By 2023, the global cosmetics market is expected to expand to $62.5 billion. The market was $40 billion last year, with a sustained average growth of 7.7 from 2017 to 2023. QY Research, a multinational market research firm, released its forecast on December 13 in the 2018 Global Cosmetic Market Survey. According to the report, there are countless cosmetics enterprises in the world competing, so there is no uneven market in the makeup market. But what attracts the attention is, the high-end makeup market is mainly western Europe and the American-led two-engine pattern.
The report sees improved living standards among consumers in developing countries as a catalyst for the expansion of the cosmetics market, and speculated that increased disposable income and economic recovery have also contributed to the growth of the global makeup market. Rapid economic growth and population expansion in emerging markets, in particular, provide a great opportunity for the global makeup market. The increasing awareness of fashion trends, the increasing demand for all kinds of beauty care products and the increasing attention to appearance have promoted the expansion of the makeup market. But the report points out that the proliferation of fake goods, including counterfeit goods, and the side effects of some makeup are the negative factors for the future growth of the makeup market. Regionally, Europe and North America are still driving the growth, as the two regions have a global market share of 28.0 or 26.0. The fastest growing region in 2017-2023 was in the Asia-Pacific region, helped by the rise of the Chinese market, which saw an average annual growth rate of 9.2. The report points out that there is a disadvantage in marketing in the Chinese makeup market. In Korea, Japan, Europe and North America, cosmetics tools are accepted as packaging, unlike in China, where they need to be purchased separately. In addition, the report notes that companies like to invest in market strategies in backward countries.
This is mainly because, while returns are not forthcoming, in the case of BRICs countries, the cosmetics market will grow as long as the economy shows a trend of growth. In addition, the report noted that existing companies leading the makeup market have guided the market by providing after-sales service models, technical advantages and a wide range of product capabilities. And stressed, in addition to the price, product efficacy is also an important factor affecting the makeup market. For this reason, small and medium-sized enterprises have a price advantage, but because of the diversity of low-end products and fragile manufacturing processes and other factors can not stand firm.
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