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Product Innovation, Increasing Disposable Income Pushing Skin Care Growth in China
Posted: September 5, 2013
Skin care is one of the fastest growing health and beauty sectors in China, and according to research by Canadean, the sector will grow at a value CAGR of 11.3% to 2017. This growth has been driven by consumers’ growing spending power and a growing awareness regarding personal appearance and health.
Facial Care took the highest share of the sector in 2012, with a value and volume share of 93% and 92.8%, respectively. This has been aided by product innovations from established and trusted brands such as L’Oréal, and a rising disposable income among consumers.
Depilatories will display the highest growth of the sector over the next five years, with a value CAGR of 12.5% and volume CAGR of 9.6% to 2017, as manufacturers push out further marketing campaigns and high quality products.