A recent consumer survey by market research company Datamonitor highlighted the importance of skin whitening for consumers, with nearly half of the respondents in China considering it an important attribute of a product.
Manufacturers are capitalizing on this trend by adding whitening ingredients to skin care products, including moisturizers and sun care formulations; promoting them as multifunctional and offering greater value for money, the market researcher claimed.
Facial care is a successful category in the region - four out of every five new skin care products launched in China is for the face - and whitening products are particularly popular.
New product launches up on last year
Despite an uncertain global economy, the number of skin care product launches in China was up 20 per cent in 2009 compared to 2008’s figures, with nearly 2000 new launches.
Skin whitening, and sun care creams and lotions, were some of the drivers of the launches, Datamonitor analyst Arvind Arun explained.
Another sector with a positive effect on new launches in the region is male skin care, the analyst said.
“Rising interest in beauty and skin care products among men is just one of the many key trends that are revolutionizing the skin care market in China.”
Further popular segments helping to develop the market include anti-aging products and natural and organic offerings.
The potential of the anti-aging market is steadily growing in China, related to the aging population in the country. According to Datamonitor, the 40 plus age group is increasing and ‘anti-agers’ are expected to make up over 30 percent of the entire population by 2013.
Growth low price products
However, analyst Arun did say that although the market is dynamic in the country, the majority of new launches were in the lower price range.
“This is largely due to the fact that the key demographic group responsible for the growth is the emerging middle class, which is both price-sensitive and cautious in spending its new found wealth.
“But as the economy continues to flourish... and China’s reputation as one of the most important markets for retail investment will increase, particularly in skincare will continue to increase in the year’s ahead,” Arun said.