2023 Analysis of Ingredients in Chinese Efficacy Skincare Products: Leveraging the Red Sea of Mind or Creating a Blue Ocean Channel?
Overview of the Global Cosmetics and Personal Care Ingredients Industry
According to Bezos Consulting, the global market size for cosmetics and personal care ingredients is expected to reach $38.125 billion in 2024, with a compound annual growth rate of 7.59% from 2024 to 2009.
The market demand is constantly increasing
The downstream of the global cosmetics and personal care ingredients market mainly consists of manufacturers of cosmetics and skincare products, while the end consumer group is those who pursue skincare effects and have a demand for cosmetics. With the increase of income, upgrading of consumption structure, and further improvement of public aesthetic level, skincare issues are no longer limited to female consumers, and the male consumer group is also constantly growing. The expansion of the end consumer group has driven the revenue of the downstream cosmetics and skincare market, which is conducive to increasing the order volume and business volume of the cosmetics and personal care raw materials industry.
Good product quality is conducive to market stability
Makeup products directly affect sensitive areas such as the eyes and facial skin of consumers. The quality of products directly affects consumers' physical health and has attracted their attention. Using substandard cosmetics may cause discomfort to consumers and even lead to symptoms such as skin allergies. At this time, manufacturers will pay more attention to the quality and actual efficacy of raw materials when purchasing them, promoting the industrial upgrading and market competition of the cosmetics and personal care raw materials market, and driving the overall improvement of the quality of raw materials in the industry. Secondly, cosmetics with high brand awareness and good user reputation usually represent excellent product quality, which can gain consumer recognition and trust, thereby gaining more market share. After forming a consumption habit through the use of cosmetics, consumers have a stronger stickiness to the product. Once downstream end consumers develop consumption habits and brand dependence, the product development of corresponding cosmetics companies will be more stable, which will help ensure the long-term supply of cosmetics and personal care raw materials in the market.
