The #beCrueltyFree campaign has been issued as a public call to urge its end. Many companies have joined their efforts to end such practices.
September 2017: Procter & Gamble is expected to invest about USD 100 million in China for the digital innovation center, which is expected to accelerate the transition of the business model of the company in China involving big data and digitalized supply chain.
Table of Content
1 Introduction
1.1 Key Study Deliverables
1.2 Key Study Assumptions
1.3 Market Definition
2 Research Methodology
3 Executive Summary
4 Market Overview
4.1 Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness- Porter's Five Forces Analysis
4.3.1 Bargaining Power Of Suppliers
4.3.2 Bargaining Power Of Consumers
4.3.3 Threat Of New Entrants
4.3.4 Threat Of Substitute Products
4.3.5 Competitive Rivalry Within The Industry
4.4 Industry Policies
5 Market Dynamics
5.1 Introduction
5.2 Market Drivers
5.2.1 Innovation In Packaging And Design
5.2.2 Aging Population
5.2.3 Growth Of E-Commerce
5.2.4 Increasing Access To Middle-Bottom Segment Of Pyramid Consumers
5.3 Market Restraints
5.3.1 New Medical Technologies For Beauty Enhancement
5.3.2 Volatile Raw Material Prices
5.4 Opportunities
5.4.1 Growth In Emerging Markets
5.4.2 Growing Demand For Organic Products
Continued
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