The makeup market in China is expected to grow from C¥39bn in 2019 to C¥59.5bn by 2024, recording a compound annual growth rate (CAGR) of 8.8 percent, says GlobalData, a leading data and analytics company.
GlobalData notes that the sector growth was primarily driven by face makeup with a CAGR of 9.8 percent. The face makeup category is followed closely by eye makeup (CAGR of 8.7 percent), and lip makeup (CAGR of 7.4 percent).
“Increased focus on looking good and rising awareness of product and beauty trends make China a lucrative market for the make-up sector. As the influence of marketing loses sheen and consumers actively look to make informed purchase decisions, there is a shift towards product formulations. Consumers are increasingly looking for products that are less harmful, without compromising the quality, fueling the demand for natural and organic products," noted Anchal Bisht, Consumer Analyst at GlobalData.
L’Oréal S.A., LVMH Moet Hennessy-Louis Vuitton and Amorepacific Corporation are the top three market players in the Chinese makeup sector. Smaller private labels, which account for a small share, are one of the highest growing (in CAGR) brands in the sector.