Facial care products aim to brighten, hydrate and smooth facial skin. They include cleansers, toners, moisturizers, serums and masks. Facial care helps nourish the skin, rejuvenate skin cells, prevent acne, fine lines, wrinkles and aging signs.
The global 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 key trends:
Multi-functional skincare products are gaining popularity in the Asia Pacific region. Consumers are looking for solutions that serve multiple purposes such as moisturizing, brightening, anti-aging etc. in a single product. Features like antioxidant protection from pollution, SPF etc. further boost the sales. Leading brands are innovating and launching skin care ranges with multiple active ingredients targeting various skin concerns.
Market Overview:
The Global Asia Pacific Facial Care Market Size comprises of skin care products that aim to cleanse, moisturize and rejuvenate the facial skin. Facial care products including cleansers, toners, serums, moisturizers and face masks help in nourishing the skin, preventing acne, reducing fine lines and wrinkles. They also aid in repairing sun damage and signs of aging on the face.
Market key trends:
The rising pollution levels and long working hours have increased the awareness about skin damage and premature aging in the Asia Pacific region. Consequently, the demand for multi-functional skincare solutions formulated with antioxidants, hydrating agents and sun protection is growing steadily. Key players are focusing on developing advanced skincare ranges with active ingredients that address multiple concerns like anti-aging, brightening and moisturizing in a single product. This has further boosted the sales of multi-benefits facial care solutions in the Asia Pacific market over the forecast period.
SWOT Analysis
Strength: Asia Pacific region has a large consumer base due to its huge population. Growing awareness regarding personal care and hygiene is driving the growth of the facial care market in the region.
Weakness: Outbreak of COVID-19 pandemic has negatively impacted the sales of facial care products due to lockdowns and social distancing measures implemented. Economic slowdown in major countries also poses a challenge.
Opportunity: Rising spending power and growing middle class in countries like India, China, and Indonesia is resulting in higher demand for premium and organic facial care brands. Increasing preference for online shopping channels presents an opportunity for market expansion.
Threats: Stiff competition among existing players may lead to pricing wars. Unfavorable changes in trade policies can disrupt the supply chain.
Key Takeaways
The Asia Pacific facial care market size was valued at US$ 52 Bn in 2023 and is expected to witness high growth, exhibiting a CAGR of 7.2% over the forecast period due to increasing awareness about skincare regimes and benefits of facial care products.
Regional analysis
China dominates the Asia Pacific facial care market with over 30% market share in 2023 led by proliferation of domestic brands and attractive marketing strategies to target young consumers. India is projected to record fastest growth during the forecast period supported by growing interest of millennials in personal grooming and rising disposable income levels.
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. These players are focusing on new product development, celebrity endorsements, and expanding e-commerce channels to strengthen their foothold.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it