金吾财讯 | 中信建投研报指出，国内美妆行业正式迈入高质量发展阶段，2025年市场规模达8225亿元，同比增长6.18%，行业需求韧性凸显。消费端迭代特征显著，消费者愈发看重产品成分与功效，国货替代趋势明确，本土品牌市占率由2021年40.4%升至57.0%，年轻群体成为国货消费主力。伴随护肤抗老渗透率趋近饱和，行业增长逻辑已从渗透率提升转向消费复苏与产品结构升级。
行业供给端持续重塑，新规落地推动行业合规化升级，市场出清持续。线上渠道占比突破五成，流量成本走高倒逼品牌转向精细化运营。当前美妆品牌集中度已对标海外成熟市场，但集团化整合仍存较大空间。供需格局重构下，行业依托产业链整合、出海布局、双美融合、AI赋能四大路径开启新增长。同时行业仍面临宏观消费波动、监管趋严、流量成本攀升及爆款迭代过快等多重风险。
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