The global Asia Pacific Facial Care Market is estimated to be valued at US$ 52 Bn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Asia Pacific facial care market consists of products that are used to cleanse, moisturize and protect the face. Facial care products include face washes, creams, scrubs, masks, serums and cleansers. These products hydrate and nourish the skin, remove dead skin, reduce signs of ageing, control oil and acne, impart glow and keep the skin clean and healthy. The growing working women population and increasing awareness about personal grooming have led to rising consumption of facial care products in Asia Pacific countries. In addition, social media influence, celebrity endorsements and innovative packaging are some other factors driving the market growth. India and China represent lucrative opportunities for cosmetic companies due to improving spending power and changing lifestyles in these countries.
Market key trends:
The rapid urbanization and improving economic conditions in Asia Pacific are majorly influencing the consumer preferences and spending power. There is a rising demand for natural, organic and multi-benefit products. Consumers are interested in products with active ingredients that provide additional skincare benefits. Face masks containing ingredients like collagen, Korean berry extracts and vitamins are gaining popularity. Growth of online retail and e-commerce platforms have made premium brands accessible to consumers across regions. Manufacturers are adopting customized marketing strategies to target millennials through digital and social media platforms. Innovative packaging and sustainable products also attract young consumers. Increased awareness about skincare is driving trials of new products and brands through online reviews and recommendations.
Porter's Analysis
Threat of new entrants: The facial care market in Asia Pacific region requires high capital investments and established supply chains. This creates barriers for new companies to enter the market.
Bargaining power of buyers: Buyers have high bargaining power in this market as there are numerous established brands providing similar products. Buyers can easily switch between brands based on pricing and promotions.
Bargaining power of suppliers: Key raw materials used in facial care products such as herbal extracts and essential oils are available from numerous global as well as local suppliers. This gives suppliers low bargaining power.
Threat of new substitutes: Alternative personal care categories like skin care, hair care etc. pose minimal threat as substitutes for facial care products which address specific skin concerns.
Competitive rivalry: The Asia Pacific facial care market is highly fragmented with presence of global as well as local brands. Intense competition exists between companies based on product innovations, marketing campaigns and competitive pricing.
Key Takeaways
The Asia Pacific Facial Care Market Demand is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, 2023 to 2030, due to increasing spending on beauty and personal care products across the region.
Regional analysis
China dominates the Asia Pacific facial care market with over 35% value share owing to rising number of women professionals and increasing focus on looking youthful. India is projected to be the fastest growing market during the forecast period backed by growing middle class population and expanding retail landscape.
Key players
Key players operating in the Asia Pacific facial care market include Lâ€TMOreal S.A, Procter and Gamble Company, Estee Lauder Companies Inc., The Unilever Plc, Shiseido Co. Ltd., Johnson and Johnson Limited, Kose Corporation, and Kao Corporation. L'Oreal S.A leads the market with flagship brands such as Garnier and La Roche-Posay catering to all consumer segments.
