消费出海系列研究（一）：国货美妆扬帆起航

Industry Investment Rating - The report maintains a "Standard Allocation" rating for the industry [1] Core Views - The global cosmetics market is experiencing rapid growth, with skincare and makeup remaining the primary categories The skincare market is projected to reach $2161 billion by 2026, while the makeup market is expected to hit $933 billion [1] - The Southeast Asian market is particularly promising, with a projected CAGR of 101% from 2021 to 2026, significantly higher than the global average of 7% [1] - Chinese cosmetics exports have been steadily increasing, with a 4-year CAGR of 1891% in export value and 623% in export volume [8] - International brands like L'Oréal, Estée Lauder, and Shiseido have successfully expanded globally through diversified brand portfolios, strong R&D capabilities, and localized strategies [15][22] Domestic Cosmetics Export Growth - Chinese cosmetics exports have shown consistent growth, with 2023 export values reaching $6506 billion and export volumes hitting 1103 million tons [8] - The Asia-Pacific region, particularly Southeast Asia, is a key focus for Chinese cosmetics brands due to its high growth potential and favorable demographic and economic conditions [10][12] International Brand Expansion Strategies - International brands have successfully expanded through diversified brand portfolios, with L'Oréal, Estée Lauder, and Shiseido each managing over 20 brands across multiple categories [15] - Key products, such as Estée Lauder's "Advanced Night Repair" and L'Oréal's "Lancôme Génifique," have played a crucial role in building brand recognition and loyalty [18][19] - Strong R&D capabilities and localized research centers have enabled these brands to adapt to regional consumer needs [22] Successful Domestic Brand Case Studies - ZEESEA has successfully entered the Japanese market by leveraging IP collaborations, strong online and offline distribution channels, and localized product development [27][28] - FlowerKnows has carved out a niche in the Japanese market with its "girl's heart" makeup line, targeting Gen Z consumers through rapid product launches and effective marketing strategies [29][30] - Florasis has differentiated itself with its "Oriental Beauty" branding, incorporating Chinese cultural elements into its products and marketing, which has resonated well with international consumers [32][34] Domestic Cosmetics Industry Advantages - The domestic cosmetics industry benefits from a well-established supply chain, enabling shorter development cycles and faster response to consumer trends [36] - Chinese brands are increasingly focusing on proprietary ingredients, such as Betaine's "Portulaca Oleracea Extract" and Proya's "Hexapeptide-8," which are gaining recognition both domestically and internationally [36][37] - Chinese cosmetics brands offer high cost-performance ratios, making them particularly competitive in price-sensitive markets like Southeast Asia [37] Strategies for Overseas Expansion - Brands should leverage a mix of online, offline, and independent platforms to expand overseas, with a focus on platforms like TikTok, Shopee, and Lazada [38][39] - Establishing a strong brand identity and maintaining consistent positioning are crucial for long-term success in international markets [41] - Localized product development and marketing strategies are essential to meet the unique needs of consumers in different regions [42] Investment Recommendations - Proya is recommended for its strong brand portfolio, extensive channel experience, and early entry into the Southeast Asian market [43] - Betaine is highlighted for its focus on functional skincare and Chinese ingredients, with a growing presence in Southeast Asia through platforms like Shopee and Lazada [43]