China’s Personal Care Market to Keep Growing
by Christina Lee on July 15th, 2009
As various companies and one recent study shows, China may soon rise to become one of the top markets for cosmetics and toiletries in the world.
RNCOS, an India-based market research firm, estimated that China’s cosmetics and toiletry market rose to an estimated $16.9 billion in 2008, as the country’s GDP soared. With such growth in consideration, the firm expects the market’s value to surpass $28 billion by 2012.
Color cosmetics and men’s fragrances have all taken off in China over the past year. Increased spending, driven by more disposable income and awareness of such products, have in turn called the attention of many major companies. As Estee Lauder sells to over 30 cities in the country, L’Oreal manages 16 brands total.
“Chinese people now like to try new things and advance products, and are more brand-conscious and more receptive to foreign ideas,” said Paolo Gasparrini, president and managing director of L’Oreal China, to the World Advertising Research Center.
China’s personal care market is second only to Japan’s, and is now the seventh largest in the world. But if it continues to report double-digit sales increases, China’s market could easily place within the top three within the next three years, as CosmeticsDesign-Europe.com reports. Paul Mak, president of Mary Kay’s Chinese division, even predicts that it will surpass the United States value in five.