Euromonitor has just released 2008 C&T data showing another strong year’s growth in 2007, 6% up on 2006. Innovation and premiumisation are partly behind this growth, particularly in the skin care sector. The increased consumer desire for healthy, younger looking skin is helping the whole beauty market.
Global growth has actually slowed slightly but Euromonitor attributes this is a weakened economic state in most developed markets and declining penetration of emerging markets. Sun care slowed from its double-digit growth of previous years but was still the most dynamic industry sector, reaching $6.9bn in global sales.
Brazil was the largest single contributor to growth and the skin care, hair care and fragrance sectors are all set to perform well here. “Our new data shows Brazil becoming a primary player in the industry and is expected to add $9.5bn to global sales over the next five years, supplanting China as the number one contributor to growth,” comments Alexander Kirilov, global C&T research manager. “Country rankings had a shake-up in Western Europe too, with the UK overtaking France and Germany in 2007 to become the region’s top beauty market.