Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Facial care products such as cleansers are used to get rid of bacteria, dirt and pollutants from the skin. Serums contain antioxidants and anti-aging ingredients such as retinols and peptides, which stimulate collagen production.
Asia Pacific facial care market is estimated to account for US$ 69.2 Bn in terms of value by the end of 2027.
Asia Pacific Facial Care Market: Drivers
Increasing focus on aesthetic appeal is expected to propel growth of Asia Pacific facial care market over the forecast period. For instance, according to a 2018 survey by GlobalData, around three quarters of South Korean men undertake a beauty or grooming treatment at least once a week.
Moreover, increasing aging population is also expected to aid in growth of the market. For instance, according to United Nations Population Fund, geriatric population in Asia Pacific is expected to triple between 2010 and 2050 to reach 1.3 billion people by 2050.
China held dominant position in Asia Pacific facial care market in 2019, accounting for 31.0% share in terms of value, followed by Japan and Australia, respectively
Figure 1: Asia Pacific Facial Care Market Share (%) Value, By Region, 2019
Asia Pacific Facial Care Market: Restraints
High cost of raw materials is expected to hinder growth of the market. The raw materials used in manufacturing facial care products mainly include castor oil, propylene glycol, salicylic acid, cerebroside, and emollients. High price of these raw products leads to higher cost of final product, limiting product demand.
Moreover, use of skin creams may lead to side effects, which may also limit market growth. These side effects include, skin redness/burning/itching/peeling, thinning of skin, blistering skin, and stretch marks.
Asia Pacific Facial Care Market Report Coverage
||Market Size in 2019:
||US$ 39.7 Bn
|Historical Data for:
||2016 to 2019
||2020 to 2027
|Forecast Period 2020 to 2027 CAGR:
||2027 Value Projection:
||US$ 69.2 Bn
|Geographies covered (27):
- Asia Pacific: China, Japan, India, Australia, South Korea, ASEAN, Rest of Asia Pacific
- Product Type: Skin whitening/lightening and anti-ageing creams, Facial creams, Face wash, Cleansing wipes, Serums and masks, Others.
- Consumer Group: Men, Women
- Distribution Channel: Store-based retailing, Non-store based retailing
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
- Increasing product launches
|Restraints & Challenges:
- High cost of manufacturing
Asia Pacific Facial Care Market: Opportunities
Increasing penetration of Internet is expected to offer lucrative growth opportunities for players in Asia Pacific facial care market. For instance, according to China government-backed Market Intelligence & Consulting Institute and reported by China Internet Watch, internet penetration in China reached 61.2 percent in the first half of 2019, with 854 million internet users at the end of June 2019.
Moreover, entry of new companies in the market is also expected to aid in growth of the market. For instance, in May 2020, Ro, a direct-to-consumer virtual health startup, announced to roll out a “nightly defense skincare” that is a custom prescription skincare product based on lifestyle factors, skincare goals and age.
Asia Pacific facial care market was valued at US$ 39.7 Bn in 2019 and is forecast to reach a value of US$ 69.2 Bn by 2027 at a CAGR of 7.2% between 2020 and 2027.
Figure 2: Asia Pacific Facial Care Market Value (US$ Bn), 2016 – 2027
Market Trends/Key Takeaways
Major players in the market are focused on promoting Zero Waste. For instance, in March 2020, Kao Corporation launched an initiative to phase out the use of eye-catching plastic stickers on its product packaging to contribute towards realizing Zero Waste.
Major players in the market are focused on funding environmental conservation activities. For instance, in March 2019, KOSÉ Corporation announced continuation of its ‘SAVE the BLUE’ project in Japan, China, Taiwan, Hong Kong, South Korea, Thailand, Singapore, Malaysia, Indonesia and U.S. In Japan, the company announced to make a donation to fund environmental conservation activities for areas equivalent to the total surface area of the bottom of the containers of all eligible SEKKISEI products purchased by customers during its campaign periods.
Asia Pacific Facial Care Market: Competitive Landscape
Major players operating in 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.
Asia Pacific Facial Care Market: Key Developments
Major players in the market are focused on launching new products to expand their product portfolio. For instance, in April 2020, Kao Corporation launched Curél Deep Moisture Spray, a new face and body moisturizing spray for dry and sensitive skin.
Similarly, in September 2018, Shiseido Company, Ltd. launched a new makeup collection worldwide under the Brand SHISEIDO, in 88 countries and regions across the world.