Facial Care Market To Expand with Significant CAGR During 2021-2031

Transparency Market Research delivers key insights on the Asia Pacific facial care market. In terms of revenue, the Asia Pacific facial care market is estimated to expand at a CAGR of 6.9% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in the market report.

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In this market report, TMR predicts that the growth of the facial care market is augmented by increased awareness about the products and the entry of new multinationals, which has made facial care products more easily visible and accessible to the consumers. The Asia Pacific facial care market is primarily driven by the growing popularity of multi-functional products, and widening horizon of distribution networks and channels. Additionally, growing demand for fairness products, increased focus on advertising, and consumer lifestyle changes, are expected to be some of the identifiable factors supporting the growth of the facial care market in the Asia Pacific region during the forecast period.

Facial care comprises almost 70% of skin care market revenue and is expected to grow exponentially in the upcoming years. This growth can be attributed to the introduction of diversified products such as anti-aging creams, BB creams, moisturizers, skin toners, cleansing wipes, masks & serums, etc.

Key manufacturers of facial care products continuously focus on investment in research & development to introduce innovative products. Prominent players in the facial care market are engaging with clients by offering them customized solutions. Key players promoting several innovative products having effective natural ingredients for different skin types as per gender, age, and usage is likely to drive the facial care market.

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Changing modern lifestyle and rising skin-related concerns are some of the primary factors boosting the demand for facial care products. Change in purchasing behavior of consumers and expansion of distribution channels & networks are expected to contribute significantly to the development of the facial care market in Asia Pacific. Furthermore, rising demand for fairness and anti-aging products and increasing adoption of e-commerce are projected to fuel the expansion of the market in Asia Pacific.

The rising popularity of multi-functional facial care products and rising demand for men's grooming products are some of the primary factors augmenting the growth of the facial care market in Asia Pacific. In addition, introduction of natural facial care products is estimated to accelerate the growth of the overall market in the next few years.

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Of the different product types, skin whitening and anti-aging constituted the largest segment in 2020. The fairness cream segment in Asia Pacific is experiencing strong demand due to enhanced awareness driven by larger penetration of media, and also due to rise in consumer disposable income. The fairness cream segment is poised for further growth aided by the increase in organized retailing and growing demand from the men's segment. The men's consumer group segment is expected to expand at the fastest growth rate from 2021 to 2031. The shift in trend can be attributed to reasons such as men becoming savvy consumers of skin care and seeking ways to look and feel better. Among retail distribution channels, non-store-based retailing segment is expected to expand at the fastest growth rate due to increasing Internet penetration and social networking sites where manufacturers place advertisements of their products.

Asia Pacific Facial Care Market: Prominent Countries

The Asia Pacific market for facial care has been categorized into India, Indonesia, Japan, Oceania (Australia and New Zealand), Thailand, South Korea, Malaysia, Hong Kong, and China. Among these countries, China leads the overall facial care market at present and expected to remain in the leading position during the forecast period. Driven by the impact of all the above-mentioned factors, the Asia Pacific facial care market is expected to record growth at a CAGR of 6.9% during the period 2021 to 2031.

The market is dominated by China, owing to the huge population size and economic prosperity of the nation, which directly affects consumption demand. Furthermore, after China, the market in India and Japan is estimated to witness significant growth, due to the growing disposable income of consumers and rising popularity of facial care products. Consumers in Asia Pacific are shifting toward Western luxury brands for enhanced results, which is likely to drive the overall market in the upcoming years. In addition, growing awareness among consumers regarding facial care and easy availability of products in developing nations of Asia Pacific are estimated to drive the demand for facial care products over the next few years.

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Asia Pacific Facial Care Market: Key Players

The competition landscape of the facial care market is highly fragmented with leading players accounting for majority of the revenue share. Key players operating in the global market include L'Oreal S.A, Unilever Ltd., Shiseido Co. Ltd., The Procter and Gamble Company, Estee Lauder Company Ltd., Johnson and Johnson Ltd., Kose Corporation, and Kao Corporation.

Asia Pacific Facial Care Market: Segmentation

Asia Pacific Facial Care Market, by Product

Skin Whitening/Lightening and Anti-aging Creams
Facial Creams
Face Wash
Cleansing Wipes
Serums and Masks
Others (Fade Creams, Pore Strips, and Toners)

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