Facial care products include skin cleansing products, skin moisture, anti-aging creams etc that nourish, hydrate and protect the skin. The demand for these products is increasing in Asia Pacific region due to rising disposable incomes, awareness about skin care products and preference for youthful appearance.
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 key trends:
One of the key trends driving the growth of Global Asia Pacific Facial Care Market Size is increasing preference for multifunctional products. Consumers are looking for products that offer multiple benefits like cleansing, moisturizing and anti-aging in single formula. This has prompted companies to launch multifunctional facial care brands. For example, Olay launched Olay Regenerist micro-sculpting cream offering anti-aging with hydration. Moreover, the demand for natural and organic facial care products is also growing due to rising health concerns regarding use of chemicals in cosmetic products. Brands are introducing natural ingredients based facial care lines to cater to this demand.
Segment Analysis
The Asia Pacific facial care market is dominated by the skin care segment, which holds more than 50% share of the overall market. The growing concerns about skin problems such as acne, dark circles, wrinkles, and dryness among consumers have increased the demand for various skin care products such as face creams, face masks, scrubs, and cleansers. Within the skin care segment, the face cream sub-segment accounts for the largest market share due to rising consumption of anti-aging creams and moisturizers.
Key Takeaways
The Asia Pacific facial care market size is expected to reach US$ 52 Billion by 2023, witnessing a CAGR of 7.2% over the forecast period. This high growth can be attributed to increasing consumers' focus on personal grooming and growing awareness about skin and hair care products supported by social media marketing campaigns by key players.
Regional Analysis
China dominates the Asia Pacific facial care market and is expected to maintain its leading position during the forecast period. This can be ascribed to the growing working women population and rising middle-class income in the country. India is projected to witness the fastest growth rate owing to increasing domestic production and rising spending on cosmetic and skincare products.
Key Players
Key players operating in the Asia Pacific facial care market are L'Oréal S.A, Procter & Gamble Company, Estée Lauder Companies Inc., The Unilever Group, Shiseido Co., Ltd., Johnson & Johnson Limited, Kose Corporation, and Kao Corporation. L'Oréal S.A is the dominant player in the region with strong brands such as L'Oréal Paris and Garnier. Procter & Gamble Company enjoys a high market share due to its premium brands Olay and SK-II.
For More Insights, Read- https://www.newsstatix.com/asia-pacific-facial-care-market-size-share-analysis-2023-2030/
