Toners are used to remove excess traces of makeup or other residue from the skin and to restore skin to its natural pH balance. Face masks are used to hydrate, dry, or brighten the skin. These masks are available for all skin types.
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
Launch of new products is expected to propel growth of Asia Pacific facial care market over the forecast period. For instance, in May 2020, Amorepacic, a South Korea-based company, launched Sienu brand with the Time Brace line, a range of six anti-ageing skin care products.
Asia Pacific Facial Care Market: Opportunities
Increasing focus on aesthetic appeal among men in East Asia is expected to offer lucrative growth opportunities for players in Asia Pacific facial care market. This can be attributed to changing cultural attitude to male beauty and increasing disposable income. For instance, according the Statistics Korea, Government of Republic of Korea, the average monthly household income in South Korea amounted to US$ 3,900 in the fourth quarter of 2019, which rose by 3.6% from the fourth quarter of 2018.
Asia Pacific Facial Care Market: Restraints
Product recalls are expected to hinder growth of the market. For instance, in January 2020, Yes To Inc. issued a voluntary recall of its Grapefruit Vitamin C Glow-Boosting Unicorn Paper Mask in response to complaints of skin irritation and redness.
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. Increasing focus on aesthetic appeal among population in Asia Pacific is expected to propel the market during the forecast period.
Skin whitening/lightening and anti-ageing creams segment held dominant position in Asia Pacific facial care market in 2019, accounting for 39.9% share in terms of value. Increasing product launches during the forecast period is expected to drive the segment growth during the forecast period.
Major players in the market are focused on launching new products to expand their product portfolio. For instance, in September 2019, KOSÉ Corporation launched AQ MELIORITY, an aging car product from brand DECORTÉ in Japan, China, Hong Kong, Taiwan, South Korea, Singapore, Thailand, Malaysia, France, the U.K., Spain, Italy, the U.S., and Canada.
Major players in the market are also focused on expanding their geographical presence to enhance their market share. For instance, in March 2020, Shiseido Company, Ltd. started selling SHISEIDO brand products in the Democratic Socialist Republic of Sri Lanka via its distributor Luxasia Partners Pte. Ltd.
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