FACIAL SKINCARE AND MAKEUP MARKET ANALYSIS

Market Challenges And Opportunities

Drivers

Increase in Disposable income of individuals

A substantial percentage of the population is millennials and older. Further, disposable income among the population has witnessed a substantial rise in recent years due to growth in the industrial and tourism sector. This factor has led to a growth in the demand for skincare and makeup products in the region. About 70% of the Chinese population is above the age of 25, and approximately 50% of the people in this age group are females, amounting to about 493 Million individuals. Increasing information among users about skincare is the primary driver for the demand for anti-aging skin products.

Increasing demand For Anti-aging and Anti-pollution products

The aging population is the primary factor responsible for the growth in demand for products such as anti-aging creams, facial liquid serums, face oil, and night cream. Further, the majority of the countries in the Asia Pacific are tropical in climate receiving extensive sunlight throughout the year. This is a major factor driving the demand for sunscreen products in the region.

Market Restraints

Stringent government regulations on the use of certain chemicals in skincare & makeup products

Lagging awareness regarding skincare products in the target population may restrict the growth of the skincare and makeup market substantially. For facial skincare and makeup products, there is a requirement for significant market presence and promotional activities, with an emphasis on educating the target demographic about the products. Another restraint is the government's strict regulations. Despite the fact that the facial skincare and makeup market is growing at a rapid pace, numerous regulations still prohibit the use of certain chemicals as ingredients in skincare and makeup products.