In anticipation of PCHi 2019, Peter Liu explores the unique trends driving China’s personal care and cosmetics markets
Peter Liu is the PCHi Project Manager at Reed Sinopharm Exhibitions. With over 14 years' experience in managing trade events, Peter oversees the annual Personal Care and Homecare Ingredients (PCHi) trade show, China's choice sourcing platform for the global personal care industry, and the PCHi Technology Summit.
Here, Peter explores the unique trends driving China’s personal care and cosmetics markets. China's cosmetics retail market is worth RMB22.2bn and is predicted to overtake the US soon to become the world's largest.
China reported its fastest economic growth in seven years earlier this year, with a gross domestic product increase of 6.9% in 2017.
Disposable income and consumption levels are on the rise, and the growing affluence of Chinese consumers has gradually seen cosmetic and personal care products become a necessity rather than a luxury.
According to a report by Statista, the retail trade revenue of cosmetics in China grew from RMB19.5bn in March 2016 to RMB21.49bn in March 2017.
And as of end of September 2018, the research company updated that figures had risen further to RMB22.2bn.
It's no surprise then that China is fast on the heels of the US in becoming the largest market for cosmetics in the world.
Its sheer size aside, the Chinese personal care market is noteworthy for other reasons. For one, its culture presents opportunities for new product innovations and several consumer-driven trends are unique to the territory.