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A Study of the European Cosmetics Industry (2007)

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A Study of the European Cosmetics Industry (2007) A Study of the European Cosmetics Industry Final Report Prepared for: European Commission, Directorate General for Enterprise and Industry Prepared by: Global Insight, Inc. October 2007 Contact Information Emilio Rossi Managing Director Business Planning Solutions, Europe Global Insight, (Italy) srl. Via S. Maria Segreta 6 20123 Milan +3902 8648 130 [email protected] Antonia Prlic Principal 1 Adelaide Street East Suite 2505, P.O. Box 198 Toronto, Ontario, M5C 2V9 Canada +1 416 682-7312 [email protected] Robert Hoffman Senior Consultant 1 Adelaide Street East Suite 2505, P.O. Box 198 Toronto, Ontario, M5C 2V9 Canada +1 416 682-7311 [email protected] 2 Table of Contents INTRODUCTION AND STRUCTURE OF THE STUDY........................................... 1 I. BROAD MARKET STUDY - MACRO/MICROECONOMIC CHARACTERISTICS...................................................................................................... 2 SUMMARY........................................................................................................................ 2 I.1 - MARKET SIZES ......................................................................................................... 3 I.2 - PER CAPITA COSMETICS CONSUMPTION................................................................... 5 I.3 - MARKET SEGMENTS ................................................................................................. 7 I.4 - MAIN PRODUCT TRENDS ........................................................................................ 14 Market Size and Main Product Trends - EU15 ........................................................ 14 Market Size and Main Product Trends – EU 12............................................................ 18 I.5 - COUNTRY SUMMARIES ........................................................................................... 21 Market Size and Main Product Trends – Europe........................................................... 21 Market Size and Main Product Trends – United States................................................. 47 Market Size and Main Product Trends – Japan ............................................................. 51 Market Size and Main Product Trends – China............................................................. 53 I.6 - MARKET SIZE FORECAST........................................................................................ 54 Methodology.................................................................................................................. 54 Results............................................................................................................................ 55 I.7 - STRUCTURE OF INDUSTRY AND PRODUCTION ......................................................... 58 Production Value Comparison....................................................................................... 58 Comparison to the Overall Manufacturing Industry...................................................... 60 Employment and Structure of Companies ..................................................................... 61 Purchase of Intermediate Goods and Services............................................................... 62 Unit Labour Costs.......................................................................................................... 65 Labour Productivity ....................................................................................................... 65 Number of Small and Medium-Sized Enterprises ......................................................... 69 II. NATURE OF COMPETITION......................................................................... 71 II.1 - KEY GLOBAL COSMETICS INDUSTRY PLAYERS ..................................................... 71 IMPLICATIONS FOR CORPORATE STRATEGY ................................................................... 76 3 II.2 - BARRIERS TO ENTRY ............................................................................................. 79 Government Regulations ............................................................................................... 79 Impact of EU Regulation on Trade................................................................................ 82 Animal Testing............................................................................................................... 82 REACH.......................................................................................................................... 82 Research and Development............................................................................................ 83 Patents............................................................................................................................ 84 Trade Barriers ................................................................................................................ 84 Market Structure and Penetration .................................................................................. 85 Customer Loyalty and Advertising................................................................................ 86 Distribution Channels .................................................................................................... 87 Investment Costs............................................................................................................ 90 Economies of Scale........................................................................................................ 91 Cultural and Language Barriers..................................................................................... 91 III. SOURCES OF COMPETITION – CASE STUDIES ...................................... 92 III.1 - MEDICAL DEVICES AND THE PHARMACEUTICAL INDUSTRY................................. 92 Skin Rejuvenation.......................................................................................................... 92 Botox.............................................................................................................................. 94 III.2 - SME CASE STUDIES............................................................................................. 95 The Body Shop .............................................................................................................. 95 Natural Cosmetics.......................................................................................................... 96 DIRECT SELLING CASE STUDY....................................................................................... 98 IV. KEY POLICY ISSUES – R&D AND EXTERNAL TRADE........................ 100 IV.1 - RESEARCH AND DEVELOPMENT......................................................................... 100 Recent Innovations in Skin Care ................................................................................. 101 Recent Innovations in Hair Care.................................................................................. 101 IV.2 - INTELLECTUAL PROPERTY / PATENTS ................................................................ 103 IV.3 - COUNTERFEIT GOODS........................................................................................ 107 IV.4 - EXTERNAL TRADE ............................................................................................. 109 Revealed Comparative Advantage (RCA) Analysis.................................................... 109 RCA Analysis: Cosmetics Product Comparative Positioning ..................................... 109 Cosmetics Exports Overview....................................................................................... 110 4 IMPORT/EXPORT STATISTICS........................................................................................ 126 V. CONCLUSIONS AND POLICY RECOMMENDATIONS ......................... 157 VI. APPENDIX........................................................................................................ 159 5 Final Report - September 2007 Introduction and Structure of the Study ♦ Section I of this report is a broad market study of the cosmetics industry in the EU, U.S., Japan, and China, and provides an overview and sizing of the cosmetics industry in the countries under consideration. This section will also examine both macro and microeconomic trends and aspects of the cosmetics market in each country, assessing the following major product segments: toiletries; hair care; skin care; decorative cosmetics; and perfumes and fragrances. Per capita spending on cosmetics in each country is examined, and five-, ten-, and twenty-year market forecasts are presented for each country. The structure and competitiveness of the cosmetics industry is considered here. Competitiveness is analysed by looking at trends in key indicators, including unit labour costs, productivity and industry purchases of intermediate goods. ♦ Section II delves into the nature of competition in the industry. The largest players in the global industry are profiled. This is followed by an evaluation of potential barriers to entry including regulatory environment, trade barriers, market structure, distribution channels, economies of scale and others. ♦ Section III investigates sources of competition specifically alternative approaches to skin care presented by the medical devices and pharmaceuticals industries. The role of SMEs in the cosmetics industry is examined through various case studies. The objective here is to highlight the contributions of SMEs to the process of innovation. ♦ Section IV examines different
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