The Chinese cosmetics market grew by 2.8% to 1.07 trillion yuan ($146.3 billion) last year, with the share of sales from national brands increasing, according to data from China's largest association for fragrances and the cosmetic industry, reported Yicai on January 21.
In 2024, the share of Chinese cosmetics manufacturers in the domestic market reached 55.2%, compared to 52.3% the previous year, stated Dr. Yan Jianying, Chairman of the China Association of Fragrance, Flavor, and Cosmetic Industries, at a press conference yesterday.
According to Yan, the number of brands with sales exceeding 100 million yuan ($13.7 million) increased to a record high of 819 companies, up from less than 750 previously.
Companies are actively implementing changes, investing significantly in scientific research, and enhancing their innovative capabilities, which has largely eliminated low-quality and low-level competition, noted Yan.
Last year, the number of perfume and cosmetics manufacturers in China decreased by 727 to 4,940, she added.
Source: ИА Красная Весна (Red Spring News Agency)
