知行数据观察：卸妆品类

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The facial cleansing market is experiencing steady growth, transitioning from a high-speed growth phase to a mature and stable development stage, with market demand stabilizing and growth driven by product upgrades and innovation [9][12] - The growth rate of the facial cleansing industry is expected to rebound to a range of 12%-17% from 2024 to 2028, with a forecasted growth rate of 17% in 2024, driven by innovations in skincare formulations and the expansion of new consumption scenarios [9][10] - Consumer expectations for cleansing products have shifted from "simple cleansing" to "cleansing + skincare," indicating a significant opportunity for brands to offer products with added skincare benefits [14][12] Market Overview - The facial cleansing industry market size has grown steadily from 2018 to 2023, with a year-on-year growth rate decreasing from 12% to 9%, indicating a transition to a mature market [9][10] - The market size is projected to reach 81.0 billion yuan by 2025, with a sales volume increase from 70.3 million units in 2023 to 128.8 million units in 2025 [18][19] - The online sales of cleansing products on major platforms are shifting from price increases to volume expansion, with a notable preference for high-cost performance products among consumers [18][20] Product Segmentation - The core functions of cleansing products, such as makeup removal and cleansing, account for over 70% of consumer choices, but their growth rates are declining, indicating market saturation [12][14] - Skincare benefits are becoming a new growth engine, with moisturizing and soothing properties showing significant growth rates, reflecting consumer willingness to pay a premium for products that offer additional skincare benefits [12][14] - Niche functions like acne treatment and anti-wrinkle are experiencing explosive growth, indicating a diversification of consumer needs and a potential area for brand differentiation [12][14] Consumer Preferences - Consumers are increasingly interested in products that contain skincare benefits, with 49% prioritizing this feature and 46% willing to pay a premium for it [14][15] - Convenience and multifunctionality are becoming standard demands, with features like "no need for secondary cleansing" being highly valued, although consumers are price-sensitive regarding these attributes [14][15] - The acceptance of premium pricing is highest for products with natural ingredients and simplified formulations, suggesting that brands should focus on safety and gentleness in their product offerings [14][15] Competitive Landscape - The competitive landscape is characterized by a shift towards local brands on platforms like Douyin, which are gaining market share through high-cost performance strategies, while international brands maintain a presence in the high-end segment [26][28] - The top brands on Taobao include Shu Uemura and other international brands, while Douyin's top brands are predominantly local, indicating a divergence in brand performance across platforms [26][32] - The market is witnessing a price war, with significant price drops on both major platforms, reflecting intense competition and a shift towards volume-driven sales strategies [20][22]