China Cosmetics Trends Report on 2023 Q3

The Chinese cosmetics market is set for a resurgence, with several trends highlighted in the “China Cosmetics Trend Report (Third Quarter 2023)” conducted by Chaileedo Research. Despite a slow start to the year with declines in promotion and import amounts, The cosmetics market size for the first half of 2023 reached 407.2 billion yuan, showing a year-on-year growth of 3.5%. This was led by domestic brands, despite the challenges faced by major e-commerce platforms like Tmall and

  • Five key trends were identified for the beauty market’s recovery:
  • Customized cosmetics regulations relaxed.
  • Tighter regulations on e-commerce and live streaming platforms.
  • Raw material companies become investment hotspots.
  • Significant disparities in brand structures between interest-based e-commerce and traditional e-commerce platforms, making it easier for domestic brands to break through on interest-based platforms.
  • Research and development investment proportion of China’s domestic beauty companies continues to rise.
  • Beauty devices experience a comprehensive outbreak and enter a phase of high growth.

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Market Size and Leading Platforms:

  • The cosmetics market size for the first half of 2023 was 407.2 billion yuan, with a 3.5% YoY growth.
  • Taobao (part of Alibaba Group) led in online sales with 119.9 billion yuan GMV, surpassing the second-place Douyin (TikTok) with 1.57 times its GMV.

Platform Differences and Brand Presence:

  • Substantial disparities in the top 20 brands on various platforms, with international brands dominating Tmall and
  • Notable contributions of GMV from foreign brands on different platforms: Tmall (85.6%), (93%), Douyin (59%), and Kuaishou (19.4%).

Regional Trends in Offline Sales:

  • Northwestern region had the highest single-store output, while East China had the highest average order value.
  • Northeastern region had the highest average number of orders per store.

Mainstream Category Analysis:

  • Makeup products gained momentum on Douyin, while hair care products were popular on

Investment Trends and Industry Focus:

  • Beauty industry investment activity cooled down in the first half of 2023, with a 40.4% decrease in investment events compared to the previous year.
  • Interest in startups remained, especially in raw material and medical aesthetics sectors.

Top Domestic Beauty Companies and R&D Investment:

  • China’s top 10 beauty companies experienced intensified competition, with a total revenue of 42.39 billion yuan.
  • R&D investments increased, indicating a growing focus on innovation.

Emerging Product Trends:

  • Trends in new skincare products, including dual-use morning and evening products catering to different skin needs.
  • Rise of low-saturation makeup products to meet the demand for natural-looking makeup.
  • Increased demand for long-lasting and makeup-setting products.

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