Published: Dec, 2018
The facial care market for Asia Pacific showcases a fragmented nature, thanks to the presence of several players operating worldwide, states a new market study by Transparency Market Research. The prominent players in the market are making ardent efforts for the development of new products, which is likely to support the growth of the market in the next few years. In addition to this, the players are focusing on enhancing their distribution network, which will cater to the rising demand for facial care products across Asia Pacific. Also, these players are likely to spend heavily on marketing and advertising activities, which is expected to ensure high growth in the coming few years. The prominent players engaged in the facial care market across Asia Pacific are Kao Corporation, Kose Corporation, The Procter and Gamble Company, Estee Lauder Company Ltd., Unilever Ltd., and Shiseido Co. Ltd., L’Oreal S.A, and Johnson and Johnson Ltd.
As per the research study by TMR, the Asia Pacific market for facial care is estimated to reach a value of US$39.7 bn by the end of 2019. The market is projected to register a healthy 6.90% CAGR between 2013 and 2019. The Asia Pacific market has been categorized into several different nations, among which, China is projected to hold a huge share of the market over the next few years. The rising demand for luxury facial care products is one of the key factors that is predicted to accelerate the development of the China market in the next few years. India and Japan are further estimated to witness high growth in the next few years.
Enhanced Distribution Network to Propel Facial Care Market
The Asia Pacific market is anticipated to register a substantial growth in the coming few years. The launch of new products and the wide range of products that are available for consumers are the key factors that are anticipated to encourage the growth of the facial care market across Asia Pacific in the next few years. In addition to this, the enhancement of the distribution channels is estimated to support the overall growth of the market in the coming few years. Also, the rise in the level of awareness among the consumers regarding personal care is predicted to ensure the development of the market in the coming years.
Furthermore, the prominent players in the market are emphasizing on research and development projects in order to launch new products and combinations. This is expected to attract a lot of new customers, thus enhancing the demand for facial care products across Asia Pacific in the next few years. Moreover, the changing lifestyle of consumers and the increasing disposable income of consumers are further anticipated to accelerate the growth of the facial care market in the next few years.
High Cost of Products to Hinder Market Growth in Near Future
The Asia Pacific market for facial care is estimated to face a few challenges that may restrict the growth of the market in the next few years. The high cost of facial care products is predicted to hamper the development of the market in the next few years. In addition, the rising preference of consumers for natural or home products is predicted to inhibit the development of the facial care market across Asia Pacific in the next few years. Nonetheless, the emergence of organic range of facial care products for women as well as men may support the growth in the coming years.
This information is based on the findings of a research report published by Transparency Market Research (TMR), titled “Facial Care Market (By Product Type - Skin Whitening/ Lightening and Anti-Ageing, Facial Creams, Face Wash, Cleansing Wipes, Serums and Masks and Others (fade creams, pore strips and toners)- Asia-Pacific Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019.”
- The wide range of products and the development of the distribution network are projected to ensure the growth of the market in the coming years.
- Rising disposable income of consumers and the willingness to spend on self-care to ensure market growth.
The Asia Pacific Facial Care Market has been segmented as below:
Asia Pacific Facial Care Market, by Product
- Skin whitening/ lightening and anti-aging creams
- Facial creams
- Face wash
- Cleansing wipes
- Serums and masks
- Others (fade creams, pore strips and toners)
Asia Pacific Facial Care Market, by Consumer Group
- By Retail Distribution
- Store based
- Non-store based
Asia Pacific Facial Care Market, by Countries
- Hong Kong
- South Korea
- Oceania (New Zealand and Australia)
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