by The 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:
Facial care products are used to cleanse, treat and moisturize the skin on the face. Facial care products help in maintaining the softness and glow of the skin. They contain ingredients like vitamins, antioxidants, minerals and other anti-aging properties which help in hydrating the skin and protect it from environmental damages. The facial care market in Asia Pacific region is gaining significant growth owing to increasing awareness about personal grooming and rising disposable income in developing countries.
Market key trends:
There is a rising demand for natural and organic facial care products in the Asia Pacific region. Consumers are increasingly opting for products which contains natural ingredients rather than chemicals. This is because products containing natural ingredients like plant extracts, oils are considered to have fewer side effects. Moreover, products containing natural ingredients also appeal to the health-conscious consumers. To cater to this demand, key players are focusing on launching natural and organic facial care product ranges. For instance, Lâ€TMOreal recently launched its Garnier Organic facial care range containing ingredients from organic sources. This is anticipated to drive the growth of the Asia Pacific facial care market over the forecast period.
Porter’s Analysis
Threat of new entrants: New entrants face high capital requirements for R&D, marketing and branding which act as a deterrent. Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and brands. Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of alternatives. Threat of new substitutes: Threat is moderate due to availability of well established brands. Competitive rivalry: Intense competition exists among existing players.
SWOT Analysis
Strength: Wide product portfolio and strong brand image. Strong distribution network across Asia Pacific region. Weakness: High marketing and branding costs. Vulnerable to regional socio-economic and environmental factors. Opportunity: Growing middle class population and changing consumer lifestyle patterns. Increasing awareness about skin care products. Threats: Stringent regulations. Macroeconomic factors such as currency fluctuations.
Key Takeaways
The Asia Pacific Facial Care Market Size is expected to reach US$ 92 Bn by 2030, expanding at a CAGR of 7.2% during the forecast period. The growth is attributed to increasing spending on personal care products owing to rising disposable income and changing consumer preferences towards natural and organic products.
Regionally, South Asia is anticipated to witness highest growth rate over the next few years led by booming economies such as India and Indonesia. Growing urban population, shifting consumer demand patterns are expected to drive sales of facial care products in the region.
Key players operating in the Asia Pacific facial care market are Lâ€TMOreal S.A, Procter and Gamble Company (P&G), Estee Lauder Companies Inc., The Unilever Plc, Shiseido Co. Ltd., Johnson and Johnson Limited, Kose Corporation, and Kao Corporation. Major players are focusing on introducing new products, expanding distribution channels as well as engaging in strategic partnerships to strengthen their footprint in the high potential Asian market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
