From a market perspective, personal care products are important. The cosmetics industry is a dynamic and vibrant one that promotes and encourages scientific innovation that is both crucial to the success of its business model and overcoming regulatory challenges.
Such apparent territorial and global challenges have not, however, stemmed the tide of success for the cosmetics industry, which has, in recent times, demonstrated resilience to global economic downturn.
According to a 2015 report,1 the EU cosmetics market with a population of greater than 500 million consumers remains one of the largest and leading single markets worldwide (€69 billion) with the EU export market representing one third of the global market. Comparatively, the Asia Pacific population accounts for ca. 60% of the global population (ca. 4 billion people) with ca. 20 % of the global cosmetics sales; principally via the biggest market players being China (ca. €32 billion), Japan (ca. €18 billion), and South Korea (ca. €7 billion).
Outside of established regulatory frameworks and scientific compliances, the global cosmetic industry including the natural and organic cosmetics (NOCs) sector remains diverse; both in terms of consumer expectations and requirements. To this end, and focusing on the NOC sector, there has been in recent years an ever increasing interest from the cosmetic consumer in natural and/or organic beauty and personal care products.
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