In the past 2023, Tao beauty is still under pressure.
According to Wanlian Securities, citing radish investment data, from January to November 2023, the GMV of Tao beauty products will reach 227 billion yuan. Entering the fourth quarter, Tao Beauty has seen double-digit declines for two consecutive months, and its decline has narrowed compared with the third quarter.
However, the leading domestic beauty brands are still creating "miracles".
According to the data, from January to November 2023, Proya's GMV on the Tao platform has exceeded 5.7 billion yuan, and according to third-party platform data, Proya's GMV on Douyin and Kuaishou reached 2.163 billion yuan and 269 million yuan respectively during the same period. This also means that the total GMV of Proya on the three major platforms has exceeded 8 billion yuan. This data has set a new record for the revenue of a single brand of A-share domestic beauty companies.
According to the analysis of industry insiders, GMV does not represent the real revenue data of a brand, "despite this, Proya's revenue of a single brand in 2023 should exceed 6 billion, which will also set a new record."
In addition, brands such as Han Shu and Ou Shiman also hit new highs in Douyin and Kuaishou respectively. Domestic beauty products are welcoming the arrival of a new era with high morale.
Five major platforms: beauty GMV of nearly 460 billion
Based on the data of Radish Investment, Wanlian Securities and third-party platforms, we can see the competitive landscape of online beauty in 2023.
In terms of growth rate, Douyin Beauty is the strongest, with an increase of 43.66% from January to November 2023, of which the increase in October and November will reach 83% and 64% respectively. At present, Douyin Beauty has gained more than 30% of the online market share, and the momentum is strong.
Kuaishou Beauty also saw growth, although it rose by only 2.55%, but it was one of the few platforms that achieved a rise in the beauty sector. The beauty sector of platforms such as Taoxi, JD.com, and Pinduoduo has been in a state of decline since May this year, and the overall performance is poor.
In terms of volume, the Tao system is still firmly in the position of the big brother, with a GMV of 227 billion yuan, seizing half of the online market, however, this proportion has declined compared with 2022, and the lost share of the Tao system has almost been "eaten" by the Douyin platform.
Kuaishou Beauty and JD Beauty are similar in size, with GMV of 30 billion+ from January to November 2023, followed by Pinduoduo Beauty with a GMV of 15.43 billion yuan. In the first 11 months of last year, the total GMV of beauty on the above five platforms reached 459.8 billion yuan.
From the perspective of the overall market data, from January to November 2023, the retail sales of cosmetics of units above designated size reached 384.3 billion yuan, with a growth rate of 4.7%. It is worth noting that in November, which has the Double 11 promotion festival, the retail sales of cosmetics rarely fell by 3.5%. It can be seen that it will take time for the demand side to recover.
The first 8 billion-level domestic beauty products were born
The new billion-level brand is coming
Although the overall data of the beauty industry is not good, some domestic beauty products have shown strong growth, and a number of new 1 billion beauty brands are about to be born.
Proya and Han Shu lead the way. From January to November 2023, Proya's GMV on the three major platforms of Tao, Douyin, and Kuaishou reached 8.162 billion yuan, achieving a fault lead, and in the past year, it has achieved a significant increase in Taosi and Douyin.
It is followed by Winona, the GMV of the three major platforms has approached 4 billion yuan, and according to public information, Winona has made a new breakthrough in the offline channel - it has crossed the threshold of 1 billion in the OTC channel.
Han Shu also achieved a breakthrough, according to the report, Han Shu's GMV on the Douyin platform in 2023 has reached 3.3 billion yuan, setting a new high for domestic beauty products on the Douyin platform.
Caitang, Dr. Aier, and Marubeni "take the lead". According to the data, from January to November 2023, the GMV of brands such as Caitang, Dr. Aier, and Marubeni on the three major platforms will exceed 1.4 billion yuan. These three brands performed well in the Tao system in November last year, with year-on-year growth of 88%, 96% and 55% respectively. Among them, Dr. Aier's GMV on the Tao platform in November alone has reached 321 million yuan, and Caitang is close to 300 million yuan in the same period.
In addition, the GMV of brands such as Quadi and Run Baiyan on the three major platforms has exceeded 1.2 billion yuan, and the GMV of Mao Geping's brand, which has not yet been listed, has also reached 1.3 billion yuan. Not only that, among the seed players of the 1 billion brand, there are also love fire and so on - in the first 11 months of last year, the GMV of love fire on the three major platforms has exceeded 800 million yuan.
Douyin and Kuaishou are making stars in batches. In addition to the above-mentioned domestic beauty products have made breakthroughs, Douyin and Kuaishou are also giving birth to a number of 1 billion brands, for example, in the first 11 months of last year, there are 9 domestic beauty products that exceeded 1 billion on the Douyin platform alone, in addition to Han Shu and Proya, there are also beauty instrument brands Jimeng, Miguang, Huaxizi, Diananti, Ou Shiman, Gu Yu, Jiaorunquan, etc. are all listed.
The most prominent performance is Ou Shiman and Gu Yu, these two major brands have made new breakthroughs on the dual platforms of Douyin and Kuaishou. Third-party data shows that in the first 11 months of 2023, Osman's GMV on the dual platform has exceeded 1.9 billion yuan, and Gu Yu's GMV has exceeded 1.7 billion yuan, or they will both enter the "2 billion club".
Wanlian Securities Research Report pointed out that with the gradual improvement of the economy in the future, the consumption power of important beauty customers is expected to be restored, which will further release the demand for beauty.
Relevant analysts believe that there are three reasons why the top domestic beauty products will continue to grow: on the product side, some domestic beauty companies have increased their R&D investment and stood out with their outstanding product strength; on the policy side, the supervision has become stricter, and the industry reshuffle has accelerated to benefit the leading compliance enterprises; on the brand side, consumers, especially Generation Z, have increased their acceptance of domestic beauty brands, and domestic brands are expected to seize the share of foreign brands and increase their market share.
Note: The data in the article has not been confirmed by the platform and the brand, and is for reference only.
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