Market Research Report
Asia-Pacific Cosmeceutical Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
|Asia-Pacific Cosmeceutical Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)|
Published: January 17, 2022
Mordor Intelligence Pvt Ltd
Content info: 100 Pages
Delivery time: 2-3 business days
Asia-Pacific Cosmeceutical products Market is forecasted to reach USD 27 billion by 2025 growing at a CAGR of 7.34% during the forecast period (2020 - 2025).
Skincare is expected to be the dominating segment, followed by hair care in the forecasted period. Among skin care, anti-aging sub-segment is expected to contribute maximum revenue over the forecasted period. Anti-aging cosmeceuticals are formulated to counter the effect of aging among users, and to slow down the aging process, and to cover the damages from climatic conditions (sun, cold, and wind), smoking, stress, and environmental irritants, etc. Increase in problems like wrinkles, fine lines, sagging, pores and dryness, etc., is making people spend more on these products. Quickly aging Asia's population has made aging one of the primary beauty concerns faced by the people, resulting in an increase in usage of products with anti-aging properties. Sun protection is becoming one of the important aspects of beauty in the Asia-pacific region, due to its beauty conscious population.
The Chinese cosmeceuticals market is projected to register an estimated CAGR of 6.9%, over the forecast period. Though the term 'cosmeceuticals' started gaining momentum in China recently, it has now become one of the most preferred product categories in the country. Busier and stressful lifestyles of consumers in the country, as well as worsening environmental conditions, created more concern around skin conditions, amid consumers who seek products for skin rejuvenation. This has led to an increase in sales of cosmeceuticals. Consumption of cosmeceutical products in China is most prevalent in tier 1 megacities of the country, with increasing penetration in tier 2 and tier 3 cities, which are experiencing an increase in China's growing middle class and the consumption of cosmeceuticals in the country. Although a portion of consumers in China are willing to pay for branded or premium products, consumers tend to be less loyal to brands and more price-sensitive, when compared to the consumers in the United States or European counterparts.
The Asia - Pacific cosmeceutical products market enjoys the presence of various global and regional players, including private labels. The market studied was led by L'Oreal SA, followed by Procter & Gamble Co, Estee Lauder, Shiseido Group, Unilever PLC, Avon Products Inc., and Johnson & Johnson. The other prominent players in the market include Beiersdorf AG, Clarins Group, Royal DSM, Croda International PLC, and Revlon Inc. among others. The prominent players have been observed to incorporate a few major strategies to target the consumers in the region, such as branding of the internet through strong digital marketing operations, social media campaigns to gain consumer's attention, and the establishment of regional hubs in the most developed economies of the region, such as Southeast Asian countries, like Singapore.