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Driven by factors such as the rise of social media and a selfie culture, consumers in Taiwan have become increasingly conscious of their appearance. This led to a rise in consumers paying for cosmetic surgery during the review period, with these services also becoming more affordable.
Premium skin care remained the largest category in premium beauty and personal care in 2019 and it continued to see healthy growth with it benefiting from rising purchasing power. As awareness of the importance of a good skin care routine grows, more consumers are turning to premium brands for their efficacy, with some starting to purchase premium skin care products at a younger age.
The competitive landscape continued to intensify in 2019 with the leading manufacturers continuing to invest in new product development and innovation as they looked to stand out. Leading company L'Oréal Taiwan Co Ltd, for example, launched Calendula Serum-Infused Water Cream in 2019 as a line extension for its popular Kiehl’s brand.
Sales of premium beauty and personal care are expected to grow by 1% in 2020 in 2019 constant value terms in light of the impact of COVID-19.
Premium colour cosmetics is expected to be one of the biggest losers from COVID-19 with consumers wearing less make-up due to home seclusion and the requirement to wear masks. A similar story is true for premium adult sun care.
The effects of COVID-19 on premium beauty and personal care are expected to be relatively short-lived with sales set to rebound once concerns over the spread of the virus diminish. Some retailers have already put steps in place to navigate the short-term effects of COVID-19 and its impact on foot traffic in stores.
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Discover the latest market trends and uncover sources of future market growth for the Premium Beauty and Personal Care industry in Taiwan with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Premium Beauty and Personal Care industry in Taiwan, our research will save you time and money while empowering you to make informed, profitable decisions.
The Premium Beauty and Personal Care in Taiwan market research report includes:
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This industry report originates from Passport, our Beauty and Personal Care market research database.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.