The rising popularity of online channels reflects the diversity of brands worldwide. Online channels are considered strong means of introducing a new brand into the market to develop awareness among consumers along with branding of products. According to L’oreal, e-commerce is a useful way to reach consumers, who buy over 70% of the products online. Tmall / Taobao and JD.com are some of the most used platforms for selling cosmetics in China. Pierre Fabre has had strong online sales revenue growth over the past two years. In 2017, it had more than 15% turnover of sales online which is expected to grow to 25% in the upcoming years. Pierre Fabre which launched its online business in China in September 2015, has established partnerships with leading Chinese e-commerce platforms Tmall and JD. It is planning to embrace more online distribution platforms to maintain long-term growth. The rise of online sales was also driven in part by the advantageous terms that cross-border, imported products received vis-a-vis domestically produced products and products imported via traditional channels. These cross-border products were not subject to these same product registration requirements, which in China can cost $1,000 or more per SKU and take up to 8 months to complete registration for nonspecial use cosmetics. As a result, many products not registered for consumption in China were available via the online channel. Similarly, these products were also subject to fewer taxes.
Skin Care Products
The skincare products segment holds 82.9% of the market share in 2019 and is expected to increase to 85.9% by 2027, for the global dermocosmetics market.
The skin care products market is estimated to hold the largest share and witness the fastest growth over the forecast period (2020-2027), owing to increasing prevalence of skin diseases, and availability of a broad range of skincare products in the market. There are several skincare products available on the market including sunscreens, anti-ageing creams, body lotions, skin brightening creams, and others. With growing awareness towards the several benefits of using personal care products has increased the demand for more skincare products. The rising demand for natural and organic skin care products, also contributed to the growth of the cosmetics and wellness industry. The rising consumer interest for multifunctional products is expected to boost the growth of the sun care products market during the forecast, owing to the convenience associated with its use. For instance, BB creams act as moisturizers, serums, a foundation for makeup, and sunblock. Professional skin care products are witnessing significant growth as many consumers are reaching out to therapy centers, spas and dermatologists for skin treatment procedures. Some of the most prominent professional skincare products include anti-wrinkle, anti-blemishing and anti-tanning solutions.Also, with the growing demand for children and baby care products, the number of retail stores selling mom and baby products has grown rapidly in recent years. Retailers such as Redbaby, Lijiababy, and Leyou have set up a number of retail stores offering skincare products for expectant mothers and babies. The key skincare product companies are consistently increasing their R&D efforts to develop new products that enhance the health and appearance of the consumers’ skin. With growing competition and the rising consumer demand for innovative products, skincare product manufacturers are offering professional treatments and products that are priced higher than traditional skincare products. On October 21st 2019, Dr. Raymond Labs, a K-Beauty skincare company, expanded its top-selling dermocosmetic line into the United States. For the last ten years, ZEROID has been the number one-selling dermocosmetic brand in Korea, mainly sold in hospitals under a doctor's recommendation. In February 2019, South Korean cosmetics brand PURITO has launched its PURITO Centella Green range, a vegan-friendly line of skin care products. Shiseido Co. Ltd., a global cosmetics company, and A.S. Watson Group, an international health and beauty retailer, jointly announced the development of the exclusive range, Urban Damage Care, under derma skincare brand program. Urban Damage Care is developed with the objective to deliver a skincare solution to protect women with sensitive skin from harmful environment and pollution. The range has been successfully launched in Thailand and Taiwan.
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