(Yicai) Jan. 21 -- China’s market for cosmetics grew 2.8 percent to CNY1.07 trillion (USD146.3 billion) last year, with domestic brands taking a larger share of sales, according to the industry’s largest association in the country.

Chinese cosmetics makers had a 55.2 percent share of their home market in 2024, up from 52.3 percent in the prior year, Dr. Yan Jiangying, chairwoman of the China Association of Fragrance Flavor and Cosmetic Industries, said at a press conference yesterday.

The number of brands with sales exceeding CNY100 million (USD13.7 million) each increased to a record high of 819 from less than 750, according to Yan. 

Companies are making proactive changes, investing heavily in scientific research and improving their innovation capabilities, which has largely eliminated low-quality and low-level competition, Yan noted. The ranks of fragrance and cosmetics producers in China fell by a net 727 to 4,940 last year, she added.

Editors: Tang Shihua, Emmi Laine