The rapid and high-end development of the cosmetics market

According to a report by iResearch, users aged 18-29 account for about 50% of the beauty and skincare users in China, with Generation Z women born between 1995 and 2009 being the main consumers of beauty and skincare products. Due to the overlap of their growth trajectory with the process of major Western cosmetic companies entering the Chinese market, Generation Z consumers have a strong concept of cosmetic consumption, and their research and quality requirements for cosmetics are also gradually increasing. With the steady improvement of our country's economy and the increase in residents' income levels, the market scale of cosmetics in China is increasing year by year, showing a trend of high-end development.

Data from the Huajing Industry Research Institute shows that the market scale of cosmetics products in China has been continuously expanding in recent years. In 2015, the market scale of cosmetics in China was only 25.31 billion yuan, and by 2021, it had reached 69.66 billion yuan, with an average annual compound growth rate of 18.38%. Even in 2020, when the pandemic had the most severe impact, China's cosmetics market was still able to maintain a stable and slight growth of 380 million yuan, reflecting the huge potential of China's cosmetics industry. According to predictions from the Huajing Industry Research Institute, China's cosmetics market will reach 111.28 billion yuan by 2025, with an average annual compound growth rate of 11.86% from 2022 to 2025.