咨询大家2.2 护肤彩妆增速放缓预计进入出清整合阶段，细分领域仍大有可为

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咨询大家2.2 护肤彩妆增速放缓预计进入出清整合阶段，细分领域仍大有可为

2025-11-1

2.2 护肤彩妆增速放缓预计进入出清整合阶段，细分领域仍大有可为◼ 护肤彩妆市场规模暂别高增长阶段，预计未来品牌端进入出清、整合并购阶段，强弱分化，强者恒强；◼ 细分领域将更加重要，香氛、头发护理、婴童用品、防晒等赛道，目前备受重视，国货标的重点布局，竞争相对蓝海。表2：广义护肤个护领域下，各细分赛道市场规模及增速类别（亿元，%）护肤彩妆香氛洗浴用品头发护理男士婴儿用品口腔护理防晒合计YOYYOYYOYYOYYOYYOYYOYYOYYOYYOY201520162017201820192020202120222023202420-24年规模变动及CAGR1,6106.6%25311.4%542.6%2034.2%4803.4%685.0%6111.6%32210.3%778.5%,6.7%1,6985.5%28512.6%551.9%2113.9%4963.3%725.9%6811.5%3539.6%849.1%1,88110.8%34621.4%6416.4%2204.3%5143.6%765.6%7713.2%3889.9%929.5%2,13113.3%45130.3%7821.9%2273.2%5405.1%816.6%8814.3%42810.3%10312.0%2,44914.9%59331.5%9825.6%2343.1%5715.7%877.4%10215.9%47511.0%12319.4%2,70110.3%5960.5%10911.2%2527.7%5964.4%83-4.6%1118.8%4995.1%1316.5%,,,,,,6.2%10.1%12.8%14.7%7.3%2,9368.7%65710.2%14129.4%2520.0%6519.2%874.8%12815.3%5224.6%15316.8%,8.8%2,763-5.9%555-15.5%132-6.4%249-1.2%636-2.3%80-8.0%119-7.0%482-7.7%145-5.2%,-6.6%2,8182.0%61811.4%15215.2%238-4.4%6360.0%811.3%1309.2%4922.1%1578.3%,3.1%2,712-3.8%6200.3%148-2.6%234-1.7%634-0.3%77-4.9%1364.6%4960.8%1580.6%120.1%241.0%407.9%-18-1.8%381.6%-6-1.9%255.2%-3-0.2%274.8%-2.0%0.7%www.swsresearch.com 证券研究报告资料来源：欧睿，申万宏源研究9

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