The COVID-19 pandemic has caused drastic disruption to the worldwide market leading to a downturn of revenue among all sectors. One of the areas suffering a fatal hit is the beauty market. While many beauty industry players are adjusting swiftly to maintain their existence in the market or strive to recover by all means, China is putting this weight off her shoulders by demonstrating her resilience.
Looking at 2021 alone, the revenue of beauty and personal care products saw a record high of nearly 60 billion US dollars, with personal care products making up the biggest share, followed by skincare products with a revenue of over 15 billion US dollars (Statista, Aug 2021). Based on this trend, it is positively estimated by many that the revenue of Beauty & Personal Care product will continue its strong increase in the years ahead.