The 40-billion-yuan Essence Market in China
The essence market size in China reached 40 billion yuan in 2019 and is still growing rapidly. Young consumers are now the main drivers of growth in the sector.
Three new trends have emerged in this market 1) More affordable brands and domestic brands are starting to increase their market share 2) Consumers are paying more attention to ingredient source and functional characteristics 3) Pharmaceutical companies are starting to enter the market.