According to market research analyst, Euromonitor International, L’Oréal Paris remains at the top of the beauty industry with a strong brand presence worldwide and powerful growth potential into new markets.
The brand, which offers affordable products, across multiple categories, in combination with high-end specialty lines, sells most in the US and China, says Euromonitor, and is focusing on further growth across China in the coming years. It’s forecast to see sales of beauty and personal care products increase in China by a third over the next five years.
The analyst notes that this could be partly due to the brand’s ongoing investment in R&D, with new products being developed and launched frequently.
While L’Oréal Paris dominates the beauty industry, Euromonitor also note the increasing influcence of Nivea – global leader in skincare and sun care.
Nivea’s success is driven by brand recognition in emerging markets, including China, which is now Nivea’s third biggest country for sales.
The brand is also looking to expand into technology such as web apps, to appeal to younger generations and give consumers a more premium experience.
