According to a recent market research report published by Transparency Market Research, the Asia Pacific makeup market is estimated to expand at a CAGR of 7.1% during the period between 2013 and 2019. The report, titled “Asia Pacific Makeup Market – Industry Analysis, Size, Share, Growth, Trends, and Forecast 2013 – 2019,” projects the makeup market in Asia Pacific to be worth US$22.31 bn by 2019. The overall market stood at a valuation of US$14.76 bn in 2013.
Rise in number of working women and changing patterns in men’s grooming has propelled the growth of the Asia Pacific makeup market. Makeup has become an integral part of personal care. Improved standard of living and rise in disposable income has further boosted the growth of the regional market.
Rapid expansion of the fashion and film industries in Asia Pacific has also contributed towards the market’s growth. During the forecast horizon, the demand for organic or herbal makeup products is anticipated to increase owing to concerns over the adverse side effects of harmful chemicals used in the synthetic makeup products.
On the basis of product type, the Asia Pacific makeup market has been segmented into face makeup, eye makeup, nail makeup, and lip makeup. In 2013, the face makeup segment accounted for the largest share in the market, closely followed by the lip makeup segment.
The report studies the Asia Pacific makeup market across eight countries: New Zealand, Australia, China, Japan, Malaysia, India, South Korea, and Singapore. The report anticipates China to emerge as the largest market for makeup products in Asia Pacific by 2019. The rapid growth of the Chinese makeup market can be attributed to the increasing pool of middle-class citizens with disposable income. Japan is expected to closely follow China in terms of consumption of makeup products.
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During the forecast horizon, South Korea and Malaysia are expected to register significant demand for makeup products owing to the changing consumer preference for international brands. In New Zealand and Australia, the makeup market is estimated to expand at a CAGR of less than 4.50% during the forecast period. In India, the market is expected to grow robustly at a CAGR of 15.2% during the period from 2013 to 2019.
Describing the competitive landscape, the report profiles some of the key players in the Asia Pacific makeup market such as L’Oréal S.A, Proctor & Gamble Company, Revlon Inc., Unilever Plc., Coty Inc., and Estee Lauder Inc. The market is highly fragmented due to the presence of a large number of companies operating in the region.
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