As COVID restrictions have relaxed, we have seen more social, public, and mass gatherings being able to happen again. This resurgence of out of home gatherings will drive the demand for skin care as consumers want to look and feel their best.
With restrictions easing up and the economy recovering strongly, skincare sales are anticipated to resurge in China. According to a report on China's skincare market size, we will see the market growth being primarily driven by the hand care category. The skincare market in China is expected to grow at a compound annual growth rate (CAGR) of 5.1% from $35.7bn in 2021 to $46.3bn by 2026.
China’s facial care category is one of the largest in the world, and major brands are targeting particular high growth areas such as anti-ageing and skin repair creams that contain natural ingredients.
Consumer analyst, Anush Shaw noted: “The economic recovery, rising household disposable incomes, and revival in consumer confidence will bolster the growth of the Chinese skincare sector. Chinese consumers are growing increasingly experimentative and willing to try innovative products and pay more for premium products with better formulations.
