Market Opportunity for Hangzhou Local cosmetics Brands

Data from the General Administration of Customs showed that China has become the second-largest cosmetics consumption market globally. Despite the impact of the COVID-19 pandemic on various businesses, China’s imports of cosmetics and personal care products reached $20.25 billion last year, up 29.4 percent year-on-year.

Driven by such huge demand, a group of local brands such as Perfect Diary and Hangzhou, Zhejiang province-based Florasis are gaining momentum in the domestic market and began to set their sights on foreign markets.