Asia Pacific Facial Care Market to Reach US$39.7 bn by 2019 Driven by Surging Demand for Anti-aging Creams

2024-10-31 01:41:39 News & Society

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Transparency Market Research, in a report titled ?Facial Care Market - Asia-Pacific Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019,? states that the Asia Pacific facial care market is poised to expand at a 6.90% CAGR from 2013 to 2019, rising to a value of US$39.7 bn by the end of the forecast period.

The facial care market comprises cosmetic products used to retain youthful appearance, beauty, and health of the lips, skin, eyes, and other features of the face. The facial care market is a part of the skincare market and has been witnessing rapid growth in Asia Pacific thanks to the rising popularity of multifunctional products and the widening scope of distribution channels.

On the basis of product, the Asia Pacific facial care market is segmented into facial creams, cleansing wipes, skin lightening/whitening and anti-aging creams, face wash, masks and serums, and others such as toners, fade creams, and pore strips. In 2012, the skin whitening/lightening and anti-aging creams segment held the largest share of 35.70% in terms of revenue. The surging demand for anti-aging and skin whitening creams over the years, the greater penetration of the media and aggressive advertising, and the increase in disposable income have contributed towards the growth of this product segment. Organized retailing and the rising demand for men?s skincare products have also fueled the skin lightening/whitening and anti-aging creams segment.

By consumer group, the facial care market in Asia Pacific is divided into men and women. Even though the women?s segment dominates the overall market, the men?s segment is anticipated to gain rapid momentum by 2019 thanks to the rising trend of men becoming more conscious of their skin and overall looks.

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On the basis of retail distribution, the Asia Pacific facial care market is bifurcated into non-store-based sales and store-based sales. The non-store-based segment is projected to expand at the highest CAGR from 2013 to 2019 owing to the rising internet penetration around the world and the soaring popularity of social networking sites, where manufacturers can place their product advertisements.

The Asia Pacific facial care market comprises Japan, Indonesia, Hong Kong, Thailand, China, India, Malaysia, South Korea, and Oceania (Australia and New Zealand). Of these, China dominates the overall market, with Japan and India following suit. Consumers in these countries prefer Western luxury brands and the consumer base here is significantly driven by the need to look young and beautiful. These factors have greatly fueled the Asia Pacific facial care market.

The competitive landscape of the Asia Pacific facial care market is characterized by the presence of several large multinational companies. Players such as Estee Lauder Companies Inc., Johnson and Johnson Limited, Shiseido Co. Ltd., Kao Corporation, Procter and Gamble Company (P&G), Kose Corporation, L?Oreal S.A., and The Unilever Plc. have been participating in mergers and acquisitions so as to strengthen and maintain their position in the Asia Pacific facial care market.

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