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China Skin Care Market to Grow at 12.5%, Says RNCOS Report
Apr 05, 2008
The skin care market is the major segment in the cosmetics and toiletries industry of China. According to a market research report “Cosmetics and Toiletries Market in China” by the market research firm RNCOS, China’s skin care market is expected to grow at a CAGR of 12.5% from 2008 to 2012.
The report has identified that rising purchasing power and growing product awareness is leading to expansion in demand for skin care products in the world’s largest economy. Other than these primary forces, factors such as rising disposable income, shift towards westernized culture, and changing lifestyle are also fueling growth in the industry, says the report.
China, the world’s largest population, has large populace in the age group of 15 to 59 years, which is considered more fashion-conscious. Moreover, people of this age group have more diversified needs. So domestic players in the skin care market are launching new products with added features to cater to the needs of this consumer segment. And as the tastes of this fast expanding group are evolving, it has opened up vast opportunities for skin care products manufacturers in China.
Apart from domestic players, the growing skin care sector of China is also attracting many foreign players. The report has identified that many international brands like Olay, L’Oreal and Aupres have successfully established themselves in skin care products market of China. For instance, in 2006, among the top ten skin care brands in China, eight were foreign. Moreover, due to relatively high purchase and usage rate, all foreign brands are showing positive growth.
The report “Cosmetics and Toiletries Market in China” provides thorough information about the various factors influencing the growth of the market, opportunities, various distribution channels, sales, consumer behavior and challenges critical for the success of cosmetics and toiletries market in China. It provides segment-wise current and future performance of the market and based on comprehensive analysis gives future projection of the market.
For more information visit: http://www.rncos.com/Report/IM001.htm
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