In the Asia-Pacific (APAC) region the skincare category is forecast to reach US$99,545.9 million by 2023, growing at a CAGR of 7% during 2018-2023.
Mohammed Masiuddin Shajie, Consumer Analyst at GlobalData, said in a statement, “With growing urbanization and increasing employment rate, consumers are getting busier and demanding time-saving and easy-to-use skincare products that serve multiple purposes. Particularly, on-the-go products in more convenient packaging formats such as pouches and resealable packs are gaining popularity in the APAC skincare market.”
Shajie concludes: “Evolving perception of male grooming will drive growth in skincare targeted at men, particularly in the urban locales. Urban men are now increasing their spending on skincare products, especially in the facial care category on the back of improving disposable incomes and growing image-consciousness.”
- The Asia-Pacific skincare sector accounted for 54.7% share of the global market and was valued at US$70,826.3 million in 2018.
- The “facial care” category led the APAC skincare market with 91.7% share of the total sales in 2018.
- The category is forecast to grow at a strong CAGR of 7.1%, which is marginally lower than the fastest-growing category, “hand care” (7.2%) during 2018-2023.
- China, accounting for a market value of US$35,513.7 million, is set to record the fastest CAGR of 8.3% in the Asia-Pacific region during 2018-2023.
- The APAC skincare sector is dominated by China, which accounted for a share of 50.1% in 2018, followed by Japan and South Korea with 24% and 10.8% share, respectively.
- India, with a forecast CAGR of 9.2%, will be a promising market for skincare products during 2018-2023 while China and Indonesia are expected to grow at healthy CAGRs of 8.3% and 8.1%, respectively.
- The Asia-Pacific skincare sector is competitive with the top five companies—L’Oréal, KOSE Corporation, Shiseido Company, Limited, Amorepacific Corporation, and Procter & Gamble – accounting for a combined 29.2% value share in 2018.
- Private-label skincare products accounted for 1.4% share of total value sales in the region’s skincare sector in 2018.
Read the full Opportunities in the Asia-Pacific Skincare Sector: Analysis of Opportunities Offered by High growth Economies report from Global Data.
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