Euromonitor International has shared five key insights for the 2018 beauty and personal care industry.
The recent blog post stated that the industry grew close to 5% and "reinforces the high propensity for trading up in the industry at a time when surging global middle and upper middle classes are willing to invest in new-found luxury, emerging disruptive and digital players are luring in younger consumer cohorts and aging populations are identifying beauty with new means to healthy aging and a more youthful appearance."
5 Key Insights from Euromonitor International
- The premium segment was "the standout story in 2017," according to Euromonitor, with skin care and color cosmetics leading the segment. The two categories saw 7% and 9% growth in 2017, respectively.
- The color cosmetic segment grew by 7%, the highest on record over the past decade. Euromonitor attributes this growth to "further social media appeal, desire for self-expression and technologically-enabled make-over experiences."
- The skin care segment saw positive growth as well and expanded by 6% in value. Factors of this growth include "the rising shift towards prevention and prioritization of healthy skin maintenance in line with the pursuit of healthier lifestyles."
- While K-beauty saw "lackluster" sales—0.9% value growth—Japan's beauty market, led by brands such as Shiro, Decorté, Three Cosmetics, Tatcha and DHC, saw health consumption from domestic consumers and Chinese tourists. Euromonitor explains that consumers are "embracing Japanese beauty concepts founded on more sustainable authenticity and heritage."
- Euromonitor named the markets of India and Indonesia as ones to watch over the next several years. These markets are estimated to be among the top 10 absolute growth contributors in the years to 2022.
For the full blog post, please visit blog.euromonitor.com