The competitive landscape of the Asia Pacific makeup market is dominated by L’Oreal, Proctor & Gamble Company, and Unilever plc, according to Transparency Market Research. Product innovation remains a crucial tactic for industry players to be able to dominate the Asia Pacific makeup market and is likely to be a determining factor in the market’s growth in the coming years. Other major players in the Asia Pacific makeup market include Coty Inc., Revlon, Inc., and Estee Lauder Companies Inc.
Increasing Ease of Purchasing Makeup Products Drives APAC Makeup Market
The market for all types of cosmetic products has flourished in Asia Pacific in recent years due to the proliferation of Western shopping channels such as supermarkets and hypermarkets. The steady urbanization in dynamic economies such as India, China, Thailand, Indonesia, Japan, and South Korea has been massively helpful for the Asia Pacific makeup market, since it has enabled rapid growth of super/hypermarkets in the region.
The increase in the purchasing power of consumers brought about by the consistent economic development in the aforementioned countries has also helped the global makeup product manufacturers establish a firm foothold in the region. While traditional makeup formulations are still popular in rural areas of Southeast Asian countries, modern products are catching up rapidly and have made good use of the opportunities on offer in urban areas.
The rising number of male customers is also beneficial for the Asia Pacific makeup market. Makeup has traditionally been considered women’s domain, but the urban youth is becoming increasingly interested in personal grooming regardless of gender. While male consumers are still a very much nascent segment of the APAC makeup market, it has immense potential in the coming years, particularly if vendors succeed in advertising makeup products so as to not offend the culturally acceptable gender roles in Southeast Asian countries.
China to Remain Largest Regional Segment, Face Makeup Dominates Market by Product Type
The Asia Pacific market for makeup products is segmented by product type into face makeup, lip makeup, nail makeup, and eye makeup. Of these, the face makeup products segment held the largest share in the market in 2012 and is expected to retain its dominance through the forecast period. The increasing demand for makeup products that also protect the user’s face from pollutants is a major driver for the market segment.
Geographically, China is expected to emerge as the largest market for makeup products in Asia Pacific by the end of the decade. China’s increasing middle-class population, which is a key target consumer demographic for global makeup product brands, is a major reason for the steady rise in the demand for makeup products in China. At present, Japan remains the dominant regional market for makeup products due to its developed economy and the increasing disposable income of consumers.
Asia Pacific Makeup Market to Exhibit 7.10% CAGR from 2013 to 2019
The Asia Pacific market for makeup products was valued at more than US$14.7 bn in 2013. Exhibiting a robust 7.10% CAGR in the 2013-2019 forecast period, the market’s valuation is expected to rise to $22.3 bn.
The information presented in this review is based on a Transparency Market Research report, titled, ‘Makeup Market - Asia Pacific Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018.’
The Asia Pacific makeup market is segmented as follows:
Asia Pacific Makeup Market, by Type
- Eye Makeup
- Face Makeup
- Lip Makeup
- Nail Makeup
Asia Pacific Makeup Market, by Geography
- New Zealand
- South Korea