China’s total cosmetics exports to RCEP member countries will rise to US$1.51 billion in 2022
"RCEP Cosmetics Market Research Report (ASEAN)" was released at the "China Cosmetics International Cooperation Forum". According to the report, in 2022, China's total cosmetics exports to RCEP member states will increase significantly from US$980 million in 2021 to US$1.51 billion, a year-on-year increase of 53.8%, and its proportion of China's total cosmetics exports will increase from 20.2% to 26.4%. Compared with Europe and the United States, where the market is gradually becoming saturated, the RCEP region has greater potential for international cooperation in the Chinese cosmetics industry.
It is estimated that the countries and regions covered by the RCEP agreement account for more than 40% of the global cosmetics market share. Compared with Europe and the United States, where the market is gradually becoming saturated, the RCEP region has greater potential for international cooperation in the Chinese cosmetics industry.
With the continuous upgrading of residents’ consumption level, the domestic cosmetics market size is increasing year by year. According to consumer goods retail data released by the National Bureau of Statistics, cosmetics retail sales increased steadily from 2014 to 2021, peaking at 402.6 billion yuan. Although it fell to 393.6 billion yuan in 2022, the cosmetics market size in 2023 is still considerable. . From January to February 2023, the total retail sales of cosmetics categories was 65.6 billion yuan, a year-on-year increase of 3.8%, a good start.
China is the world's second largest cosmetics consumer market. With the strong rise of domestic cosmetics in recent years, Chinese cosmetics brands have begun to go abroad and go global. In 2022, China's cosmetics trade deficit will be US$16.67 billion, a 14.3% decrease from 2021. The total imports of cosmetics will reach US$22.39 billion, a year-on-year decrease of 10.2%; the total exports will reach US$5.72 billion, a year-on-year increase of 17.8%.
Import sources are concentrated in Europe, America, Japan and South Korea
The report shows that China's cosmetics import sources are mainly concentrated in Europe, the United States, Japan and South Korea. In 2022, China's top five importing countries are France, Japan, South Korea, the United States and the United Kingdom, accounting for 83% of China's total cosmetics imports. For the first time, France replaced Japan as China's largest source of cosmetics imports, with exports to China increasing by 0.96% year-on-year, while Japan's exports to China experienced negative growth for the first time since becoming China's largest cosmetics importer in 2019, with a year-on-year decrease of 9.12%. %. The countries ranked six to ten are Italy, Belgium, Spain, Germany and Switzerland, accounting for 10% of China's total cosmetics imports, and this proportion has remained stable in recent years.
From the perspective of imported product categories, the cosmetics category with the largest import volume into China is beauty and skin care products. In 2022, the import volume of this type of products reached US$18.032 billion, accounting for 81% of the total cosmetics imports, a decrease of 11.2% from 2021. Personal care products are China's second largest cosmetics import category; from the perspective of subdivisions, China's largest imported products are skin cleansing products, perfumes and toilet water, lip cosmetics, hair care products and shampoos (shampoos) .
China’s cosmetics export market is relatively fragmented
The report shows that, unlike imports, China’s cosmetics export market is relatively fragmented. In 2022, the United States is China's largest cosmetics export market, with exports to the United States accounting for 21.6% of China's total cosmetics exports, with export value reaching US$1.24 billion, a year-on-year increase of 3.6%. It is followed by the UK, Japan, Thailand, Indonesia, Malaysia, the Netherlands, Australia and the Philippines. 36.7% of the export volume is composed of other countries and regions.
Total cosmetics exports to RCEP countries rose to US$1.51 billion
The report shows that in 2022, China's total cosmetics exports to RCEP member states will increase significantly from US$980 million in 2021 to US$1.51 billion, a year-on-year increase of 53.8%, and its proportion of China's total cosmetics exports will increase from 20.2% to 26.4%. From this point of view, RCEP has brought unlimited business opportunities to China's cosmetics industry in terms of exports. Companies should seize the opportunity and continue to expand their influence and market share in the region.
Similar to imports, the product category with the largest export value from China in 2022 is beauty and skin care products, with a total amount of US$2.83 billion, a year-on-year increase of 13%. Followed by personal care products, exports reached US$2.64 billion, a year-on-year increase of 21.7%.
From the perspective of subdivisions, among the beauty and skin care products, China’s exports are mainly skin care and makeup products. Among them, the export volume of makeup products (powder, eye cosmetics, lip cosmetics) reached 1.15 billion US dollars, accounting for 1.15 billion U.S. dollars of beauty products. Skin care products accounted for 43.5% of total exports. Among personal care products, hair removal and shaving products have the largest export value, reaching 930 million US dollars, followed by oral care products, reaching 670 million US dollars, body care products and hair care products with export values of 570 million US dollars and 430 million US dollars respectively. Dollar.
Make good use of rules and policies to strengthen import and export
The report pointed out that after decades of development, China's cosmetics industry chain and supply chain are complete and efficient, and the large-scale popularization of e-commerce applications in China has accumulated rich strength and experience for China's cosmetics industry to "go global." Although Southeast Asian countries have a unified ASEAN organization and a unified cosmetics management agency, each country has different cosmetics consumption habits and management and operation methods. Therefore, how to expand the Southeast Asian market requires specific analysis and specific operations for specific countries.
The report recommends that Chinese beauty companies should pay attention to the learning and understanding of RCEP rules and policies, make good use of the rules and policies, and proceed from their own advantages to strengthen imports and exports with Southeast Asian countries for mutual benefit and jointly promote barrier-free exchanges and interoperability in the beauty industry. . At the same time, it is recommended to set up corresponding support policies and even set up special fund projects to support the international development of beauty. Pay attention to localized methods and pay attention to new retail methods.
The report also recommends making good use of cross-border e-commerce policies. Compared with the traditional and complicated market registration and filing procedures, the current cross-border e-commerce platform, payment, warehousing, and logistics are constantly being upgraded and improved, coupled with the rapid growth of Internet users, creating a relatively mature and stable overseas environment for cosmetics companies. , is a good path for Chinese brands to “go global”.