American media: Chinese beauty market sales will break over trillion yuan

American "World Women's Daily" June 26 article, original title: Insight China: China's beauty market sales will exceed 1 trillion yuan, with the increase in household income, the continuous influx of newcomers and the continuous growth of local brands. China has become the key to the growth of global beauty companies. According to data from the consulting company O'Rui International, the size of the global beauty market in 2018 reached $ 488 billion, and in 2019 reached $ 514.8 billion. In China, the size of the beauty market in 2018 reached 38.5 billion US dollars, leading the world's market growth with a growth rate of 14.9%, and reached $ 77.6 billion in 2020.

At the "618 China International Beauty Summit Forum" held by the World Women's Daily, Ji'an Posino, the head of the Italian Cosmetics Federation, said that the size of China's beauty market in 2022 is expected to reach $ 92.1 billion. The growth momentum will mainly come from the rapid growth of the male beauty products market and the rise of domestic beauty brands.

Two major factors promote the rapid rise of the Chinese beauty market. First of all, over the past few decades, more than 5,000 foreign beauty brands have entered the Chinese market, not only bringing continuous growth, but also creating a favorable business environment for local beauty companies. As international brands participate in the Chinese market, the value chain of China's beauty industry has matured.

The second major factor is the increasingly growing consumer group of Chinese beauty and skin care products. Family income has continued to rise, and the increasing consumption capacity of low -line cities has promoted the rapid expansion of the consumer group. For Shiseido, which has entered the Chinese market for 41 years, China has become its largest overseas market since 2017. The company's Chinese office in Shanghai was positioned as "second headquarters" at the end of 2019.

At the same time, Dongfangmei Valley located in Fengxian District, Shanghai has become one of the world's main cosmetics industry clusters. As of the end of 2021, Oriental Meigu has gathered more than 2,200 related companies with "beautiful economy", with more than 3,000 brands, accounting for more than 40%of the total cosmetics sales of the entire Shanghai region, and the industry scale is close to 10.4 billion US dollars.

China is not only a key consumer market and manufacturing center, but also has begun to become an innovation driving force. From the establishment of the R & D center to the investment fund, the international beauty giants such as L'Oreal, Shiseido, and United Leihua continued to expand investment in China; at the same time, local brands such as Shanghai Jiajiahua, Galan Group and Huaxizi have begun international layout to open up the international market. Chinese beauty brands are still entering foreign markets through cross -border e -commerce. The Chinese beauty market is expected to expand from the current 600 billion yuan to 1 trillion yuan (2025). (Author Li Jun, translated by Ding Yuqing)

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