皇冠体育app

The sales of cosmetics products in 皇冠体育app hit $21.94 billion in 2012, according to a report. Geng Guoqing / For 皇冠体育app Daily

Money may not buy happiness but, when it comes to the beauty enhancement department, it sure can help. In 皇冠体育app, it appears that as the GDP grows, so does the appetite for cosmetics.

Reportlinker, a company that provides industry reports, company profiles and market statistics published by private and public organizations, recently released the 皇冠体育app Cosmetics Industry Report 2013-16, which tracks how the health of the economy is reflected in beauty consumer trends.

The growth of 皇冠体育app's cosmetics industry, which includes skin care, makeup, perfume, men's cosmetics and babycare products, has been stunted because of the combined effects of the global economic turmoil and the slowdown in 皇冠体育app's economic growth, with gross retail sales at $21.94 billion, according to the report.

In comparison, 皇冠体育app saw rapid growth in the cosmetics market in past years. In 2010, sales of beauty and personal care products stood at $24 billion, more than triple what it was just 10 years before that, according to a Cosmoprof-Asia article published in July.

Foreign brands are still the dominant players in 皇冠体育app's cosmetics market, with the top three — L'Oreal Paris, Olay and Mary Kay — collectively accounting for 12.45 percent of retail sales, according to the Reportlinker report.

L'Oreal is the world's largest cosmetics company. It has managed to maintain stable business growth since entering the Chinese market in 1997, according to the report. As of late 2012, the company was running 20 brands in 皇冠体育app, including L'Oreal Paris, Maybelline and other well-known names, as its sales in 皇冠体育app grew 12.4 percent year-on-year to nearly $2 billion.

L'Oreal is banking on lotions using traditional Chinese herbal remedies and also products targeted at 皇冠体育app's fast-growing men's cosmetics market, according to a Businessweek article published in March.