NEW YORK The global cosmetics and toiletries market experienced growth in 2007, fueled in part by innovation in the skin care category, but did exhibit a slight slowdown compared with 2006, according to Euromonitor’s recently released 2008 cosmetics and toiletries data.
Registering a 6 percent growth over 2006, the global cosmetics and toiletries market represented only a slight slowdown compared with Euromonitor’s 2006 figures. The slight slowdown may be due to a weakened economic state in most developed markets and declining penetration of emerging markets, according to Euromonitor. However, the performance of skin care and sun care has helped maintain growth.
Sun care, although slowing slightly from its double-digit growth of previous years, remained the most dynamic sector in the industry reaching U.S. $6.9 billion in global sales for 2007.
The data also showed that Brazil was the largest single contributor to growth, with skin care, hair care and fragrances set to benefit the most from the strong demand in the country.
“Aside from major contributions from both the global skin and sun care sectors, our new data shows Brazil becoming a primary player in the industry and is expected to add U.S. $9.5 billion to global sales over the next five years, supplanting China as the No. 1 contributor to future growth,” stated Alexander Kirillov, global cosmetics and toiletries research manager. “Country rankings had a shake up in Western Europe, with the UK overtaking France and Germany in 2007 to become the region’s top beauty market.”