"The 'glocalisation' approach means that the major cosmetics player will continue to think and act in global terms, while simultaneously acting local," said Izakun Bengoechea, a senior analyst for Fast Moving Consumer Goods (FMCG) at market research provider Euromonitor International.
"The multinational cosmetic and toiletry players are taking into account that their marketing campaigns have to consider individual market needs, which can differ enormously from region to region," Bengoechea added.
Euromonitor estimates that in 2007 the global cosmetics and toiletries market was valued at $290bn, a figure that has risen 5 per cent each year since 2001, when the market was valued at $225bn.
During that period the trend towards 'thinking global, acting local', has gathered pace, contributing significantly to market growth, but in her presentation Bengoechea highlighted her belief that this trend is likely to continue to grow in importance in the future.
This forecast comes despite the fact that market growth in the industry is likely to slow in the coming years to around 3 per cent per annum, a prediction that should give the global market for cosmetics and toiletries a value of $338bn by 2012.
Specific trends that have already demonstrated the fact that marketers are thinking on more local terms as a means of increasing their global reach have included skin whitening in the Asian market, halal products for Muslim consumers and products that key in on specific ethnic requirements.
And Bengoechea believes that these trends will only grow in importance during the coming years.
Skin whitening is expected to be the most significant example, cluing in to the fact that in Asian cultures lighter skin is one of the most important issues associated with maintaining a younger looking skin.
Indeed, in Japan skin whitening products already account for 15 - 17 per cent of total skin care sales, according to Euromonitor, which is predicting that future growth is likely to be driven by developing Asian markets, including fast-expanding giants China and India.
Other examples identified in the past couple of years that are likely to provide future growth include launches such as alcohol-free fragrances aimed at the Muslim market, a fragrance launch in the US aimed at Hispanic children, and premium beauty ranges aimed at ethnic minorities such as the Queen Latifa brand, currently being expanded in the US.
As demonstrated by all of these products, Euromonitor believes that an approach which'caters to all cultures' is likely to be a crucial element towards helping the personal care industry conquer new markets in the coming years.