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Post-recession Beauty Industry Trends
Posted: April 20, 2011
Euromonitor International, in partnership with In-cosmetics 2011, presented its latest predictions for the beauty at the March event—outlining the four strategies companies are following to succeed post-recession and providing the outlook for the next five years.
“The beauty and personal care industry registered 5% growth globally in 2010, mainly due to the strong performance of mass market products,” said Irina Barbalova, head of beauty and personal care, Euromonitor International.
And Euromonitor’s latest research indicates that mass cosmetics will have an even stronger presence globally by 2015, as the dominance of Latin America in the global beauty landscape increases. The rising penetration of private label, with more than $2 billion of sales in skin care in 2010, will help drive this trend.
Barbalova and Oru Mohiuddin, senior personal care company analyst, Euromonitor International, explained the four key strategies employed by global brand owners in the post-recession world:
Strengthening Their Presence in Emerging Markets
Companies have strengthened their emerging market expansion strategies in “frontier markets” such as South Africa, Egypt or Indonesia. They are strengthening their offering to the local consumer by localizing their R&D to create products more suited to regional preferences.