Major Consumer Trends in Asia's Cosmetics Industry in 2020

6 Major Consumer Trends in Asia's Cosmetics Industry in 2020

On November 4, 2019, China Business Financial Data Center (CBNData), Oriental Meigu and Nu Skin China jointly released the "2019 Oriental Meigu Blue Book (Cosmetics Industry)" (hereinafter referred to as the "CBNData Report").
Cosmetics Trends in the Asian Market
Cosmetic Brush

Online beauty consumers

 Based on CBNData consumer big data, online beauty consumers are the main research objects. Through insight into their consumption behavior characteristics, they comprehensively analyze the global and Chinese cosmetics industry status and future development trends to help brand business decisions.

Along with the wave of economic globalization, new industries, new formats and new kinetic energy continue to emerge, and have strongly promoted the symbiotic development of the world economy. In this context, the development of the global cosmetics industry has also reached a new height-the best growth in the past five years in 2018. Looking back at the East, China's beauty industry is in a booming stage. As the world's second largest cosmetics market, China is also the largest growth country in the past decade. The CBNData Report shows:

1) The global cosmetics market bottomed out in 2016 and continued to grow steadily. In 2018, the size of the global cosmetics market reached US $ 488 billion, a year-on-year increase of 4.12%

2) The United States, China, and Japan rank among the top three global cosmetics consumers; emerging markets such as China, India, and South Korea have led global growth in the past decade

3) The global cosmetics industry presents three major consumer trends: diversified consumer demand, technological upgrading of consumer experience, sustainable and zero-waste lifestyles are being advocated

4) Driven by social e-commerce, social app fission-type communication, and the influence of the Internet celebrity economy, China's online cosmetics market is growing

5) Skincare is the main category of China's online beauty industry, with consumption accounting for nearly 60% of the total. Makeup will accelerate its growth in 2019. The emerging beauty instrument market will grow rapidly.

6) More favorable national policies and increasingly mature industrial chains have become the two main driving forces for the evolution of the Chinese cosmetics industry;

7) Post-90s and post-95s have gradually become the mainstay of online cosmetics consumption, contributing nearly 50% of sales, of which the post-90s have become the highest online consumer;

8) Online cosmetics consumers are mainly from second-tier cities, with the most obvious consumption upgrade in fourth-tier and below cities.

Driven by industrial agglomeration, industry new technologies, and optimization of the industrial chain, China's cosmetics industry has entered an era of "new economy" full awakening.

The changing age structure of Chinese consumers, the differentiation and diversification of consumer demand not only provide exciting opportunities for cosmetic brands, but also bring unprecedented challenges. In this regard, CBNData's "Report" pointed out six major consumption trends in the Chinese cosmetics industry: "natural ingredients", "primary anti-aging", "extreme makeup", "beauty domestic products", "light medical beauty", "oral Beauty "and analyze it in depth.

Top Trend : Natural

Plant herb raw material is being sought after by young people.
While consumers consume their bodies excessively in their daily lives, they always pay attention to caring for their health. Natural is equal to health and safety. When consumers choose cosmetics, products with natural ingredients are still the mainstream consumer. CBNData's "Report" shows that judging from the changes in the consumption trends of various ingredients in online skin care products in recent years, the proportion of natural raw material skin care products has increased year by year.

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