Beauty Products from Taiwan Unmasked
Taiwan Beauty ProductsUnmasked During a webinar held recently, five Taiwan Excellence Award winners fromthe Taiwan cosmetics industry showed their most groundbreaking products. The event was jointly organized by the Taiwan Council for External Trade Growth (TAITRA), Taiwan‘s leading trade promotion agency, and the Ministry of Economic Affairs, Office of Foreign Trade. Although the global fashion market is facing huge difficulties as a result of the escalating COVID- 19 pandemic, the makeup sector appears to show incredible growth potential. According to Walter M. S. Yeh, President and CEO of TAITRA, “the market was worth US$ 298billionin 2018 and will have a compound annual growth rate of 5.1% during the forecast period.” Dr. Grace Liao Yuan Li, a specialist in the skin care industry, has said that the global demand for beauty products is the fifth largest consumer segment, with the Southeast Asian demand having the fastest growth rate in the world. Customers in the area continue to shop through conventional channelbeautybrands are forced to undergo a digital transformation in order to address the problem in Covid-19