Chinese cosmetics market will continue to maintain steady growth in the future, with the total volume of retail sales of enterprises (each with annual revenue of above RMB20 million) expected to be RMB245.3 billion by 2017.
Dallas, TX (PRWEB) February 14, 2015
China’s cosmetics market has been booming in recent years and already has become the world’s second largest cosmetics consumer market, second only to America, with annual volume of retail sales approximating RMB200 billion. In 2014, influenced by such factors as the economic slowdown, China’s cosmetics market registered the lowest growth rate (12.3%) since 2005; the total volume of retail sales of enterprises (each with annual revenue of above RMB20 million) dropped to RMB172.47 billion.
Major Cosmetics Companies Worldwide
L'Oreal, Estee Lauder, Procter & Gamble. Shiseido
Major Cosmetic Companies in China
Shanghai Jahwa United Co., Ltd. (600315), Jiangsu LONGLIQI Bio-Science Co., Ltd. (Longrich), Shanghai Inoherb Cosmetics Co., Ltd., JALA Corporation, Zhejiang Osmun Group, Zhejiang Proya Cosmetics Co., Ltd, Tianjin Yumeijing Group Co., Ltd., Softto Co., Ltd., BaWang International (Group) Holding Limited, Guangzhou Huanya Cosmetics Technology Co., Ltd., Guangdong Marubi Biotechnology Co., Ltd., KOSé Corporation
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Skin care and make-up account for the largest share of cosmetics consumption in China, with total volume of retail sales representing a combined 61.2% in 2013, of which skin care products ranked first with a proportion of 48.0%. In addition, the change in men’s skin care has led to a constant release of men’s cosmetics market with total volume of retail sales accounting for 4.6% in 2013, and in the future the proportion will be further raised.
So far, foreign-funded enterprises still play a dominant role in China’s cosmetics market, accounting for roughly 86% of the total volume of retail sales. To cater to the demand of Chinese cosmetics consumers and improve their market share in China, L'Oreal, Estee Lauder, Procter & Gamble, Shiseido and other foreign companies have constantly adjusted brand strategies and intensified the building of channels.
L'Oreal is the world’s largest cosmetics company. In 2013 it recorded revenue of EUR21.288 billion in cosmetics business, a yr-on-yr rise of 2.3%. In recent years, L'Oreal has constantly adjusted its brand strategy in China: re-introduction of Inneov oral medical cosmetics which was withdrawn from China in early 2013 and a full suspension of Garnier in China in 2014.
As one of the world’s major cosmetics companies, Estee Lauder is engaged in skin care and make-up. As of January 2015, it has 124 counters in 51 Chinese cities. Besides, it authorized T-mall, an e-commerce website, for the first time in May 2014 to develop China’s e-commerce channel market.
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