Italian beauty brand Teaology believes its business in Asia could surpass Europe in just a “couple of years” in line with the company’s five-year plan to expand its global footprint.
As South Korea’s cosmetics industry saw a trade surplus of over three trillion won (€2.3 bn) — how much exports exceed the cost of the country’s imports — K-beauty is now fiercely expanding into European markets.
Through free trade agreements, import tariffs on cosmetics will be reduced to 0-5%, paving the way for the Vietnam’s domestic market to develop its presence in APAC.
To find out how business on the ground is fairing since this country’s new President had his ‘worst call by far’ with a foreign leader, Cosmetics Design caught up with Jacqui Rathner of Naturally Australian Products.
Last month Cosmetics Design ran a reader survey to gauge your sense of how the next four years will reshape the industry. The results are in—likely new policy on trade agreements, international sourcing, and regulations will impact the beauty business.
Latest figures show that Korean cosmetic and personal care companies are continuing to enjoy booming exports, but this could end as new trading regulation may threaten the future.
Trade tariffs are a huge topic of conversation worldwide these days, and the recent East Asia Summit (EAS) focused on worldwide protectionism for a variety of industries, including cosmetics.
The president of LF Beauty, a third party manufacturer and supplier, has spoken of the challenges and opportunities being posed for beauty by the Asia market.
Uniasia Cosmetics, a leading player among China's cosmetics giants (described as the country's third-largest retailer), has made a decisive move into the Australian market.
Australia is set to trial a new visa a process for incoming tourists from China, in a bid to further bolster the rising tide of Chinese consumers now visiting the country.
Australia’s Minister for Trade and Investment has spoken of the central importance the government places on trade with China, ahead of the largest ever trade visit to the country.
China is reportedly altering its tax policy for e-commerce in a move which will further promote cross-border trading for the country, and looks set to particularly benefit cosmetics sales.
The Philippines is looking to bolster its halal industry, and has introduced various new bills to encourage the manufacture, accreditation and trade of domestically produced halal products.
Although Japanese law does not require most cosmetics to undergo animal testing - it is not prohibited and the government is really feeling the pressure to introduce the same regulatory requirements around alternatives as the EU.
According to the Korean International Trade Association, Korean companies accounted for 22.1 per cent of China's imported cosmetics in 2015, closing the gap with its French rivals whose combined market share was 30.6 per cent.
As the West calls for more of South Korea's beauty innovations, even the smallest of players are benefiting, despite struggling to ward off stiff competition at home.
As Korean cosmetics really start to become known for their creativity and high quality, China has its sights set on the country's finest R&D and production personnel to help it compete in the beauty arena.
Following China's decision to reduce the tariff on imported cosmetics by nearly 50 per cent, beauty retailer Jumei is worried the cut will affect its' pricing advantage.
As domestic markets inch closer to saturation, numerous Korean brands have really started to recognize their own R&D and manufacturing capabilities, which is transforming how “Made in Korea” products are viewed.
South Korea’s Ministry of Food and Drug Safety (MFDS) has notified the World Trade Organization (WTO) that it intends to amend quality control regulation with regards to imported cosmetics as an issue of health and safety.
The Thai Commerce Ministry is looking forward to a significant rise in exports during the course of 2015, and lists the cosmetics industry as one of the sectors most likely to benefit from growth.
China has 'once again' been named the front-runner of a "hit list" of dangerous products, according to the German Institute for Occupational Safety and Health’s (Baua).
More cosmetics manufactured by Thai companies will ship to these key markets thanks to the work of deputy commerce minister Apiradi Tantraporn and her office, as the Thai cosmetics business is growing both domestically and abroad.
Ongoing negotiations between the China and South Korea governments have resulted in a preliminary agreement that will allow Korean consumer goods manufacturers to trade more easily with China.
The Australian market for cosmetics, perfumes and toiletries is showing distinct signs of bouncing back following some tough years of contraction, according to new data from IBISWorld.
The Malaysia External Trade Development Corporation (Matrade), says that Malaysian exporters should be targeting huge growth potential in the still booming Brazil beauty market.
The Malaysia External Trade Development Corporation (MATRADE) has called on businesses in the Philippines to take up on trading opportunities with neighbouring Malaysia.
Exports of cosmetics products from South Korea have reached a new high thanks to a continued rise in sales to China, according to the Korea Customs Service.
The European Commission will host a sixth round of EU-US trade talks next month on a new trade and investment deal, known as the Transatlantic Trade and Investment Partnership, or TTIP; and the outlook is positive as Europe is in a strong position.
The global natural personal care market has flourished in recent years and despite stabilising in mature markets, it continues to chart impressive figures, particularly in China.
China's Ministry of Commerce has implemented a levy on anti-dumping duties on the United States and Japan on the importation of the chemical resorcinol, making it the latest in a series of tariffs on imported chemicals.
President Obama's announcement during his State of the Union address that the US and the European Union (EU) will begin free trade negotiations will have a big impact on the cosmetics industry and has been welcomed by trade associations.
China has imposed anti-dumping duties on the imports of two chemicals widely used as coupling agents for water-based coatings present in cosmetics and other consumer goods from the US and the European Union.
Market research firm Global Industry Analysts (GIA) has predicted the global personal care products market to reach $333bn by 2015, driven by increasing product innovations, growing disposable incomes and better market penetration.
The Personal Care Product Council has announced its support of President Obama's decision to send the Colombia, Korea and Panama free trade agreements to Congress, stating the importance of international trade in the cosmetics industry.
China is set to lower import taxes on a variety of international goods, including cosmetics and personal care items, according to a report in the Nanfang Daily newspaper.
The EU will not compromise on the safety of Chinese exports and
will continue to monitor the market even though the country is
making efforts to combat the problem, according to an EU official.
Heat-shrink labels with integrated holograms could help the
personcal care industry in the fight against counterfeiting and
forgery, the manufacturers claim.
The financial burden of setting-up a production plant in China has
forced the owners of a cosmetics packaging firm to call in the
administrators and sell the business.
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