China’s ever-expanding cosmetics market has seen many overseas brands accelerate their introduction of imported products.
International beauty giants, including L'Oreal, Procter & Gamble, Estee Lauder, and Unilever, have acquired at least 78 beauty brands in the past ten years, 39 of which have entered the Chinese market (50%).
According to online data, from 2010 to 2019, China's cosmetics market grew much faster than the global market. In 2013, China surpassed Japan to become the world's second-largest consumer of cosmetics and has accounted for 12.8% of the global market in 2019 . The rapid development of the Chinese cosmetics market has created huge opportunities for overseas beauty brands.
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