Mask with good efficacy may help sheet facial mask become popular again.
The beauty industry has encountered various challenges this year. The total retail sales of consumer goods in China for cosmetics was 245.3 billion yuan(about $34.1 billion) from January to August 2022, down 6.4% year-on-year. However, China’s efficacy skincare market has been growing rapidly in recent years, with a compound annual growth rate of 23.4%, and is expected to reach 41.1 billion yuan(about $5.7 billion) in 2022. CHAILEEDO invited Cui Jing, General Manager of COSMAX (China) and Vice President of COSMAX Group, to share with us the cosmetic trends in China.
CHAILEEDO: In the face of regulation changes, what are the 3 most important initiatives for companies?
Cui Jing: The first is to strengthen responsible management and assume the role of registrant/filer. Secondly, the company should establish COSMAX (Shanghai) Testing Technology Co., Ltd. to provide value-added services such as efficacy testing. Thirdly, the company should focus on internal regulatory talent training and strengthen the talent team.
CHAILEEDO: Where is the next breakthrough for efficacy cosmetics?
Cui Jing: I think the next breakthrough is efficacious ingredients.
On August 29, COSMAX held its first ingredients supplier strategy meeting. As a cosmetic R&D producer, COSMAX understands that mastering ingredients is the “core chip” of development. From 2018 to 2021, COSMAX has increased the number of new Chinese local ingredients introduced by 2800%. COSMAX has already established a process for introducing new ingredients and will strengthen its cooperation with local ingredients manufacturers in the future to gain a head start in the development of effective cosmetics.
CHAILEEDO: What other market opportunities can be explored for facial masks next year?
Cui Jing: High efficacy sheet facial mask, interesting one-use masque may become the new direction.
As a former fashion item which is sold online, the sheet facial mask has experienced development like a roller costar in the past few years, which was from “unknown” to “extremely popular”, and then fell from the peak. Now it may come in handy someday. Excess capacity, price diving, product homogenization resulted in the sheet facial mask into the development of exhaustion. In the future, high efficacy may become a key for making the sheet facial mask to become a heated products again.
It is said that fashion is a cycle. I think the mask market is also a cycle. Perhaps the saturation of the sheet facial mask market, masque has the momentum of a rebound. These two years, there have been a number of masque with disposable concepts have become popular. This interesting packaging catered to the using habits of young consumers, like a revolution swept the facial mask market. Cost-effective jars of masque seem to have disappeared from the market, one-use masque become the favorite of the market