Giaos Trinh

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Category: World History

Date Submitted: 11/28/2012 12:54 AM

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For some time, the global beauty market has been focusing in on Asia. With its massive population, changing cultures and developing economies, Asia is the new land of opportunity. But a new study reveals that not all countries within the region are equal.

The Asia-Pacific region witnessed overall growth of 8 percent in 2004, according to The World Market for Cosmetics and Toiletries, a report published by Euromonitor International in October 2005. Growth varied considerably from country to country.

The Japanese market accounted for 53 percent of the region’s total cosmetic and toiletry sales in 2004, according to the report. Despite its dominance, the market grew less than 3 percent in constant value terms from 2003. “This was due to the ongoing internal recession and prevailing price consciousness and maturity in several sectors, most notably color cosmetics and fragrances,” stated the study.

India also exhibited less than stellar growth, edging up 1 percent in 2004. The caste system was mainly to blame, with beauty premium and upper mass brands enjoyed mainly by the upper echelons of society. South Korea suffered decline, contracting 7 percent in 2004, which was attributed to the economic downturn.

But the news from other parts of Asia was anything but bad. Euromonitor International reported growth of greater than 5 percent in China, Indonesia, Taiwan, Thailand and Vietnam. Growth was attributed to a number of factors, including higher standards of living and more women in the workplace.

Different market segments also exhibited varying degrees of dominance.

The skin care sector was particularly noteworthy. The Chinese market, for example, saw skin care sales spike by 16 percent in local currency, constant value terms in 2004. The report states skin care was the largest segment in a number of Asia-Pacific markets, including Japan, China and South Korea. The report also revealed favorable sales in oral hygiene, hair care and bath and...