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Bolstering Asia, China will add more than $10 billion to the size of its beauty industry by 2015; Japan, which still accounts for nearly half of Asia’s sales, is not expected to recover by 2015.
The year 2010 marked a further recovery for the beauty industry as a whole with 5% value growth, up from 4% in 2009. While the mass market accounted for most of this recovery, it was the revival of premium cosmetics that was the most remarkable, with the category posting 3% value growth following a 0.5% decline in 2009.
The U.S. and France were two of the industry’s key markets that pulled out of negative territory in 2010 to each register positive growth of just under 1%. However, high unemployment and debt-ridden economies continued to hamper growth of beauty in certain markets. As a result, several major markets for the beauty industry—including Spain, Greece, Ireland and Japan—continued to post negative growth rates in 2010.
Among the fastest growing were the BRICs, all of which achieved double-digit growth in 2010.