Fast expansion of diversified cosmetic products along with improving spending power will lead cosmetics sales in China to grow at a CAGR of 12.3%, says RNCOS.
Online PR News – 18-June-2010 – – According to our latest research offering “Cosmetics and Toiletries Market in China”, the Chinese cosmetics and toiletries market is the second largest in the Asia-Pacific region after Japan and the seventh largest in the world. Extremely low penetration level and vast consumer base in China are the two key factors that are catching the eyeballs of cosmetic manufacturers across the world. The report reveals that increasing disposable income and surging working population along with various other factors will enable cosmetics industry to post an impressive 12.3% CAGR during 2010-2013.
The study also highlights that the hair care segment has achieved one of the fastest sales growths in the country over the last few years. Per capita spending on hair care products in China is currently at US$ 2.58, which is extremely low as compared to the US, Japan, France, etc. The regular entrance of international hair care giants and development of wide product range at different price points will significantly increase the per capita hair care product spending during our forecast period, thereby amplifying the market growth.
Furthermore, there are nearly 3,500 domestic cosmetics players in China, but majority of them operate on a small scale. When domestic players are compared with their foreign counterparts, it is found that they (domestic players) are far less competitive. We anticipate that the big foreign and domestic cosmetics players will adopt the merger & acquisition route to attain inorganic growth in the market. This will translate into moderate level of industry consolidation and also the consumer will be benefitted with improved product quality at reasonable costs.
“Cosmetics and Toiletries Market in China” is an outcome of extensive research and thorough analysis done by our industry experts on the burgeoning cosmetics industry in China and its segments including Skin care, Hair care, Color Cosmetics and Fragrance. The report also discusses the market structure, current and past market performance and factors critical to the success of the concerned industry in China. The report gives the industry forecast based on correlation of past drivers, challenges and opportunities for expansion. In this way, the report presents a complete and coherent analysis of the Chinese cosmetics industry.
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