Analysis of the Chinese Cosmetics Market

Abstract

In recent years, China's cosmetics market has maintained a high growth rate, with numerous consumers supporting its development and the emergence of well-known brands. in 2017, the total value of China's cosmetics market exceeded 1.8 trillion yuan, an increase of approximately 14.3%, of which the major share was occupied by skin care revenue of 1.06 trillion yuan; color cosmetics revenue of 450 billion yuan; and perfume revenue of 180 billion yuan. In terms of the composition of the number of consumers, the population of mainly women occupies the vast majority of the number of consumers, and women's consumption perspective of consumption to support the overall makeup market to maintain continuous growth. As the consumer base continues to expand, the acne market develops in an orderly manner, and products continue to hit the market with new technologies, personalized beauty is being implemented among the younger generation, all of which makes the outlook for the Chinese cosmetics market very positive. In the 2018 annual figures, for example, the total value of the Chinese cosmetics market is estimated to exceed RMB 2.1 trillion, up 14.7% from 2017. With the release of overall domestic consumption potential and the application of new technologies in skincare, the Chinese cosmetics market will also continue to grow at a faster pace in the future.