China’s Beauty Revolution On Display at In-Cosmetics Asia

China is the No. 2 beauty and personal care market in the world, second only to the US. According to Statistica¹, beauty and personal care sales in China reached a staggering 516.9 billion yuan (US$72.7 billion) in 2023, reflecting a robust 6.5% increase from the previous year. This upward trajectory is projected to continue, with experts anticipating the market to reach 579.1 billion yuan (US$81.4 billion) by 2025 – a significant 12% growth. With such substantial market growth, it’s important to consider what is driving this boom and which emerging trends will shape the market’s future.

Mintel’s APAC 2024 Beauty and Personal Care report² focuses on the evolving dynamics of the beauty industry across the region. Mintel found that in China, beauty trends emphasize scientific backing and research and development (R&D) capabilities. The research suggests that Chinese consumers prioritize efficacy and lean toward products developed by renowned R&D teams (54%), those with biotechnology backgrounds (53%), and those supported by laboratory research data (48%). The report found that a focus on science, technology and proof of efficacy is a unifying trend across APAC, driven by consumer demand for effective, trustworthy beauty products. This trend is shaping how brands develop, market and communicate their products, emphasizing the importance of R&D, innovation and credible endorsements.

Cosmetic Product Efficacy Is Paramount

This renewed focus on efficacy likely reflects the rapidly shifting consumer dynamics in the industry. Over 90 Chinese companies will showcase innovation, products and services at In-Cosmetics Asia 2024 this year.

Show sessions review some of the biggest trends in the region. For example:

• Fei Xu, market intelligence director, Asia zone, Asia Cosme Lab will present, “Five game-changing beauty trends you can’t miss in China” (November 6, 2024, 11am, Marketing Trends Theater).
• Mike Sohn, CEO and principal consultant, Reach24H will present, “How global regulations influence the cosmetics ingredients industry – USA and China” (November 6, 2024, 4pm, Marketing Trends Theater).

According to Oliver Luo, of Qinghai Blicsweet Licorice Technology Development, changing consumer demographics impacts purchasing decisions.

“With the increase in consumer income levels and the trend of consumption upgrading, products with high quality, strong functionality, and high safety will be favored,” said Luo. “Especially among the younger generation of consumers, the focus on brand trust and product efficacy will drive further market development.”

Meanwhile, Shuyu Guo, marketing director, ZLey Group noted that in the post-pandemic era, people’s consumption and health concepts have undergone significant changes.

“Nowadays, consumers pay more attention to practical value and cost-effectiveness of products, consciously avoiding falling into the trap of market consumption.” He adds “Health is the primary pursuit of modern people.”

Embracing Holistic Beauty

Statista notes that the anti-aging sector is steadily growing in China. The category is expected to post annual gains 18.3% between 2022 and 2030. And with that growth comes a lot of change.  

According to Mintel, there is a shift toward embracing aging and rejecting unrealistic beauty standards among many Chinese consumers. The data found that younger consumers are critical of unrealistic advertising images and prefer brands that advocate for healthy aging.

Jianwei Zhang, marketing manager, Hangzhou Viablife Biotech said that the shift toward a preference for overall skin health and natural beauty is being driven by multiple factors.

“On one hand, skincare in China has extended from merely managing appearance to a focus on overall health management, which is closely linked to the steady growth of China’s economy,” said Zhang. “On the other hand, as a major global cosmetics market, China serves as a testing ground for cutting-edge consumer concepts. With the globalization of brands, advanced consumer concepts in the cosmetics field, such as personalized customization, green and eco-friendly awareness, brand influence and social beauty standards, have taken root in China.”

Luo maintains that the driving factors for this change include an increase in consumer health awareness, an increase in information transparency, and the influence of social media on beauty standards.

“Consumers are more inclined to seek products that can improve skin health and emphasize natural beauty, which also prompts brands to make corresponding adjustments in innovation and market positioning,” said Luo.

This changing landscape presents an exciting opportunity for brands and ingredient manufacturers alike. By moving beyond a narrow focus on anti-aging and instead emphasizing natural beauty, promoting healthy skin, and offering personalized solutions, brands can resonate with this new wave of beauty-conscious consumers in China.

For more information and to register to attend in-cosmetics Asia 2024, visit here. 

References:

[1] https://www.china-briefing.com/news/investing-in-chinas-anti-aging-market-trends-and-opportunities/#:~:text=In%202022%2C%20the%20anti%2Daging,percent%20over%20the%20forecast%20period.

[2]   https://www.mintel.com/insights/beauty-and-personal-care/asia-pacific-beauty-landscape/#download