CHINA BEAUTY & PERSONAL CARE MARKET FORECAST 2023-2030

The China beauty & personal care market is estimated to grow with a CAGR of 4.74% during the forecasted period of 2023-2030, acquiring a revenue share of $121.01 billion by 2030.

The market growth of the country is supplemented by key drivers, such as the rise in product launches by beauty & personal care brands, the population’s increasing cognizance about healthier lifestyles, and the surging demand for products with natural and organic ingredients.

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As one of the world’s top locations as well as the fastest-evolving markets for beauty products, China is continually engaged in the introduction of ground-breaking developments and setting global trends. Accordingly, a sizable proportion of product launches in the country entails claims such as UV protection, moisturizing/hydrating, long-lasting formulations, whitening, botanical/herbal, and anti-aging.

The increasing per-capita expenditure on home goods across China, including personal care products, is further accredited to the rise in awareness of healthy lifestyles, thus fuelling the market demand. Furthermore, hair care products with specialized functions, such as anti-aging and natural hair colorants, are witnessing increased demand in the country, as well. This growth is mainly attributed to the surging use of natural hair dyes in order to enhance hair styling, in addition to the increasing popularity of hair texturizing treatments.

On the other hand, the rapid retail developments in China have positively impacted the analyzed market’s growth. In this regard, eminent manufacturers, such as L’Oréal, Shiseido, Estée Lauder, Sephora, and Watsons, are focused on garnering a wider consumer base through novel retailing technologies as well as experiences. For example, L’Oréal, as part of its efforts to integrate augmented reality (AR) technology into business practices, launched the Lancôme virtual makeup mirror. Through this, customers can choose a makeup product, click on a screen, and scan the code to enter the Tmall flagship store of the brand. Hence, these factors are projected to fuel the beauty & personal care market growth in China during the forecast period.

The China beauty & personal care market is segmented into product type and distribution channel. The distribution channel segment includes drugstores/para-pharmacies, hypermarkets, supermarkets, chemists/pharmacies, beauty specialists, e-commerce, and other distribution channels.

The beauty specialist segment is fuelled by the rise in disposable income as well as increasing consumer awareness, encouraging leading beauty brands like Revlon, Oriflame, and L’Oreal, to begin their own operations. Furthermore, given the robust demand for these services, various companies are also offering beauty & personal care products and solutions within their own salons across regions.

The other distribution channels segment includes convenience stores, departmental stores, grocery retailers, local independent sellers or retailers, and service stations. A significant rise in convenience stores has been witnessed in emerging nations, with the largest sales percentage of beauty & personal care products derived through departmental stores, local independent sellers, and convenience stores.

Some of the top firms operating in the China beauty & personal care market include L’Oreal SA, Shiseido Company Limited, The Estee Lauder Companies Inc, etc.

Kao Corporation, headquartered in Japan, is a consumer goods company that engages in the production of skin care, cosmetics, hair care, home care products, and health care. The company also manufactures chemicals like surfactants, toners, toner binders, and oleochemicals. Kao Corporation caters to multiple industries, such as automotive, lubricants, metal, construction, food, pulp & paper, electronics, and others.

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