Barbara Barkhausen discovers how consumer hunger for innovation is driving growth in the Australian personal care product market
The Australian cosmetic and toiletry retailing market has experienced modest growth amid fierce competition over the past decade, figures reveal, with a constant stream of new products, many environmentally conscious, maintaining consumer interest in an otherwise saturated market.
According to California-based market research company IBISWorld, more than 18,000 people work in almost 4,000 businesses in the cosmetics industry in Australia, a country of more than 24 million people.
The annual growth of the market between 2012 and 2017 at 2.6% has been steady and modest, says IBISWorld, with a revenue of Australian dollars AU$4bn (US$3.2bn) as reported in February 2017.
Data from Australian consumer, industry and market research company Roy Morgan Research – released in May – revealed that...
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