Asia - Pacific Cosmeceutical Products Market - Growth, Trends, and Forecast (2019 - 2024)
The Asia-Pacific Cosmeceutical products Market is forecasted to reach USD 88.14 billion by 2024 growing at a CAGR of 6.8% during the forecast period (2019 - 2024). In the region, countries- like China, India, and Vietnam present considerable growth opportunities for the market players, primarily due to the growing millennial population. Furthermore, high awareness regarding cosmeceutical and cosmetics products, such as anti-aging, sun care, and hair care products, is expected to drive the market’s growth in the near future. The demand for multifunctional products is driving innovation, as price-conscious consumers are opting for products that provide both hydration and skin protection. Companies are constantly advertising about cosmetics that provide medicinal benefits, especially on social networking sites, such as Facebook, Twitter, YouTube, and Instagram, where beauty bloggers are very popular.
Scope of the Report
Cosmeceuticals are cosmetic products with bioactive ingredients purported to have medical benefits. By type, the market is segmented into skincare, hair care, lip care, and oral hygiene segments and by distribution channels, the market is segmented into Hypermarkets and Supermarkets, Convenience stores, online and Speciality Stores. The skincare segment holds a leading share and is trailed by hair care segment. In the skincare segment, anti-ageing products are most popular and hence gross maximum revenue. Currently, specialty stores account for maximum sales. Going forward, aggressive marketing policies of manufacturers and distributers will lead to more uptake of the products worldwide.
Key Market Trends
Skin Care Segment Holds a Leading Share
Skincare is expected to be the dominating segment, followed by hair care in the forecasted period. Among skincare, anti-ageing sub-segment is expected to contribute maximum revenue over the forecasted period. Anti-aging cosmeceuticals are formulated to counter the effect of aging among users, and to slow down the aging process, and to cover the damages from climatic conditions (sun, cold, and wind), smoking, stress, and environmental irritants etc. Increase in problems like wrinkles, fine lines, sagging, pores and dryness, etc., is making people to spend more on these products.Quickly aging Asia’s population has made aging one of the primary beauty concerns faced by the people, resulted in increase in usage of products with anti-ageing properties. Sun protection is becoming one of the important aspects of beauty in Asia-pacific region, due to its beauty conscious population.
China Dominates the Cosmeceuticals Market
The Chinese cosmeceuticals market is projected to register an estimated CAGR of 6.9%, over the forecast period. Though the term ‘cosmeceuticals’ started gaining momentum in China recently, it has now become one of the most preferred product categories in the country. Busier and stressful lifestyles of consumers in the country, as well as worsening environmental conditions, created more concern around skin conditions, amid consumers who seek products for skin rejuvenation. This has led to an increase in sales of cosmeceuticals. Consumption of cosmeceutical products in China is most prevalent in tier 1 megacities of the country, with increasing penetration in tier 2 and tier 3 cities, which are experiencing an increase in China’s growing middle class and the consumption of cosmeceuticals in the country. Although a portion of consumers in China are willing to pay for branded or premium products, consumers tend to be less loyal to brands and more price-sensitive, when compared to the consumers in the United States or European counterparts.
The Asia - Pacific cosmeceutical products market enjoys the presence of various global and regional players, including private labels. The market studied was led by L'Oréal SA, followed by Procter & Gamble Co, Estee Lauder, Shiseido Group, Unilever PLC, Avon Products Inc., and Johnson & Johnson. The other prominent players in the market include Beiersdorf AG, Clarins Group, Royal DSM, Croda International PLC, and Revlon Inc. among others. The prominent players have been observed to incorporate a few major strategies to target the consumers in the region, such as branding of the internet through strong digital marketing operations, social media campaigns to gain consumer’s attention, and the establishment of regional hubs in the most developed economies of the region, such as Southeast Asian countries, like Singapore.
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