Asia Pacific Facial Care Market, By Product Type (Skin whitening/lightening and anti-ageing creams, Facial creams, Face wash, Cleansing wipes, Serums and Masks, and others), By Consumer Group (Male and Female), By Distribution Channel (Store-based retailing and Non-store based retailing), and By Country (China, Japan, India, Australia, South Korea, ASEAN, Rest of Asia Pacific) is estimated to be valued at US$ 52.0 Billion in 2023 and is expected to exhibit a CAGR of 7.2% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
The strategies by key market players like acquisitions is expected to drive the Asia Pacific facial care market growth over the forecast period. For instance, on April 5, 2023, L’Oréal Group, a France-based personal care company, announced purchase of Aesop, an Australia-based luxury brand from Natura & Co, a Brazil-based global personal care cosmetics group for an enterprise value of US$ 2.53 billion, growing its presence in high-end cosmetics with an eye to international expansion, including in China. The brand made its debut with two stores in China in 2022.
Asia Pacific Facial Care Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China), in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spread quickly, and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others faced problems regarding transportation of drugs from one place to another.
COVID-19 had negative impact on the Asia Pacific facial care market due to restriction such as nationwide lockdown. For instance, according to an article published by the Journal Fashion and Textiles, on January 5, 2022, interest in makeup products was shown to have a negative influencing relationship with masks. Obligation to wear a mask for an extended period is one of the major reason influencing the reduced interest of patients in makeup and skin care products. It was also concluded that anxiety regarding of severity of COVID-19 not only affects interest in skin conditions but also that consumers seek to maintain their social self-esteem by wearing makeup on the exposed areas of their face.
Asia Pacific Facial Care Market: Key Developments
Increasing launch of new range of products for skincare is expected to drive the market growth.
For instance, on June 9, 2023, Anherb Natural, an India-based natural skin care products company, announced the launch of its new product line in the cosmetic industry. The new products are carefully crafted to enhance and rejuvenate, reflecting the brand's unwavering commitment to providing exceptional skincare solutions. The newly launched product line includes skincare accessories, herbal sunscreen, shampoos, and a wide variety of vitamin C ranges, gel products series etc.
Browse 35 Market Data Tables and 26 Figures spread through 150 Pages and in-depth TOC on Asia Pacific Facial Care Market, By Product Type (Skin whitening/lightening and anti-ageing creams, Facial creams, Face wash, Cleansing wipes, Serums and Masks, Others), By Consumer Group (male and female), By Distribution Channel (Store-based retailing and Non-store based retailing), and By Country (China, Japan, India, Australia, South Korea, ASEAN, Rest of Asia Pacific)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/asia-pacific-facial-care-market-3911
Key Takeaways of the Asia Pacific Facial Care Market:
- Asia Pacific facial care market is expected to exhibit a CAGR of 7.2% during the forecast period. Funding raised by key market players is expected to accelerate its research and development activities. For instance, on April 11, 2023, RAS Luxury Oils, an India based farm-to-face skincare and personal, D2C hygiene startup raised US$ 1.5 million from Green Frontier Capital (GFC). In May 2022, it raised US$2 Mn from Sixth Sense Ventures. It aims to use the fresh funds to bring innovation in its product offerings and is planning expansion across the Indian market, intending to penetrate deeper into the Indian beauty and personal care industry, the startup is on a hiring spree.
- Among product type, skin whitening/lightening and anti-ageing creams segment is expected to dominate the Asia Pacific facial care market over the forecast period, owing to increasing launch of new products. For instance, on August 30, 2022, Nutriglow Cosmetics Pvt. Ltd., an India based home grown beauty brand launched anti-ageing skincare on Myntra. The products launched exclusively on Myntra are NutriGlow Advanced Organics, anti-pigmentation serum, anti-pigmentation night cream, and age repair tightening serum, age repair tightening day cream, vitamin-C skin lightening serum and vitamin-C skin lightening night cream.
- Among country, China is expected to be the dominant region in the Asia Pacific facial care market, owing to the increasing launches of newer skin care products in the region. For instance, on April 20, 2023, Nuxe, France based leading natural skincare brand announced to launch more products in China. Nuxe will also release its firming powdery cream Merveillance Lift in China. According to company, Nuxe will continue to develop the star product Huile Prodigieuse in the Chinese market, and at the same time bring more anti-aging products to China.
- Major players operating in the Asia Pacific facial care market include L’Oreal S.A, Procter and Gamble Company (P&G), Estee Lauder Companies Inc., The Unilever Plc, Shiseido Co. Ltd., Johnson and Johnson Limited, Kose Corporation, and Kao Corporation
