This is the findings from research carried out by Randy Wang, project manager with Reed Sinopharm, which is the organizer of the forthcoming industry event PCHi, to be held in Shanghai, China from February 27 – 29, 2012.
Currently the market for cosmetics and toiletries in China is dominated by skin care, which accounts for an estimated 36 percent of all purchases, in a market that is forecast to be valued at $77.84bn by 2012.
According to the research, the most popular products are currently facial moisturizers, followed by facial cleansers, but with the Chinese consumers increasingly willing to invest in their appearance, other niche skin care sub-categories are expected to gather momentum in the near future.
More technologically advanced formulations
The research highlights several key trends in the category, particularly the number of products that were launched in 2010 targeting anti-aging, many of which are based on technologically advanced formulations with specific claims.
One example of this is products targeting DNA repair to damaged skin, which invariably claim to slow down the process of skin aging and reduce the appearance of fine lines and wrinkles.
Consumers of these anti-aging products are primarily mid- to high-income females in the 40 to 50 age bracket, but as the category evolves it is increasingly encompassing younger women in their 20s and 30s, who want to preserve their skin.
Skin whitening and nourishing
Skin whitening also continues to be a hot sub-category and the research highlights how this trend is likely to continue to grow in the future, as Asian women strive for brighter more radiant skin, as well as solutions that simultaneously nourish.
But the research also highlights the fact that any companies trying to target these trends have to be prepared to develop innovative products with proven efficacy, tying in with the fact that Chinese consumers are becoming increasingly savvy about the cosmetics and toiletries they buy.
Likewise, this evolution is not just confined to the major metropolitan areas in China, as it is also showing signs of spilling into mid- to lower-end cities, where there is a growing band of female consumers with increasing spending power but limited access to some of the more sophisticated products and global brands.
Don’t forget the men!
Likewise men are highlighted as consumers to target, in line with growing concern about the appearance which ties in with increasing interest in new and innovative male grooming products.
Backing this up, the research highlights the fact that Euromonitor expects the Chinese domestic market for male skin care products to grow at a faster rate than that in both North America and Europe.
However, the research again highlights the fact that product launches aimed at the male skin care market have to be targeted, and in particular need to focus on the specific needs of Chinese men.