by The Asia Pacific facial care market comprises products that are used for skin cleansing, moisturizing, revitalizing and other skin care solutions. Facial care products include facial cleansers, toners, creams, oils, exfoliators, serums, masks and sun protection. These products contain ingredients that hydrate, rejuvenate and protect the skin from environmental damage. Facial care has become an important part of everyday skin care regimen owing to rise in pollution levels, changing lifestyles and increase in disposable income in the region.
The global Asia Pacific Facial Care Market is estimated to be valued at US$ 52 Bn or 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:
The Asia Pacific facial care market is witnessing rising demand for natural and organic products. Growing consumer awareness about harsh chemicals in conventional products is driving the demand for natural formulations that contain ingredients such as plant extracts, essential oils, vitamins and antioxidants. Products with natural moisturizers such as aloe vera, coconut oil and shea butter are gaining popularity. Also, multi-tasking and added skin benefits products that cleanse, treat and moisturize skin in one step are witnessing increased sales. Introduction of advanced formulations, portable packaging and affordability are some other trends being observed in the market.
Porter’s Analysis
Threat of new entrants: The APAC facial care market has moderate threat of new entrants as it requires substantial R&D investments and brand building. Developing new products and maintaining quality also require large capital investments for new entrants.
Bargaining power of buyers: The bargaining power of buyers is moderate as facial care products are necessity for personal hygiene and buyers have many options from established brands. However, switching costs are low for buyers.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are many raw material suppliers for natural and chemical ingredients required in facial care products. Suppliers cannot influence prices significantly.
Threat of new substitutes: The threat of substitutes is low as there are limited product substitutes that can provide similar benefits as facial care creams, gels, cleansers, scrubs and masks. Products from other categories cannot entirely replace facial care products.
Competitive rivalry: High due to presence of global brands and local players competing intensely on basis of product differentiation, quality, brand & marketing.
Key Takeaways
The Global Asia Pacific Facial Care Market Size is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, due to increasing awareness about facial skin care and growing premiumization in cosmetic products. The market size for 2023 is US$ 52 Bn.
Regional analysis
China is expected to dominate the APAC facial care market, owing to rising disposable incomes, growing middle class population and increasing awareness about natural and organic personal care products. India and Japan are also lucrative markets exhibiting high growth rates during the forecast period due to surging millennial population and significant increase in spending on premium cosmetic brands.
Key players
Key players operating in the Asia Pacific facial care market are LOreal 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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
