With the continuous improvement of people’s living standards, and the importance of the appearance of the image is getting higher and higher.
In the past decade, the global cosmetics market has shown a tough and steady growth, with no stagnation or negative growth in the past year.
Even in the year of the 2008-2009 global financial crisis, the growth rate slowed down and quickly returned to the historical normal growth level in the recovery.
This is because cosmetic consumers did not change the purchase behavior of cosmetics in the event of a crisis, nor did they reduce the value of cosmetics.
It can be said that consumers’ enthusiasm for cosmetics is higher than ever. The cosmetics market is an obvious seller-driven market with innovative features. Consumers are willing to pay for high-quality, high-performance products.
According to Orbis Research, the global beauty care products market is maintaining good momentum in the future and is expected to expand by 7.14% (CAGR) in 2018-2022, from 532.4 billion to 805.6 billion.
As shown in the following figure, Statista data shows that in the past eight years, the proportion of make-up products in the beauty care products market has increased, which is the highest growth rate.
In recent years, there have been many unicorn companies in the makeup industry, which quickly eroded the market occupied by cosmetics giants such as L’Oreal, Procter & Gamble, Unilever and Estee Lauder in a short period of time.
According to analysis by Euromonitor, a well-known market research organization, the United States currently has the largest makeup market in the world;
And it is the most promising market in developed countries (US cosmetics retail sales in 2017: 16.8 billion US dollars, estimated market development space to 2022: 3.3 billion US dollars);
Although Japan currently has the world’s second largest makeup market, its market has been deeply developed and there is little room for growth (similar to the situation in developed economies such as the UK and Germany).
China and India have the largest market potential due to their large population base and consumers are still being educated and being developed;
However, China’s retail sales (the third in the world) in 2017 and its space to be developed (up to the world’s first in 2022) are higher than those in India.
In addition, Indonesia, Nigeria and Brazil are the most densely populated countries in Southeast Asia, Africa and South America respectively. It is expected that the market will also expand significantly in 2017-2022.