美妆原料成分赛道开启“微创新”突围战

Core Insights - The total number of cosmetic registrations surged by 52.87% in April 2025 compared to March, reaching 38,261, with domestic non-special cosmetics dominating the market at 94.97% [1] - The implementation of the "Cosmetic Safety Assessment Technical Guidelines" has led to longer registration processes and increased costs, causing a structural decline in the number of registrations for various efficacy categories [1] - The market for functional skincare products is undergoing a structural adjustment, with a notable shift towards gentle ingredients and innovative raw materials [4][6] Market Dynamics - The market for efficacy-based skincare products in China expanded from 10.2 billion to 37 billion yuan from 2017 to 2022, with projections to reach 62.3 billion yuan by 2026 [2] - The registration of lip care products increased significantly, with a rise from 0.6% to 1.6% of total registrations, indicating a growing consumer demand for specific benefits such as wrinkle reduction and sensitivity relief [3] Ingredient Trends - Sodium hyaluronate (hyaluronic acid) led the active ingredient market with 16,400 registrations, benefiting from technological advancements that enhance its efficacy [4] - Traditional active ingredients like allantoin and Sophora flavescens extract saw a decline in demand, while natural oils like squalane and jojoba oil remained resilient [4] - The non-active ingredient market experienced a downward trend, with all ingredient registrations declining by 15.82% to 53.17% [4] Regulatory Environment - Local governments are exploring efficient service models to address the complexities of the registration process, with initiatives in Qingdao and Anhui aimed at reducing registration times and costs [6] - National policies are being released to support innovation in cosmetic ingredients, including provisions for simultaneous application of new ingredients and associated products [6] Innovation and Consumer Demand - The dual pressures of stringent regulations and rising costs are pushing the beauty industry towards "micro-innovation" rather than major overhauls, focusing on formula optimization and process upgrades [1][6] - There is a strong consumer demand for innovative and effective ingredients, indicating a shift in market dynamics where new raw materials are beginning to challenge traditional ingredients [4][6]