The skin care market still dominates, and the cosmetics market is growing rapidly
As young consumers further strengthen their awareness of skin care and anti-aging, and increase consumer demand for skin care products, my country's local skin care market will be 129 billion yuan in 2020, and local skin care will occupy a major position in the local beauty market. Although the local cosmetics market accounts for a relatively low proportion, consumers will continue to increase their willingness and ability to consume cosmetics in the future, and the cosmetics industry will have more room for growth. Local cosmetics brands are emerging and will gradually break the monopoly of international brands. It is estimated that in 2023, the scale of my country's local skin care market and color cosmetics market will reach 197.7 billion yuan and 55 billion yuan respectively. The compound growth rate of the color cosmetics market will reach 23.8% from 2021 to 2023, which is higher than the compound growth rate of the skin care market in the same period.
Local beauty market structure
The emerging local beauty market is growing rapidly
Emerging beauty brands refer to beauty brands that were established in 2016 and later, and their primary sales channels were online channels in the initial stage. In 2020, the emerging local skin care market will reach 17 billion yuan, and the emerging local cosmetics market will reach 12.8 billion yuan. China's cutting-edge local beauty market accounts for 18.9% of the overall local beauty market. There are three main factors for the rise of emerging local brands: the assistance of the venture capital industry to the beauty track, the recognition of domestic products by young consumers, and the traffic dividends brought by new media channels. It is expected that the market share of emerging local brands will continue to rise to a certain extent in the future. With the decline of new media traffic dividends and the homogenization of product image and brand positioning, differentiated brand selling points in the next stage are particularly important.
