Cosmetics Market Grows In Australia; Competition Level Rises

Australia’s cosmetics market posted stable growth rate, according to market research firm IBISWorld; however, growing competition means beauty brands need to adjust to consumer demands and preferences to sustain market expansion. Market analysts said cosmetics companies can expand their market shares by developing products with multiple functions and by investing in digital marketing. Growing competition is driven by the increasing strength of the Australian dollar, the resulting growth in parallel imports, and the availability of lower-priced products sold online.