The Council for Economic Planning and Development (CEPD) of Taipei, Taiwan reportedly is working with the the Ministry of Economic Affairs to draft plans promoting the country's health and beauty industry. This initiative would be enacted in the hopes of growing Taiwan into an industry leader in Asia, a CEPD spokesman said in an AsiaPulse news report.
According to the report, the health and beauty industry—including skin, body and hair care, aromatherapy, nail art design, spa services, and body building—is said to enhance consumers' well-being through a variety of professional services and products that encourage renewal and balance of mind, body and spirit. The industry reportedly has shown potential to develop double-digit growth rate per year in Eastern Europe, Latin America and the Asia-Pacific region.
Quoting Euromonitor International, the report claimed the global cosmetics and toiletries industry showed a 5% annual growth rate in 2006, the highest rate of growth since 2001. Euromonitor International predicted that cosmetics and personal care will reach US$313 billion in business turnover by 2010.