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The 40-billion-yuan Essence Market in China

The essence market size in China reached 40 billion yuan in 2019 and is still growing rapidly. Young consumers are now the main drivers of growth in the sector. Three new trends have emerged in this market 1) More affordable brands and domestic brands are starting to increase their market share 2) Consumers are paying more attention to ingredient source and functional characteristics 3) Pharmaceutical companies are starting to enter the market.

During the 2019 Hanhoo product conference, Hanhoo (a famous domestic cosmetic brand in China) claimed that the essence market size in China reached 40 billion yuan in 2019 [1]. Other data also suggests it is a promising market. The latest data from Tao Data shows that during the last 60 days (starting in April this year), facial essence sales have become the largest skincare sub-category across all e-commerce platforms in Alibaba, increasing 36% month-on-month [2]. According to the 2018-2019 Cosmetic Consumer Report co-released by Nandu Big Data Research and JD.com, in the online cosmetic market, essences had the highest growth rate, with an increase of 90%, 25% higher than the growth rate of the category ranked second, i.e., sunscreen [3]. Essences accounted for 10% of the online skincare product market [1].

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