With an estimated population of 23.6 million and a GDP of $25,008 per capita, Taiwan appears to be an ideal area to locate. To help cosmetic companies wishing to conquer this area, Business France has unveiled all the necessary information during a webinar broadcast during the E-Cosmetic 360 trade show.
The beauty market in Taiwan is expected to be 3.7 billion euros in 2019, with growth of 3.9% compared to 2018. Each inhabitant has an average basket of €49 and buys cosmetics about seven times a year.
Trends
Face and body care products constitute the largest share of the market, approximately 60%. Suncare products experienced the strongest growth with a 9.3% increase.
The other growing segments are:
• Natural and organic products
• Dermocosmetics
• Essential oils
• Perfumes and eaux de toilette
• Beauty masks More than ever, the Taiwanese are concerned about the composition of their beauty products. They are therefore turning more and more to sustainable formulas.
Market characteristics
In Taiwan, competition is fierce. “Foreign supply accounts for nearly 70% of the market. Imports increased by 5.2% in 2019, reaching a value of 1.51 billion euros,” explains Business France.
The main importers are :
• Japan (27%)
• France (17%)
• The United States (14%)
• South Korea (10%)
The most imported products are :
• Face/body care and make-up (60%)
• Capillaries (11%)
• Grooming products and deodorants (11%)
• Perfumes (6%)
• Oral care (6%)
Foreign supply is well present in Taiwan. Nevertheless, local brands …
