2024-03-11 11:02:24
As of 2023, many Chinese beauty products have become increasingly popular overseas, such as having already gained a stable market share in Japan, South Korea and Southeast Asia, Radio China reported. Industry analysts comment that Chinese cosmetics have great potential for development in a number of other regions of the world.
National customs data show that the annual export value of cosmetics in 2023 will be 26.37 billion yuan, an increase of 39.3% year-on-year. Industry experts said that in the past two years, many Chinese cosmetic products have made a good start overseas due to their Chinese elements, good price and developed cross-border e-commerce. However, at present, the road of Chinese cosmetics abroad is still in its infancy. Compared to the big international brands, there is still a long way to go in terms of research and development, design, marketing, building distribution channels, etc.
Many industry experts also commented that if we look at the categories in which Chinese beauty products are exported abroad, they are concentrated in the field of cosmetics and dominated by emerging brands. Affordable prices, differentiated and visually appealing designs, and precise marketing strategies of Chinese makeup products have allowed them to break into markets in other countries.
In recent years, with continuous investment in research and development, many Chinese cosmetic brands and products have become more confident to go abroad. In terms of formula improvement, inspection process, production plans and other aspects, Chinese brands can save more development time than foreign ones, so it is easier to adapt to the changing needs of consumers.
Although the export, recognition and demand of Chinese cosmetic products are rapidly rising in overseas markets, there is still some gap compared to the big international brands. “Overall, the overseas expansion of Chinese cosmetic brands is still in its infancy, and their market share and brand influence are still limited,” said a representative of a well-known local beauty and skin care brand.
Experts comment that going abroad is the only way of development that stands before the leading companies. On the international market, companies are already facing many different challenges, but the successes there are much more significant. Big international brands meet different needs of consumers by developing many sub-categories, through exclusive research and very detailed marketing studies that provide a good basis for success.