by The Asia Pacific facial care market includes a wide range of facial care products such as moisturizers, cleansers, toners, serums and face masks that are used for nourishing, protecting and improving the appearance of the skin on the face. Facial care products hydrate the skin, reduce signs of aging, prevent acne, lighten dark spots and even skin tone. They deliver essential nutrients and keep the skin soft, supple and healthy. Attractive product packaging, easy application and skin friendly formulation has made facial care a daily essential for both men and women.
The global Asia Pacific Facial Care Market is estimated to be valued at US$ 52 Bn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The Global Facial Care Market Size in Asia Pacific is driven by the rising disposable incomes, growing beauty consciousness and expenditure on personal care among the middle class population. Product innovations catering to specific skin concerns and incorporating natural and organic ingredients is a major trend. Companies are developing anti-pollution, anti-blue light and moisturizing products to address the side effects of increasing digitalization. Customized products based on individual skin concerns and lifestyle is gaining popularity. Online sales of facial care products have boosted significantly during the pandemic and e-retail platforms offer a wide variety of brands. Influencers promoting DIY facial kits and masks on social media has also increased the popularity of facial care routines especially among young millennials and Gen Z.
Porter’s Analysis
Threat of new entrants: The facial care market in Asia Pacific faces moderate threat from new entrants due to high capital requirements and established brand presence of existing players.
Bargaining power of buyers: The bargaining power of buyers is moderate due to availability of substitutes and standardized nature of products.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to presence of multiple suppliers.
Threat of new substitutes: Threat of new substitutes is moderate due to product differentiation among brands based on ingredients and therapeutic benefit.
Competitive rivalry: The competitive rivalry in the market is high due to presence of major players and different product offerings.
Key Takeaways
The Asia Pacific facial care market is expected to witness high growth over the forecast period supported by rising product adoption in youth and aging population. China holds the largest market share due to increasing demand for anti-aging products from consumers. Key players operating in the Asia Pacific facial care market are Sanofi, Merck & Co., Inc, Pfizer Inc., Koninklijke Philips N.V., GSK plc, Sommetrics, Inc., ResMed, Cadwell Industries, Inc., SleepMed, Inc., Sci Sparc, Natus Medical Incorporated, Therapix Biosciences Ltd, Compumedics Limited, AstraZeneca, Eisai Co., Ltd., Tris Pharma, Inc., Novartis AG, Fisher & Paykel Healthcare Limited, Rotech Healthcare Inc., Idorsia Pharmaceuticals Ltd., StimScience among others. Companies are investing in product innovation and targeting millennials through brand endorsement and social media marketing.
Regional analysis:
Within Asia Pacific, North East Asia led by China and Japan is expected to witness highest growth supported by growing aging population and skincare concerns. South East Asian countries including India, Indonesia are projected to register fastest growth supported by changing lifestyles and rising purchasing power.
Key players operating in the Asia Pacific facial care market are Sanofi, Merck & Co., Inc, Pfizer Inc., Koninklijke Philips N.V., GSK plc, Sommetrics, Inc., ResMed, Cadwell Industries, Inc., SleepMed, Inc., Sci Sparc, Natus Medical Incorporated, Therapix Biosciences Ltd, Compumedics Limited, AstraZeneca, Eisai Co., Ltd., Tris Pharma, Inc., Novartis AG, Fisher & Paykel Healthcare Limited, Rotech Healthcare Inc., Idorsia Pharmaceuticals Ltd., StimScience among others. Companies are focusing on developing anti-aging, soothing and brightening products with natural ingredients to target wider consumers.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
