Facial care market
in Asia-Pacific is the largest and fastest growing market under the Skin Care Market. Facial care comprises of almost 70% of the skin care market revenue and is expected to grow exponentially in the coming years. This growth can be attributed to introduction of diversified products such as anti-ageing creams, BB creams, moisturizers, skin toners, cleansing wipes, masks & serums, and others. This has given consumers wider discretions and thus helped increase the penetration level of personal and facial care products. The market growth is further augmented by increased awareness about the facial care products and the entry of new multinationals, which has made facial care products more easily visible and accessible for the consumer.
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The Asia-Pacific facial care market is primarily driven by the growing popularity of multi-functional products, and widening horizon of distribution network and channels. Additionally, growing demand for fairness products, increased focus on advertising, and consumer life style changes, are some of the identifiable factors supporting the growth of the facial care market in the Asia-Pacific region during the forecast period. The growing online retailing and the regular introduction of new product segments especially for men consumer group, are serving as new opportunities for the Asia-Pacific facial care market.
Driven by impact of all the above-mentioned factors, the Asia-Pacific facial care market is expected to record growth at a CAGR of 6.9% during the period 2013 to 2019. The market is dominated by China owing to the huge population size and economic prosperity of the nation which directly affects the consumption demand.
Of the different product types, skin whitening and anti-ageing constituted the largest segment in 2012. The fairness cream market in Asia-Pacific is experiencing strong demand due to enhanced awareness driven by larger penetration of media and also due to rise in consumer disposable income. The fairness cream market is poised for further growth aided by the increase in organized retailing and growing demand from the men’s segment. Men’s consumer group segment is expected to grow at the fastest growth rate from 2013 to 2019. The shift in trend can be attributed to reasons such as men becoming savvy consumers of skin care, and seeking ways to look and feel better. Among the retail distribution channels, non store-based retailing is expected to grow at the fastest growth rate due to the increasing internet penetration and the social networking sites where the manufacturers put their advertisements of their products.
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Out of the four major countries of Asia Pacific considered in the report, namely – China, Japan, India, Indonesia, Malaysia, Hong Kong, South Korea, Thailand and Oceania (New Zealand and Australia). China holds majority of the market share followed by Japan and India. Many Chinese consumers prefer Western Luxury brands, and a youthful beauty-driven consumer demographic is fuelling demand for skin care products.
Large multinational players dominate the Asia-Pacific facial care market. Dominant players are participating in mergers and acquisitions to maintain their position in the market. Key Asia-Pacific players active in the facial care market are L’Oreal S.A, Unilever Ltd., and Shiseido Co. Ltd., The Procter and Gamble Company, Estee Lauder Company Ltd., Johnson and Johnson Ltd., Kose Corporation, and Kao Corporation among others.