A survey conducted by the China Beauty Association’s Industry Research Center, in collaboration with other institutions, revealed that the total transaction value of China’s cosmetics market grew by 2.8% YoY, reaching 1.07 trillion RMB ($147.6 billion) in 2024. This marks the second consecutive year that the market’s transaction value has surpassed 1 trillion RMB ($137.5 billion). According to sample data from the top 1,000 brands in online transactions, local Chinese cosmetics brands accounted for 55.2% of the total transaction value in 2024, an increase of 2.9 percentage points compared to the previous year. Additionally, 819 brands achieved transaction values exceeding 100 million RMB ($13.7 million), with 534 of them maintaining positive growth, representing over 65% of the total. Compared to 2023, the number of brands with transaction values above 100 million RMB ($13.7 million) increased by 73, setting a new record.