The wheels of market growth are revving in China, and they’re revving their engine toward sales that exceed 75 billion USD within the Beauty and Personal Care market by 2022. That’s according to a recent forecast by market research powerhouse, Euromonitor, who anticipate China enjoying an average year on year growth of 6.3%, from now until it reaches that 2022 destination.
Fuelling China’s significant growth within the BPC market comes mostly down to sales of skincare products, but it’s the sale of colour cosmetics that presents itself as the most dynamic personal care category regarding value in 2017. Driving the demand for cosmetics with a visually more vibrant hue, it seems, is China’s younger generation, particularly woman born in the 1980s and 1990s. This more colourful demographic, it is thought, tends to pay more attention to their outer appearance, and therefore tend to consume more colour cosmetics. Image consciousness may seem like an obvious attribution to the boost in personal care products, but what may come as a surprise is the idea that the adoption of new technologies, such as AR (Augmented Reality), is also considered to have boosted BPC sales, in particular, colour beauty products.
If China’s year on year growth wasn’t enough to entice substantial global investment, its gross margin in the beauty and personal care industry might. According to a local consultancy, Insight & Info, the average gross margin of brand companies in the Chinese beauty and personal care industry is 60%-80%, meaning this booming market will undoubtedly create enormous demand and boundless opportunities for personal care ingredient suppliers the world over.
The Personal Care and Homecare Ingredients (PCHi) trade show is China’s leading Sourcing Platform for the Global Personal Care Industry. As an innovation-led event, PCHi provides cosmetics, home and personal care manufacturers, ingredients suppliers, cosmetics packaging, machinery and product testing providers from all over the world with a quality platform for ingredients sourcing, gaining insight into global trends, conference, activities and networking with world-class experts.
PCHi2018 Facts & Figures
Total Show Area: 32,000 SQM
More information: http://www.pchi-china.com/en/About-PCHi/Post-show-Report/