SPEAKER：魔镜分析师团队 DATE：2024年12月 2024年护肤成分趋势报告 01 护肤市场整体概览 02 主流功效及代表成分 03 高增长成分市场洞察 04 成分趋势总结 Contents Contents目录 线上美容护肤规模 | 近一年护肤市场规模达3165亿，销量增长5.7% • 近一滚动年，线上美容护肤市场销售额达3165亿元，同比微跌，累计销量23.33亿件，同比增长5.7%；消费者需求一直存在，销售额下降的主要原 因价格出现比较明显的下滑，相较上一滚动年，行业均价从144元降至135元。 MAT2022 销售额：3396.12亿 销量：24.05亿 MAT2023 销售额：3192.04亿（-6.0%） 销量：22.08亿（-8.2%） MAT2024 销售额：3165.86亿（-0.8%） 销量：23.33亿（+5.7%） 0 5 10 15 20 25 30 35 40 0 100 200 300 400 500 600 700 销售额：亿 销量：千万 近三年 线上美容护肤分渠道月度销售走势（单位：亿元） 数据来源：魔镜洞察 注，MAT2022：2021.11-2022.10，MA ...

Investment Rating - The report provides a positive investment rating for the food and beverage industry, highlighting robust growth potential in various segments [4][9]. Core Insights - The food and beverage market in Q2 2024 showed a steady growth trend, with sales exceeding 101.1 billion yuan, achieving a year-on-year growth of 4.8%. The market is shifting towards higher quality and healthier options [4][9]. - The report emphasizes the strong performance of leading brands, which experienced a significant growth of 46.6%, driven by increased average prices and sales volume [5][14]. - Health-conscious products are gaining traction, with a notable rise in demand for beverages and dairy products that emphasize health benefits, such as low-sugar and probiotic options [8][31]. Summary by Sections Food and Beverage Market Overview - The food and beverage market reached a sales figure of 101.1 billion yuan in Q2 2024, reflecting a 4.8% increase compared to the previous year. The growth rate has slowed compared to Q1, with a noticeable decline in volume but an increase in average prices [9][12]. - Alcoholic beverages, staple foods, and dairy products showed the highest growth rates, particularly the alcoholic segment, which contributed significantly to overall sales growth [9][12]. Market Insights - The online food and beverage market is experiencing a slowdown, but categories like meat products, dairy, and instant beverages are showing promising growth [4][6]. - The report identifies a clear brand stratification in the market, with top brands outperforming mid-tier and lower-tier brands, which are facing increased competition and declining sales [5][14]. Consumer Trends - Consumers are increasingly focused on health and safety, leading to a surge in demand for healthy beverages and dairy products. The trend towards health-oriented products is expected to continue driving innovation in the market [8][31]. - The report highlights that gifting and family consumption are significant drivers of sales, with functional and emotional consumption also on the rise [16][28]. Beverage Market Trends - The beverage market overall saw a 6.4% increase in sales, with pure fruit and vegetable juices, as well as tea drinks, leading the growth [18][20]. - Health-oriented beverages are dominating the market, with a strong preference for products that offer health benefits, particularly during the summer season [20][22]. Dairy Market Trends - The dairy market experienced a 9.2% year-on-year growth in Q2 2024, with infant formula holding a significant market share. Low-temperature dairy products saw a remarkable growth of 35.6% [31][33]. - The report notes that leading brands in the dairy sector are focusing on health-enhancing ingredients, such as probiotics and specific proteins, to meet consumer demands for quality and health [33][35].

Investment Rating - The report indicates a stable growth outlook for the health food market, with a slight increase in online sales by 5.0% year-on-year, reaching over 31.9 billion yuan in Q2 2024 [4][15]. Core Insights - The online health food market is led by Tmall, which has surpassed 13.77 billion yuan in sales, while Douyin is emerging as a significant platform for new brands [4][15]. - The oral beauty market is experiencing a decline, while weight management, sports nutrition, and women's health markets are on the rise, indicating a shift in consumer focus towards health and wellness [5][27]. - The summer weight management market has seen a growth of 16.2% year-on-year, reaching 3.37 billion yuan, with a notable trend towards snackification of health products [28][32]. - The women's health market has grown by 11.1% year-on-year, reaching 680 million yuan, driven by increased health awareness among mature women [45][49]. Summary by Sections Health Food Market Overview - The online health food market shows steady growth, with sales reaching 31.91 billion yuan in Q2 2024, a 5.0% increase year-on-year [4][15]. - Tmall leads the market with over 13.77 billion yuan in sales, while Douyin is becoming a fertile ground for emerging brands [15][17]. Market Insights - The oral beauty market is cooling down, while weight management, sports nutrition, and women's health markets are gaining traction [5][27]. - The weight management market has grown to 3.37 billion yuan, with a 16.2% year-on-year increase, reflecting a trend towards convenient snack-like health products [28][32]. Women's Health Market - The women's health market has reached 680 million yuan, growing by 11.1% year-on-year, with a significant increase in health awareness among women [45][49]. - The focus on product ingredients and functionality is rising, with vitamins, proteins, and other nutrients being highly favored by female consumers [53][55]. Brand Analysis - Notable brands like Notland and Yue Shen are leveraging social media platforms like Douyin to enhance their market presence and sales performance [42][55]. - The competitive landscape shows a stable structure, with leading brands maintaining their positions while long-tail brands are gaining market share [18][27]. Future Trends - The health food market is moving towards products with composite and natural ingredients, emphasizing convenience and snackification [57][58]. - Consumer preferences are shifting towards products that offer multiple health benefits and are easy to consume, reflecting a growing demand for personalized health management solutions [57][58].

Investment Rating - The report does not explicitly state an investment rating for the industry. Core Insights - The condiment market, particularly the mixed rice sauce segment, is experiencing significant growth, with a year-on-year increase of 162% in sales [9]. - The report highlights the importance of understanding consumer pain points and service issues related to product packaging, freshness, and customer service, which are critical for improving consumer experience [12][13]. - There is a strong emphasis on product innovation, suggesting that diversifying flavors and enhancing nutritional value can attract health-conscious consumers [16][17]. Summary by Sections Market Overview - The mixed rice sauce category within the condiment market is rapidly growing, with emerging brands capturing market share [7]. - Data from major platforms like Tmall, Taobao, JD, and Douyin indicates a robust sales performance in the condiment sector [8]. Consumer Insights - Consumer feedback reveals that the main pain points for mixed rice sauces include excessive saltiness, insufficient meat content, and hard texture [11]. - Service-related issues such as packaging integrity, freshness of ingredients, and customer service quality are also highlighted as areas needing improvement [12]. Product Development - The report discusses the full product development cycle, emphasizing market research, product design, and continuous iteration based on consumer feedback [2]. - It suggests that product innovation should focus on understanding real consumer needs in various eating scenarios to identify potential new directions for product development [17]. Competitive Analysis - The report provides a comparative analysis of different brands within the mixed rice sauce segment, noting that newer brands are gaining traction against established players [9]. - Sales data and consumer reviews are integrated to assess brand performance and identify areas for improvement [11][12].

Investment Rating - The report indicates a positive investment outlook for the health food sector, particularly in the high-growth segments of dietary supplements and health products. Core Insights - The health food market is experiencing significant growth driven by increasing consumer health awareness and demand for dietary supplements, with a projected market size exceeding 328.3 billion yuan by the end of 2023 [16][19]. - Regulatory frameworks are evolving, allowing for the expansion of health functions in food products, which is expected to enhance product offerings and market potential [4][5]. - E-commerce channels are becoming the dominant sales platform for health foods, benefiting from a younger consumer demographic and the convenience of online shopping [6][8]. Summary by Sections 1. Overview of the Health Food Market - The health food market is expanding, with a notable increase in the variety of dietary supplements available, including vitamins and calcium tablets [4]. - Regulatory measures have been implemented to ensure product safety and efficacy, with new guidelines allowing for more health functions to be included in health food products [4][5]. 2. Online Market Analysis - E-commerce has become the primary sales channel for health foods, with platforms like Taobao, JD, and Douyin showing significant growth in sales, reaching 115.45 billion yuan in 2023, a 24.6% increase year-on-year [23][25]. - The online market is characterized by a shift towards younger consumers who prefer the convenience and variety offered by e-commerce [6][8]. 3. Insights into High-Growth Segments - The oral beauty market remains the largest segment, although it has seen a decline in overall sales. In contrast, the cardiovascular health and liver protection segments are experiencing rapid growth, with year-on-year increases of 68.7% and 63.8%, respectively [32][35]. - The market for bone health products is also expanding, with sales reaching 90.9 billion yuan in 2023, reflecting a 34.5% increase [43]. 4. Consumer Trends and Preferences - There is a growing preference for high-quality, imported health products, particularly from countries like the USA and Australia, which dominate the market [30][59]. - The primary consumer demographics include children, adolescents, and the elderly, with specific health needs driving purchases, such as calcium supplementation and joint health [48][50]. 5. Competitive Landscape - The competitive environment is intensifying, with both domestic and international brands vying for market share. Brands like Swisse and汤臣倍健 are leading the market, but there is room for growth among domestic brands [31][59]. - The market is characterized by low brand concentration in most segments, allowing for new entrants and increased competition [35].

Industry Overview - The nutrition and health food market in China is growing rapidly, with the industry size reaching 5885 billion yuan in 2022 and expected to exceed 8000 billion yuan by 2027 [3] - The top three factors driving consumer purchases of health food are immune enhancement (20%), spleen and stomach nourishment (14%), and blood and qi replenishment (13%) [3] - Male consumers account for 56.1% of the social media discussions on food therapy and health products, indicating a growing awareness of health among men [5] - The younger generation (under 35 years old) is increasingly adopting health-conscious behaviors, with their proportion rising by 4.2 percentage points [5] Market Trends - The average price of food therapy products on Taobao and Tmall has been decreasing annually, leading to intensified price competition and some sellers exiting the market [9] - Despite the increase in product variety, the number of sellers has decreased, suggesting a shift of some sellers to other platforms while mid-to-high-end brands expand their product lines [9] - The sales of food therapy products on Taobao and Tmall have shown a slight decline, but the sales volume continues to grow, indicating sustained consumer interest [7] Key Ingredients and Segments - Key ingredients such as donkey-hide gelatin (ejiao), health paste, poria cocos, Chinese yam, sea buckthorn, and honeysuckle have seen sales growth exceeding 20% [14] - Health paste sales have grown by 27% in MAT2024, with products like pear paste and loquat paste being particularly popular [15] - Donkey-hide gelatin products have shown strong growth in the blood and qi replenishment market, with a 20.2% increase in sales [17] - The "three highs" (hypertension, hyperlipidemia, and hyperglycemia) market has grown by 26.6%, with ingredients like notoginseng, American ginseng, gastrodia elata, and ganoderma showing over 120% growth [20] - The liver protection market has grown by 34.1%, with ingredients like milk thistle, ganoderma, schisandra, and ginger showing significant growth [22] - The sleep aid market has grown by 10.1%, with ingredients like sour jujube seed, poria cocos, and lily being commonly used in sleep aid products [24] Product Trends - Donkey-hide gelatin, poria cocos, Chinese yam, honeysuckle, and sea buckthorn are leading the sales growth trend due to their wide range of health benefits [29] - Longan meat (dried longan) and ganoderma are increasingly used in combination with other ingredients, showing high sales growth in products like health paste and ganoderma slices [29] - Gift box packaging has seen a 6.0% increase in sales and a 27.7% increase in sales volume, driven by their suitability as gifts for family and friends [31] - The trend towards ready-to-eat and snack-like health products is growing, making health products more convenient and suitable for various scenarios such as office, home, and travel [33]

Market Trends - The scalp care market showed significant sales fluctuations and seasonal demand from April 2023 to March 2024, with notable peaks in June and November 2023 [2][10] - Sales in June 2023 increased by 121.78% month-on-month, while November 2023 saw a 227.59% month-on-month sales surge [10] - The average price of scalp care products fluctuated, and the number of products and stores varied, reflecting differing market expectations [2][10] - The market is expected to enter a mature phase in the second half of 2023, with potential for secondary growth in specific segments [6] Consumer Perception - Consumers highly value the scent of scalp care products, with 69.26% positive feedback on "odor/scent" [14] - Repurchase intention is strong, with 25% positive feedback and only 1.67% negative feedback [14] - Consumers are satisfied with oil control and cleansing effects, with 51.23% and 24.81% positive feedback respectively, though lower than scent satisfaction [14] - Hydration and moisturizing effects received less satisfaction, with only 17.95% positive feedback [14] Top Performing Brands - Kerastase remains the market leader in sales and volume, despite a 12.87% decline in volume and 24.23% decline in sales [17] - Re-show showed remarkable growth, with a 731.66% increase in volume and 682.62% increase in sales [17] - Kangwang and Hanlun Meiyu experienced explosive growth, with Kangwang's sales increasing by 3633.96% and Hanlun Meiyu's sales surging by 60645.81% [17] Industry Growth Drivers - The scalp care market is driven by a growing consumer base, with over 250 million people in China experiencing hair loss, particularly among those aged 20-40 [6] - Increasing consumer anxiety about hair loss and a preference for effective, safe, and natural products are key drivers [7] - The market is shifting from basic cleansing to refined scalp care, with younger generations leading this trend [5][6]

Investment Rating - The report indicates a positive investment outlook for the retail industry, particularly in sectors such as food and beverages, beauty, and outdoor apparel, with expected growth rates in various categories [11][18][54]. Core Insights - The retail sector is experiencing a moderate recovery, with significant differentiation among brands. Domestic brands in the beauty sector are expected to benefit from a dual-driven approach of consumption and investment [11][17]. - The report highlights a structural shift in consumer behavior, with a focus on value-for-money products and an increase in demand for outdoor and sports-related items [11][36]. - The jewelry sector is showing sustained growth, driven by rising gold prices and increased consumer interest [17][54]. Summary by Relevant Sections Consumer Trends - The report notes a recovery in consumer spending post-pandemic, with a notable increase in discretionary spending on experiences and luxury items [7][11]. - E-commerce continues to play a significant role, with online retail sales showing a year-on-year increase, although growth rates are stabilizing after reaching historical peaks [9][10]. Category Performance - Food and Beverage: Sales growth of 14.4% year-on-year, with brands adopting price reduction strategies to attract consumers [18]. - Beauty: Domestic brands are gaining traction, with new product launches and channel expansions contributing to a 24.3% growth in sales [11][18]. - Outdoor Apparel: The outdoor footwear and clothing market is experiencing a remarkable growth rate of 73.7%, with snow boots seeing a 157.4% increase [54]. Key Opportunities - The report identifies several key opportunities across various categories, including: - Snacks and food products focusing on health and wellness [10]. - Outdoor and sports apparel, particularly in the context of rising participation in low-barrier sports like badminton and running [33][39]. - Jewelry and precious metals, with a focus on domestic brands and investment-driven consumption [17][54]. Brand Insights - Brands like FILA are leveraging celebrity endorsements to enhance their market presence and appeal to younger consumers, resulting in significant sales growth [52][53]. - The report emphasizes the importance of product innovation and marketing strategies in driving brand success in a competitive landscape [11][52].