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Impact of COVID-19 Outbreak on Asia-Pacific Cosmetics Market Outlook Analysis by 2020
Asia-Pacific Cosmetics Market
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The growth in use of products, such as body moisturizing lotions, sun screen lotions & creams, facial wipes, face wash, hair styling gels, and make up products for men and women fuel the growth of the Asia-Pacific cosmetics market. The increase in consciousness regarding personal appearance among individuals and rising disposable incomes drive the industry growth. . In addition, demand for natural and organic cosmetic products supplement the market growth.
Products for skin and sun care category are widely used and generate largest revenue for the Asia-Pacific cosmetics market. China holds the largest market share in skin care and sun care category, followed by Japan. Retail and online are two primary modes of sale for cosmetics. Presently, customers prefer supermarkets, brand outlets, and other retail means to purchase cosmetic products and hence, the percentage share of retail sale is comparatively high. A trend of using online medium is expected to be on rise during the forecast period. Online mode of sale is expected to grow rapidly at a CAGR of 10.3% during the forecast period.
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The market is segmented based on category, mode of sale, gender, and country. The category segment comprises of skin & sun care products, hair care products, deodorants, makeup & color cosmetics, and fragrances. Skin & sun care, and hair care products are the most widely used products and hold a considerable percentage share in the cosmetic products category. The mode of sale segment comprises of retail and online sale. At present, along with women, men are also using cosmetics in their daily lives for grooming and enhancing their looks. Geographically, the Asia-Pacific cosmetics industry is segmented into Japan, China, India, South Korea, Singapore, Thailand, and Rest of Asia-Pacific.
Big players in the Asia-Pacific cosmetics market are launching new brands to expand their geographic reach. For instance, KOSE, a Tokyo-based company has launched a new skin care brand Spawake in India, in April 2015. Moreover, market players are also launching new products in order to meet the rising demand of natural and organic cosmetic products. For instance, Himalaya launched a new product in skin care category for men in India, in July 2014. The key players profiled in this report are L'Oréal Group, Avon Products Incorporation, Proctor & Gamble Corporation, Unilever, Oriflame Cosmetics, Revlon Incorporation, Kao Corporation, Estee Lauder Companies Incorporation, Biotique, and Shiseido Company, Limited.
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