Chinese beauty food scale, 9 billion yuan → 16.4 billion yuan’rapid growth’
Whitening, anti-aging, moisturizing, hair loss prevention functional food consumption
Articles and photos are irrelevant/ Photo = Pabaiban Department Store in Shanghai, China. Hankyung DB.
As the beauty food market has grown rapidly in China, the second largest cosmetic consumption country in the world after the United States, an analysis suggests that Korean companies should rush to enter.
The Shanghai Branch of the Korea International Trade Association said in a report on the 19th that “the beauty food market with effects such as improving skin function and preventing aging is rapidly expanding in China.”
China’s beauty food market was around 9 billion yuan (about 1.6 trillion won) in 2016, but it grew to 16.4 billion yuan (about 2.8 trillion won) last year. There is a forecast that it will grow to 23.8 billion yuan (about 4.1 trillion won) in 2023.
By item, consumption was found to be large, mainly for functional foods for whitening, anti-aging, moisturizing, and hair loss prevention.
The main consumer related to whitening was Jiu-Hou (born 1995-1999), and it was investigated that it was important to consider whether vitamin C was included in the purchase.
In the case of anti-aging functional foods, the generations of Paringhou (born in the 1980s) and Jiulinghou (born in the 1990s) played a major role in consumption. They made the ingredients of phytochemicals the first purchase criteria.
Moisturizing functional foods were popular with both men and women of all ages, and collagen was important. The hair loss prevention functional food market has great growth potential. Although the scale is still small, 1 in 6 Chinese people suffer from hair loss, and 41.9% of all hair loss people are young ages between 26 and 30 years old.
“Beauty foods are classified as health foods, so when exporting, you must first obtain a’health food sales license’,” said Shim Jun-seok, head of the Shanghai branch of the Trade Association. I have to do it,” he stressed.
Reporter Chae Sun-hee [email protected]
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