Asia-Pacific Skin Care Market Size to Hit US$ 105.668 Billion by 2030, Driven by a CAGR 5.4% From 2021 to 2030

Skin Care Market in Asia-Pacific

Face care segment led the market in terms of share in 2020, however, the body care segment is expected to grow with a decent CAGR during the forecast period.

The generation Z segment is expected to have the highest CAGR growth during the forecast period.”

— Roshan Deshmukh

WILMINGTON, NEW CASTLE, DELAWARE 19801 USA, UNITED STATES, April 4, 2024 / — According to a new report published by Allied Market Research, titled, “Asia-Pacific Skin Care Market by Product, Age Group, Demographic, and Distribution Channel: Opportunity Analysis and Industry Forecast, 2021–2030,”. The report offers thorough analysis of prime investment opportunities, successful strategies, drivers, opportunities, market size estimations, competitive landscape, and evolving market trends. Asia-Pacific skin care products market was valued at $61,253.6 million in 2020, and is projected reach $105,668.2 million by 2030, registering a CAGR of 5.4% from 2021 to 2030.

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Skin care products are witnessing an increased adoption in recent years, owing to rise in young demography, incremental disposable income, and increase in consciousness of personal well-being and desire to develop & maintain strong identity and self-image. In addition, surge in awareness among Asian consumers regarding physical appearance and rise in demand for personalized products & services have boosted the growth of the Asia-Pacific skin care products market.

Moreover, various multinational brands such as L’oréal S.A. and Beiersdorf AG have entered into countries such as the Philippines, Indonesia, Malaysia, and India, and are focusing on increasing their customer base through their respective pricing strategies and by providing high-quality products to consumers. Upsurge in demand for herbal and natural skin care products is anticipated to boost the growth of the regional skin care products market in the upcoming years.

Moreover, support from government to cosmetic enterprises for local expansion is expected to boost the growth of the market during the forecast period. Furthermore, male skin care products are being increasingly adopted among urban men in the region, which, in turn, will lead to improved social and work life, thus driving the market growth.

In this segment, insights from top-level CXOs in the Asia-Pacific skin care products market are presented. According to their observations, natural and organic skin care products are demonstrating solid performance within this market. Consequently, a shift in consumer preferences creates opportunities for manufacturers to introduce herbal skin care products with competitive pricing and eco-friendly packaging. Additionally, CXOs note a growing trend among consumers to utilize various skin care products such as lip balm, lotion, cream, herbal items, and gel to enhance their appearance and maintain youthful, radiant skin. This trend serves as a significant driving factor for the skin care products market in the region. Moreover, the increasing presence of online platforms and the attractive discounts offered by these channels are contributing to market growth by appealing to a broader consumer base.

Expansion of the retail industry, emergence of modern trades, rise in popularity of westernization culture in shopping, and steady increase in income level of the consumers in Asia-Pacific are some of the key factors that boost the FMCG market in Asia-Pacific. Thus, other developing countries such as Philippines, Cambodia, and Indonesia are expanding their FMCG markets, which is expected to support the growth of overall Asia-Pacific skin care products market.

Despite an overall general slowdown predicted for skin care market’s value sales in 2020 in response to COVID-19 due to weaker demand for larger categories such as moisturizers and treatments, including mass anti-agers, a number of skin care products are set to experience marginally higher demand.

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Owing to the home seclusion and preventative health trends during the pandemic, consumers were spending on essential products on priority. due to the closure of beauty salons as non-essential businesses, encouraging consumers to turn to at-home beauty treatments instead, a trend which will positively impact the demand for skin care products.

The expansion of the Asia-Pacific FMCG market supports the growth of skin care products with emergence of retail sectors, new stores, and modern trades in the region. These factors further help to increase the market penetration of skin care products. For instance, according to the report published by the India Brand Equity Foundation (IBEF), the FMCG market in India was valued at $ 49 billion in 2016, which has reached approximately $104 billion in 2020. Thus, other developing countries such as Philippines, Cambodia, and Indonesia are expanding their FMCG markets, which is expected to support the growth of overall Asia-Pacific skin care products market.

𝐄𝐱𝐩𝐚𝐧𝐬𝐢𝐨𝐧 𝐚𝐧𝐝 𝐏𝐫𝐨𝐬𝐩𝐞𝐜𝐭𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐒𝐤𝐢𝐧 𝐂𝐚𝐫𝐞 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐢𝐧 𝐀𝐬𝐢𝐚-𝐏𝐚𝐜𝐢𝐟𝐢𝐜:

𝐆𝐫𝐨𝐰𝐢𝐧𝐠 𝐃𝐞𝐦𝐚𝐧𝐝: There is a growing demand for skincare products in the Asia-Pacific region, driven by a desire for healthy and youthful-looking skin among consumers. This demand is particularly high in countries like China, Japan, South Korea, and India.

𝐑𝐚𝐩𝐢𝐝 𝐔𝐫𝐛𝐚𝐧𝐢𝐳𝐚𝐭𝐢𝐨𝐧: Rapid urbanization in many Asia-Pacific countries has led to increased exposure to pollution and other environmental factors, which has fueled the demand for skincare products that offer protection and anti-pollution properties.

𝐈𝐧𝐟𝐥𝐮𝐞𝐧𝐜𝐞 𝐨𝐟 𝐊-𝐁𝐞𝐚𝐮𝐭𝐲: The influence of Korean beauty (K-beauty) products and skincare routines has been significant in the Asia-Pacific region and globally. South Korea is known for its innovative skincare formulations and advanced beauty technologies, which have gained popularity among consumers in the region.

𝐍𝐚𝐭𝐮𝐫𝐚𝐥 𝐚𝐧𝐝 𝐎𝐫𝐠𝐚𝐧𝐢𝐜 𝐓𝐫𝐞𝐧𝐝𝐬: There is a growing trend towards natural and organic skincare products in the Asia-Pacific region, with consumers becoming more conscious about the ingredients used in their skincare products and their potential impact on health and the environment.

𝐄-𝐂𝐨𝐦𝐦𝐞𝐫𝐜𝐞 𝐆𝐫𝐨𝐰𝐭𝐡: The rise of e-commerce platforms has made skincare products more accessible to consumers in the Asia-Pacific region, enabling them to purchase a wide range of products from both local and international brands.

𝐌𝐚𝐥𝐞 𝐆𝐫𝐨𝐨𝐦𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭: The male grooming market in Asia-Pacific is also witnessing growth, with an increasing number of men becoming interested in skincare and grooming products to maintain their appearance and address specific skincare concerns.

𝐈𝐧𝐧𝐨𝐯𝐚𝐭𝐢𝐨𝐧 𝐚𝐧𝐝 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐲: Skincare companies in the Asia-Pacific region are investing in research and development to create innovative products that cater to the evolving needs and preferences of consumers. This includes the use of advanced technologies such as artificial intelligence, nanotechnology, and biotechnology in skincare formulations.

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𝐊𝐞𝐲 𝐟𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐬𝐭𝐮𝐝𝐲:

○ By product type, the face care segment led the market in terms of share in 2020, however, the body care segment is expected to grow with a decent CAGR during the forecast period.
○ On the basis of age group, the generation X segmented dominated the market in Asia-Pacific, however, the generation Z segment is expected to have the highest CAGR growth during the forecast period.
○ Depending on demographic, the female segment recorded the highest growth in Asia-Pacific in 2020.
○ As per distribution channel, the supermarkets/hypermarkets were the major revenue generator in 2020.

𝐑𝐞𝐚𝐬𝐨𝐧𝐬 𝐭𝐨 𝐛𝐮𝐲 𝐀𝐬𝐢𝐚-𝐏𝐚𝐜𝐢𝐟𝐢𝐜 𝐒𝐤𝐢𝐧 𝐂𝐚𝐫𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐩𝐨𝐫𝐭:

• Procure strategically important competitor information, analysis, and insights to formulate effective R&D strategies.
• Recognize emerging players with potentially strong product portfolio and create effective counter-strategies to gain competitive advantage.
• Classify potential new clients or partners in the target demographic.
• Develop tactical initiatives by understanding the focus areas of leading companies.
• Plan mergers and acquisitions meritoriously by identifying Top Manufacturer.
• Develop and design in-licensing and out-licensing strategies by identifying prospective partners with the most attractive projects to enhance and expand business potential and Scope.
• Report will be updated with the latest data and delivered to you within 2-4 working days of order.
• Suitable for supporting your internal and external presentations with reliable high-quality data and analysis.
• Create regional and country strategies on the basis of local data and analysis.

𝐄𝐱𝐩𝐥𝐨𝐫𝐞 𝐀𝐌𝐑’𝐬 𝐄𝐱𝐭𝐞𝐧𝐬𝐢𝐯𝐞 𝐨𝐧𝐠𝐨𝐢𝐧𝐠 𝐂𝐨𝐯𝐞𝐫𝐚𝐠𝐞 𝐨𝐧 𝐂𝐨𝐧𝐬𝐮𝐦𝐞𝐫 𝐚𝐧𝐝 𝐆𝐨𝐨𝐝𝐬 𝐃𝐨𝐦𝐚𝐢𝐧::

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○ Massage Oil Market is projected to reach $8.1 billion by 2031

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Allied Market Research
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