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 an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape.
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.
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.
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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.
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.