The cosmetics and toiletries market in China has been expanding rapidly since last five to six years. The market is undergoing transformation and development phase and is far from the saturation level. China’s cosmetics and toiletries market is considered as the second largest in Asia-Pacific after that of Japan and the seventh largest in the world. Thus, it remains a highly attractive market for companies across the world.
At present, China’s cosmetics and toiletries market is dominated by international companies like P&G, L’Oreal and Christian Dior. These companies are responsible for generating majority of the industry revenues and are preferred by consumers over the local companies. The conventional cosmetics segments like skin care and hair care remain the hot favorite for the industry, accounting for 38% and 20% overall cosmetics & toiletries market respectively in 2008.
As per our research “Cosmetics and Toiletries Market in China”, China offers tremendous opportunity to both the international brands as well as homegrown companies due to large consumer base and low per capita consumption of cosmetics and toiletries products in the country. Besides these two fundamental factors responsible for industry growth, rising purchasing power, increasing influence of western culture and evolving consumerism culture is giving the desired platform to the industry for expansion.
With such strong fundamentals, we anticipate that the Chinese cosmetic & toiletries market revenue will surpass US$ 25 Billion by 2012. The future growth will be driven by changing market dynamics and emergence of domestic companies in cosmetics & toiletries market landscape. Our research has also revealed that the market will see tremendous growth in coming years and will remain far from attaining saturation level.
Although China cosmetic market has become highly competitive, there is still plenty of potential for new entrants, provided they adopt appropriate market entry strategies, find right manufacturing or distribution partners, use effective marketing strategies, and make suitable products for various customer groups at reasonable price points.
The research will help clients to get in-depth knowledge on the current, past and future performance of the industry. The future outlook mentioned in report has been derived by interacting with various industry veterans, developers, analyzing information from research papers, journals and our industry-specific in-house developed models.
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