Asia-Pacific Skin Care Market

Asia-Pacific skin care products market was valued at $61,253.6 million in 2020, and is projected reach $105,668.2 million by 2030, registering a CAGR of 5.4% from 2021 to 2030.

Despite an overall general slowdown predicted for skin care market’s value sales in 2020 in response to COVID-19 due to weaker demand for larger categories such as moisturizers and treatments, including mass anti-agers, a number of skin care products are set to experience marginally higher demand. Owing to the home seclusion and preventative health trends during the pandemic, consumers were spending on essential products on priority. Face masks are set to record the highest volume growth in 2020, due to the closure of beauty salons as non-essential businesses, encouraging consumers to turn to at-home beauty treatments instead, a trend which will positively impact the demand for skin care products.

The skin care products market is steadily growing due to increase in female population and preference of female toward innovative products such as organic eye gel, herbal lotion, and Halal products in the market. In addition, rise in the number of women in work places throughout Asia-Pacific is supporting the demand for skin care products, owing to increase in concerns about beauty and rise in consciousness in appearance in the work place. According to the data of the World Bank 2021, female labour force was recorded to be 37.9% in 2015, which reached to 38.6% in 2019. Thus, rise in demand for skin care products from working professionals is one of the key factors supporting the market growth. Thus, upsurge in working women population in several countries of the region leads to rise in purchase power, which contributes toward the market growth. Moreover, the demand for skincare products, which fight signs of fatigue, stress, and early ageing gradually increases among working women, thereby driving skin care products market growth.

Expansion of the retail industry, emergence of modern trades, rise in popularity of westernization culture in shopping, and steady increase in income level of the consumers in Asia-Pacific are some of the key factors that boost the FMCG market in Asia-Pacific. The market includes several product categories with a significant share garnered by skin care products. The expansion of the Asia-Pacific FMCG market supports the growth of skin care products with emergence of retail sectors, new stores, and modern trades in the region. These factors further help to increase the market penetration of skin care products. For instance, according to the report published by the India Brand Equity Foundation (IBEF), the FMCG market in India was valued at $ 49 billion in 2016, which has reached approximately $104 billion in 2020. Thus, other developing countries such as Philippines, Cambodia, and Indonesia are expanding their FMCG markets, which is expected to support the growth of overall Asia-Pacific skin care products market. 

Rise of women participation in the labour force in emerging markets drive the need for convenience. Eating alone at non-fixed mealtimes is becoming more common, due to changed eating habits, attitude toward cooking, and busy lifestyles. Thus, lack of time and change in family dynamics have led to higher consumption of frozen Generation X, as they require less preparation time compared to cooking meals at home. Moreover, sufficient availability of packaged ready-to-eat foods, bakery, and desserts in food service industry fuels the growth of the Asia-Pacific Skin Care market.  

However, the number of Islamic countries in Asia-Pacific represent a significant share if compared with overall countries in the region. These consumers inhibit the usage of products containing ingredients of animal origin. Recently, Malaysia implemented the Islamic Sharia law that prohibits the utilization of porcine and alcohol in cosmetics, which in Malaysia are governed by Halal Cosmetics Standard MS 2200: 2008. Halal cosmetics are not allowed to contain porcine animal by-products, and are alcohol-free. If other forms of animal by-products are used, they must be Shariah-compliant. Malaysia sees Halal cosmetics as a platform for alternative or parallel product development to meet the needs of ~60% Muslim majority country, thus adding a regulatory barrier, which negatively impact the market growth.

Segment Review

The Asia-Pacific skin care products market is segmented into product type, demographics, age group, and sales channel. Depending on product type, the market is categorized into face care, body care, lip care, eye care, and other products. By demographic, it is bifurcated into male and female. On the basis of age group, it is segregated into generation X, millennial, and generation Z. As per sales channel, it is fragmented into supermarket/hypermarket, specialty stores, department stores, beauty salons, and e-commerce. E-commerce is further divided into e-pharmacies and organized pharmacies.

By type, the Asia-Pacific skin care market is segregated into face care, body care, lip care, eye care, and other products. The skin care segment is currently holding a major skin care products market share in overall personal care market in the region, and is expected to grow with decent CAGR over the coming years.

Depending on age group, the Asia-Pacific skin care products market is segregated into generation X, millennial, and generation Z. The generation X segment is expected to garner the highest revenue in 2030, owing to higher purchasing power and increase in number of netizens coupled with rise in product promotion through digital & print media. Moreover, rise in penetration of internet and availability of detailed product information on the internet has created awareness about the product benefits that boost the product sales among millennial and generation Z.

By demographics, the Asia-Pacific skin care products market is bifurcated into male and female. The female segment is anticipated to account for the highest revenue in 2020, owing to higher working population and inclination toward self-hygiene. In addition, rise in awareness of natural skin care products among male is anticipated to boost the growth of the regional market.

An effective sales channel helps to enhance customer satisfaction. Thus, on the basis of sales channel, the Asia-Pacific skin care products market is fragmented into supermarket/hypermarket, specialty stores, department stores, beauty salons, pharma & drug stores, and online stores.

Key Benefits for Stakeholders

• The report includes an in-depth analysis of different segments and provides market estimations between 2020 and 2030.
• The Porter’s five forces model illustrates the potency of buyers & sellers, which assists the market players to adopt effective strategies.
• The report provides extensive qualitative insights on the potential & niche segments exhibiting favorable growth.
• This report provides a detailed analysis of the current trends and future estimations from 2021 to 2030, which helps identify the prevailing market opportunities.

 Asia-Pacific Skin Care Market Report Highlights