China's Cosmetics And Personal Care Markets Maintain Blistering Growth

China's cosmetics and personal care market expanded at a compound annual growth rate of 10.3 percent in the last five years to reach $15.2 billion in value, according to market research firm IBISWorld. Data revealed government regulations introduced by the State Food and Drug Administration in 2011, restricting the use of ingredients and additives, have forced vendors to reformulate or discontinue products. Rise in Chinese consumers' disposable income also helped grow the market; however, the low-base nature of growth means vendors have to compete in the lower-end market. Very few China companies compete in the high-end market, which has remained a near-exclusive territory of large Western companies, such as L'Oréal and Estée Lauder.