Reaching 100 billion US dollars! Overseas beauty market has broad prospects

Economic progress will also continue to promote the development of people's awareness of beauty . Nowadays, both at home and abroad, people's self-awareness has increased, they pay more attention to their personal image, know how to please themselves, and pay attention to skin care. Therefore, the beauty and personal care market is booming .

Relevant data show that the growth rate of the global cosmetics market has been steadily increasing in recent years, reaching 4.9% in 2017, 5.5% in 2018, 5.25% in 2019, and in 2020, its growth rate was between 5-6%.

According to analysis firm Zion Market Research, the global cosmetics market is expected to be worth $863 billion by 2024!

As people become more aware of discovering their own beauty and pleasing themselves, the market prospects for beauty and personal care products are broad. In this field, women aged 18-36 are the main consumer group. Women at this stage are basically about to enter society or have already established themselves firmly in society, so they have higher requirements for beauty and personal care products.

According to surveys, with the booming development of the e-commerce market, consumers, especially female white-collar workers in the workplace, prefer to buy beauty and skin care products online and are more willing to try mid- to high-end products.

Of course, as people pay more and more attention to their appearance and image, men, including men , are beginning to pay attention to personal cleaning, care and beauty. Among them, the most prominent is the male beauty economy in Southeast Asia, whose market value can even reach 100 billion yuan .

The epidemic has also had a certain impact on the development of the beauty market. According to data from market research firm NPD Group, the global epidemic broke out in 2020, and wearing masks became the norm. Global sales of lip products such as lipstick and lip gloss plummeted. However, as the global epidemic was gradually brought under control and people went out more frequently, as of November this year, blush sales in the US beauty market increased by 39% year-on-year, more than doubling from 2020.

The development of social platforms has also driven changes in the beauty market . As people interact more and more on social platforms, knowledge of beauty and skin care has gradually penetrated into the target population. People are no longer as blindly purchasing beauty products as before, but have better requirements. Consumers generally pay attention to product ingredients, safety performance, and various professional functions such as hydration, anti-aging and wrinkle removal, whitening and blemish concealer , etc.

Sellers can pay more attention to beauty videos on social platforms such as TikTok , grasp the beauty trends, seek out beauty products that the audience likes, and plan products reasonably and effectively.

Overseas beauty market value reaches 100 billion US dollars