Asia Pacific Facial Care Market: Overview
The rising popularity of multi-functional facial care products and the 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, the introduction of natural facial care products is estimated to accelerate the growth of the overall market in the next few years. According to the research study, the Asia Pacific market for facial care is expected to reach a value of US$39.7 bn by the end of 2019 and exhibit a healthy 6.90% CAGR between 2013 and 2019.
The research study has analyzed the global facial care market in detail and has highlighted the latest trends and growth prospects. The product segmentation and key geographical segments have also been discussed in the scope of the research study to provide a clear understanding of the market. Furthermore, a thorough vendor analysis has been included in the study, focusing on the key developments and SWOT analysis of the leading players in the market.
Asia Pacific Facial Care Market: Drivers and Restraints
The changing modern-day lifestyle and the rising skin-related concerns are some of the primary factors boosting the demand for facial care products in the forecast period. The changing purchasing behavior of consumers and the expansion of distribution channels and networks are expected to contribute significantly towards the development of the facial care market in Asia Pacific. Furthermore, the rising demand for fairness and anti-aging products and the increasing adoption of e-commerce is projected to fuel the growth of the market.
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On the flip side, the easy availability of counterfeit products and the harmful side-effects of several synthetic facial care products are projected to hamper the growth of the Asia Pacific facial care products in the coming years. Moreover, the increasing prices of raw materials are restricting the growth of the overall market. Nevertheless, the rising focus of companies on research and development activities in order to introduce innovative products and expand their product portfolio are expected to drive the market in the near future.
Asia Pacific Facial Care Market: Region-wise Outlook
From the geographical viewpoint, 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 is leading the overall facial care market at present and is expected to remain in the leading position throughout the forecast period. Furthermore, India and Japan are estimated to follow China and witness significant growth, thanks to the growing disposable income among consumers and rising popularity for facial care products.
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Consumers in Asia Pacific are shifting towards Western luxury brands for enhanced results, driving the overall market in the coming years. In addition, the growing awareness among consumers regarding facial care and the easy availability of products in developing nations of Asia Pacific are estimated to drive the demand for facial care products in the next few years.
Key Players Mentioned in the Research Report
The facial care market in Asia Pacific is highly competitive in nature and is characterized by the existence of a large number of multinational companies. Some of the leading players such as L’Oreal S.A., Estee Lauder Companies Inc., Shiseido Co. Ltd., Kao Corporation, Kose Corporation, Johnson and Johnson Limited, Procter and Gamble Company, and The Unilever Plc. are focusing on collaborations and mergers and acquisitions to strengthen their position in the facial care market in Asia Pacific.