Insight by Leah
Following up on our recent post on India as a growth engine for the cosmetics industry, experts have eyed the Asian market in general to be a main driver of growth for beauty companies. Despite the dismal global economy, the region is predicted to have 5% growth in 2009 and 2010. The global beauty industry will have to respond quickly to this emerging market both in marketing strategy and in product release.
The International Monetary Fund predicts that Asia will continue to be the fastest developing region in the global economy this year, with local emerging markets peaking at 5% growth.
The cosmetics and toiletries industry in the Asia Pacific region stood at $74.2 billion in 2008 (retail value) and market research company Euromonitor is forecasting 5% growth in 2009 plus a further 5% increase in 2010. With five months to go before In-Cosmetics Asia (Oct. 13-15), traffic to in-cosmeticsasia.com is up by 44% compared to 2008. Heading the top Asian country rankings is the show’s home market, Singapore, closely followed by India, China, Thailand, South Korea and Japan.
Read the complete article.
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Asia Remains a Cosmetics Industry Growth Engine
Asia Remains a Cosmetics Industry Growth Engine
Happi.com Excerpt:
The International Monetary Fund predicts that Asia will continue to be the fastest developing region in the global economy this year, with local emerging markets peaking at 5% growth.
The cosmetics and toiletries industry in the Asia Pacific region stood at $74.2 billion in 2008 (retail value) and market research company Euromonitor is forecasting 5% growth in 2009 plus a further 5% increase in 2010. With five months to go before In-Cosmetics Asia (Oct. 13-15), traffic to in-cosmeticsasia.com is up by 44% compared to 2008. Heading the top Asian country rankings is the show’s home market, Singapore, closely followed by India, China, Thailand, South Korea and Japan.
Read the complete article.