知行数据观察

Investment Rating - The report does not explicitly provide 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 a projected growth rate of 12%-17% from 2024 to 2028, driven by innovations in product formulations and consumer behavior changes [9][12][18] - The demand for makeup removal products is shifting from basic cleansing to a combination of cleansing and skincare, with consumers willing to pay a premium for products that offer additional skincare benefits [14][12] - The online sales of makeup removal products are expected to grow from 6.69 billion to 8.10 billion yuan between 2023 and 2025, indicating a shift from price increases to volume expansion in the market [18][19] Market Overview - The facial cleansing industry market size has grown steadily from 2018 to 2023, with a decrease in year-on-year growth rate from 12% to 9%, indicating a transition to a more mature market [9][10] - The market is projected to rebound with a growth rate of 17% in 2024, attributed to innovations in skincare formulations and the expansion of new consumption channels [9][12] Product Segmentation - Makeup removal products are categorized into various formulations, including oil-based, emulsified, water-based, and specialized systems, each with distinct cleaning principles and target consumer needs [7][8] - The core functions of makeup removal products are primarily focused on cleansing, but there is a notable increase in demand for products with skincare benefits, such as moisturizing and soothing properties [12][14] Consumer Trends - Consumers are increasingly prioritizing products that combine cleansing with skincare, with 49% of consumers indicating a preference for products with skincare claims [14][15] - The willingness to pay a premium for products with natural ingredients and simplified formulations is high, reflecting a shift in consumer expectations towards safety and efficacy [14][16] Sales and Pricing Dynamics - The online sales of makeup removal products are projected to increase significantly, with a notable decline in average prices across platforms, indicating intense price competition [18][20] - The sales growth on platforms like Douyin is driven by local brands, while traditional platforms like Taobao are seeing a decline in sales growth, highlighting a shift in consumer preferences [20][24] Brand Performance - International brands dominate the high-end segment on Taobao, while local brands are gaining traction in the mass market, particularly on Douyin, where they leverage competitive pricing and innovative marketing strategies [26][28] - The top-selling brands in the makeup removal category include Shu Uemura and eLL, with local brands showing strong growth rates compared to international counterparts [27][32]