Strong consumer confidence along with increasing skin care product awareness is fueling cosmetics sales in China, which is poised to grow at a CAGR of 12.3% [1] during 2010-2013, according to a new report by market research firm RNCOS.
“China offers huge potential for cosmetics and toiletries industry developments, and has surpassed its regional counterparts in terms of industry growth and revenues. Even in the tough times of economic slowdown, Chinese cosmetics and toiletries industry showed strong resilience and registered impressive year-on-year growth. Our estimations further reveal that industry will continue to experience strong market developments and will show double digit CAGR during 2010-2013,” says the company.
According to the Cosmetics and Toiletries Market in China report, the skin care segment is still dominating the entire cosmetics and toiletries market in the country, and accounted for around 40% of the overall cosmetics and toiletries sales in 2009. This segment should continue to rule the market with strong double digit CAGR forecast for 2010-2013.
Apart from skin care, other market segments such as colour cosmetics and hair care are also catching up fast and have shown tremendous market performance in recent years.
