Across The Border | Medical cosmetology market expected to be worth 300b yuan by 2020
As more Chinese opt for a nip or a tuck in search of the body beautiful, growing competition in the market means margins are being squeezed
China’s plastic surgery and beauty treatment market is booming, but experts are warning that as more and more firms jump on the bandwagon, margins are becoming ever slimmer.
According to the latest research from CITIC Securities, the Chinese investment bank, the country’s medical cosmetology market is expected to achieve 25 per cent compound annual growth rate (CAGR) and be worth 300 billion yuan by 2020, up from 100 billion yuan last year.
Cosmetology is essentially the study and application of beauty treatments, and include everything from specialty hair colouring and skin care, to procedures including botox injections, changes of skin colour and cosmetic surgery.
The surging market for the very best in looking good is being driven, said the CITC report, by China’s consumption upgrades, demographic changes and technology advances – essentially people are earning more and wanting to look as perfect as possible, and they can afford to whatever it needs.
And maybe surprisingly, its older people who are tending to show stronger demand for the medical types of beauty services, said Zhou yu, an analyst at CITIC.
“The penetration ratio among younger people born after the 1990s is also high, especially a rising demand from stylish men.”
