CHICAGO, Feb 25 (Bernama-BUSINESS WIRE) — NielsenIQ (NIQ), a leading consumer intelligence company, reveals that the global beauty industry is witnessing a solid 7.3% increase in year-over-year value. The Latin American and the Africa Middle East regions lead with the biggest growth, while North America and Western Europe are also showing robust growth rates of +7.8% and +7.7%, respectively. In the APAC region, South Korea, India, Thailand, Singapore, and New Zealand are emerging as leading markets, contributing to overall value growth. Inflation is a major driver of this global expansion, but the growth is also supported by increasing incomes and the influx of new consumers.
E-commerce is leading the retail revolution:
E-commerce is driving global beauty sales, with varying levels of growth across regions. In China, a remarkable 87% of total hair and skincare sales are made online. In India 17% of beauty products are purchased online, while in Brazil, this number is under 10%. Despite these variations, one overarching trend is the dominance of online sales over in-store sales.