The China suncare market is estimated to reach RMB11.2 billion in 2019, with a 13.0% annual growth rate. Competition in the market is severe, with current brands still expanding and refining their product lines, and new imported brands entering the market.
Supported by consumers’ high level of interest in beauty and antiaging, as well as continuous trading-up to products with better protective results and safer ingredients, the market is projected to have a value CAGR of 10.3% over the next five years, and is expected to achieve RMB18.2 billion in 2024.
Written by Anne Yin, a leading analyst in the Beauty and Personal Care sector, her extensive knowledge delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.
The market is experiencing fast growth and consumers are becoming savvier and their needs are evolving from high-index SPF/PA to strong protection results delivered by advanced technology and ingredients.
Future opportunity lies in meeting consumers’ trade-up demand for safer products boasting natural ingredients and ease of removal, offering comprehensive powerful protection in addition to occasion-suitable SPF/PA values, and developing segmented product lines to fit usage for any occasion, anywhere, and anytime.
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