The growth rate of China's cosmetics market is the highest in the world, and per capita consumption has unlimited imagination

by:XJ BEAUTY     2019-12-03

The growth rate of China's cosmetics market is the highest in the world.

The growth rate of China's cosmetics market is the highest in the world. Per capita consumption has unlimited imagination. Data show that the global cosmetics market reached 488 billion US dollars in 2018, of which China's cosmetics market accounted for of the world's total. With a 7% share, China has become the world's second largest cosmetics market, and China has become a key country leading the development of the global cosmetics industry. China's cosmetics market is the second largest in the world, with a compound growth rate in the past ten years! According to statistics from international agency Euromonitor, 2009- In 2018, the scale of the global cosmetics market showed a fluctuating trend. Data show that 2012- The global economic recovery was weak in 2014.  

Although the scale of cosmetics market continued to grow, the overall growth rate was relatively low; In 2015, due to the continued sluggish demand in the euro zone and the sharp economic recession in Brazil, one of the major cosmetics markets, the global cosmetics scale declined year on year, reaching a decrease of 7.5%. 3%; In the past three years, the global economy has warmed up, driving cosmetics consumption to rebound.  In 2018, the global market reached 488 billion US dollars, up 4% year on year. Among them, China's cosmetics market accounts for of the world's total. With a market share of 7%, China's cosmetics industry has a market size of 410. 2 billion yuan, ranking second in the world after the United States (18. 3%). Although the market scale of China's cosmetics industry is the second in the world, it has become the first in the world in terms of market scale growth rate. 2009- 2018, China cosmetics industry average annual compound growth rate of for 9. 9%, compared with in the United States. 3% higher than 6. 6 percentage points.

Compared with the growth rate of China's and the global cosmetics market, China has become an important market leading the development of the global cosmetics industry. It can be seen from this that although the scale of China's cosmetics market is not as large as that of the United States at present, the industry is in a stage of rapid growth and has more room for imagination for future development. The per capita consumption of cosmetics has a broad space to rise.  The diversification of consumer groups drives the development of the industry.  Compared with countries with more mature consumption of cosmetics such as the United States, Japan and South Korea, the per capita consumption of cosmetics in China was US $43 in 2018, only 1/5 or even 1/7 of the per capita cosmetics consumption in these developed countries. With the growth of per capita disposable income of Chinese residents, according to international experience, when a country's GDP per capita reaches 3000 US dollars, individual consumption has basically exceeded the demand for food and clothing, and has turned to pursue a higher quality of life. At present, China's GDP per capita has reached 9732 US dollars, and disposable income and consumption expenditure have shown a trend of double growth, the level of consumption demand of Chinese residents has shifted from traditional consumption such as 'full food and warm clothes' to high-end consumption and personalized consumption. Therefore, with the trend of consumption upgrading in our country, the per capita consumption of cosmetics in our country is expected to continue to increase, further demonstrating the broad growth space of our cosmetics industry. In addition to the upgrading of China's residents' consumption and the rise in income level, which will bring about an increase in per capita cosmetics consumption level, thus providing great development potential for China's cosmetics market, china's third-and fourth-tier cities still have huge consumption potential to be released, which will also be an important force to boost China's cosmetics consumption market. According to the 618 consumption data of the Tmall in 2019, from June 1-2, orders for more than 50 million items in the Tmall came from third-and sixth-tier cities in China. Especially in the field of beauty makeup, in the first two days of only 618, the sales of Juhuasuan beauty makeup products from the third to sixth tier cities increased by 143% year on year, far exceeding expectations. With the rapid development of mobile Internet and e-commerce, the transmission speed of consumption wave has further shortened the 'consumption gap' between low-tier cities and first-and second-tier cities ', china's cosmetics market has begun to become the home of the third-and fourth-tier urban youth.

To sum up, China's cosmetics market has great potential and is expected to continue to drive the development of the global cosmetics industry.  It is expected that the market size of China's cosmetics industry will exceed 440 billion yuan in 2019; By 2024, the market size will exceed 600 billion yuan. The above data and analysis sources refer to the 'China cosmetics industry market demand forecast and investment Strategic Planning Analysis Report' issued by the prospective Industry Research Institute.         

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