Asia-Pacific Skin Care Market Forecast: $105.67 Billion by 2030, with 5.4% CAGR Growth

According to a new report published by Allied Market Research, titled, "Asia-Pacific Skin Care Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type, Age Group, Demographic and Distribution Channel : Global Opportunity Analysis and Industry Forecast, 2021-2030,". The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the 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.

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Skin care products are witnessing an increased adoption in recent years, owing to rise in young demography, incremental disposable income, and increase in consciousness of personal well-being and desire to develop & maintain strong identity and self-image. In addition, surge in awareness among Asian consumers regarding physical appearance and rise in demand for personalized products & services have boosted the growth of the Asia-Pacific skin care products market.

Moreover, various multinational brands such as L'oréal S.A. and Beiersdorf AG have entered into countries such as the Philippines, Indonesia, Malaysia, and India, and are focusing on increasing their customer base through their respective pricing strategies and by providing high-quality products to consumers. Upsurge in demand for herbal and natural skin care products is anticipated to boost the growth of the regional skin care products market in the upcoming years.

Moreover, support from government to cosmetic enterprises for local expansion is expected to boost the growth of the market during the forecast period. Furthermore, male skin care products are being increasingly adopted among urban men in the region, which, in turn, will lead to improved social and work life, thus driving the market growth.

In this segment, insights from top-level CXOs in the Asia-Pacific skin care products market are presented. According to their observations, natural and organic skin care products are demonstrating solid performance within this market. Consequently, a shift in consumer preferences creates opportunities for manufacturers to introduce herbal skin care products with competitive pricing and eco-friendly packaging. Additionally, CXOs note a growing trend among consumers to utilize various skin care products such as lip balm, lotion, cream, herbal items, and gel to enhance their appearance and maintain youthful, radiant skin. This trend serves as a significant driving factor for the skin care products market in the region. Moreover, the increasing presence of online platforms and the attractive discounts offered by these channels are contributing to market growth by appealing to a broader consumer base.

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. 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.

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.

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Owing to the home seclusion and preventative health trends during the pandemic, consumers were spending on essential products on priority. 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 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.

This section provides the opinion of the top-level CXOs in the Asia-Pacific skin care products market. According to the insights of CXOs, natural and organic skin care products are performing decently in AsiaPacific skin care products market. Thus, shift in the consumer purchasing behavior makes way for manufacturers to introduce herbal skin care products along with affordable prices and eco-friendly packaging. The CXOs further added that rise in trend has been witnessed among consumers of using skin care products such as lip balm, lotion, cream, herbal products, and gel to enhance their physical appearance and keep skin younger and radiant. This factor acts a key driving force of the skin care products market in the region. Furthermore, increase in penetration of various online portals and huge discounts offered by online channels to attract a large consumer base contribute toward the growth of the market.

Expansion and Prospects in the Skin Care Industry in Asia-Pacific:

Growing Demand: There is a growing demand for skincare products in the Asia-Pacific region, driven by a desire for healthy and youthful-looking skin among consumers. This demand is particularly high in countries like China, Japan, South Korea, and India.

Rapid Urbanization: Rapid urbanization in many Asia-Pacific countries has led to increased exposure to pollution and other environmental factors, which has fueled the demand for skincare products that offer protection and anti-pollution properties.

Influence of K-Beauty: The influence of Korean beauty (K-beauty) products and skincare routines has been significant in the Asia-Pacific region and globally. South Korea is known for its innovative skincare formulations and advanced beauty technologies, which have gained popularity among consumers in the region.

Natural and Organic Trends: There is a growing trend towards natural and organic skincare products in the Asia-Pacific region, with consumers becoming more conscious about the ingredients used in their skincare products and their potential impact on health and the environment.

E-Commerce Growth: The rise of e-commerce platforms has made skincare products more accessible to consumers in the Asia-Pacific region, enabling them to purchase a wide range of products from both local and international brands.

Male Grooming Market: The male grooming market in Asia-Pacific is also witnessing growth, with an increasing number of men becoming interested in skincare and grooming products to maintain their appearance and address specific skincare concerns.

Innovation and Technology: Skincare companies in the Asia-Pacific region are investing in research and development to create innovative products that cater to the evolving needs and preferences of consumers. This includes the use of advanced technologies such as artificial intelligence, nanotechnology, and biotechnology in skincare formulations.

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Key findings of the study:

• By product type, the face care segment led the market in terms of share in 2020, however, the body care segment is expected to grow with a decent CAGR during the forecast period.
• On the basis of age group, the generation X segmented dominated the market in Asia-Pacific, however, the generation Z segment is expected to have the highest CAGR growth during the forecast period.
• Depending on demographic, the female segment recorded the highest growth in Asia-Pacific in 2020.
• As per distribution channel, the supermarkets/hypermarkets were the major revenue generator in 2020.

Reasons to buy Asia-Pacific Skin Care Market Report:

• Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the global Asia-Pacific Skin Care Market.
• Highlights key business priorities in order to guide the companies to reform their business strategies and establish themselves in the wide geography.
• The key findings and recommendations highlight crucial progressive industry trends in the Asia-Pacific Skin Care Market, thereby allowing players to develop effective long-term strategies in order to garner their market revenue.
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
• Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those restraining the growth to a certain extent.
• Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.

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