“The internet has been one of the most transformative innovations of the modern era,” explains Euromonitor. “This infrastructure of the digital era ushered in new scale and speed to real-time communication for consumers and businesses.
“In terms of consumers specifically, this connectivity forever changed the way they live, work, shop and play.”
The top ten are:
1. South Korea
Mintel research reveals that South Korea is among the top 10 global beauty markets, estimated at just over US$13 billion in 2017.
Jane Jang, Senior Beauty Analyst at Mintel, commented in a blog: “The Korean beauty market remains buoyant thanks to fast-paced innovations and highly engaged consumers who don’t hesitate to adopt novel products delivering new beauty experiences.
“The success of the market has been heavily driven by the boom of facial skincare, but is also highlighted by the impressive per capita spend on colour cosmetics which is more than double the global average.
According to Euromonitor, the digital channel influenced all categories in beauty and personal care last year, with consumers increasingly turning to the internet for advice on beauty and personal care products.
“Social media is having a strong influence on purchasing decisions, with consumers following their favourite celebrities, bloggers, vloggers (video bloggers) and “influencers” for inspiration on products and application techniques.
“This has become apparent in colour cosmetics, which was one of the fastest growing categories in 2016, with consumers frequently sharing selfies on social media with the latest make-up techniques.”
Denmark is a mature beauty market, according to Euromonitor, and as a result, last year saw moderate growth.
“Slower than expected improvement in the Danish economy and the increasing maturity of several key categories contributed to the mediocre performance,” the firm explains.
Natural and organic products are a top trend in Denmark, and allergy awareness is a growing consumer concern. Check out our interview with a new Danish certification body working in this area here.
In 2016, beauty and personal care in Singapore posted moderate current value growth despite increasing global economic uncertainty and falling consumer confidence, says Euromonitor.
This trend of sluggish growth is set to continue, although there are pockets of opportunity: naturals again.
“Demand for natural, organic and derma-positioned products is expected to remain high as consumers adopt healthier lifestyles. These products, often retailing at higher price points, are set to drive the growth of beauty and personal care,” says the firm.
Again, this top five market for digital is one which is particularly mature when it comes to beauty, resulting in ‘hampered growth’, according to Euromonitor.
Despite this, premium holds potential in the country: “an increasing interest in more premium products was seen as a result of higher disposable incomes and the growing interest in products containing natural ingredients,” Euromonitor confirms.