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China's is already the world's second-largest cosmetics
market, but international players in particular are optimistic that
it will grow further. According to figures from China's
Ministry of Commerce, the value of imported cosmetics over 2020
grew a whopping 30%, which underscores the continued demand for
international products in this category.
At the same time, domestic penetration remains a challenge for
many international brands, at least in part due to legal reasons.
The complex regulatory framework for filing of new ingredients has
slowed the introduction of new products, while China's rules on