by Facial care products contain elements that nourish, moisturize and protect the skin from environmental damage. The regional market has witnessed increased demand for anti-aging, anti-acne and skin-whitening facial care products owing to rising awareness about aging symptoms prevention and personal care. The growing working population and increasing disposable income have boosted the consumption of premium facial care brands.
The global Asia Pacific Facial Care Market is estimated to be valued at US$ 59.91 Mn in 2024 and is expected to exhibit a CAGR of 8.3% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing focus on skincare among younger consumers has augmented the demand for facial care products in the Asia Pacific region. There is rising obsession with maintaining youthful appearance and eliminating early signs of aging such as fine lines and dark spots. This has propelled the growth of anti-aging brands and stem-cell based products. Manufacturers are increasingly focusing on natural and organic ingredients along with advanced formula to suit diverse skin types. Moreover, emphasis on herbal ingredients extracted from plants having indigenous properties is fueling the popularity of Ayurveda-inspired facial care brands.
SWOT Analysis
Strength: The Asia Pacific region is home to over 4.5 billion people representing over 60% of the world’s population, creating a huge potential customer base for facial care products.
Weakness: Lack of awareness and cultural preferences in some parts of Asia regarding skincare and facial care products may limit market growth.
Opportunity: Rising incomes, growing beauty and personal care industry, and increasing awareness about importance of skincare offers opportunities for new product innovation and education campaigns in the region.
Threats: Increased competition from local and international players coupled with threat of counterfeit products may pose challenges.
Key Takeaways
The Asia Pacific facial care market is expected to witness high growth owing to rising incomes, growing beauty consciousness, and aging populations in key countries like China, Japan and South Korea. The global Asia Pacific Facial Care Market is estimated to be valued at US$ 59.91 Mn in 2024 and is expected to exhibit a CAGR of 8.3% over the forecast period 2024 to 2031.
The region is forecast to account for over 60% of the global market by 2031 supported by fast adoption of premium skincare and expansion of modern retail channels. China currently dominates the APAC market supported by rapid economic development and growing middle class. Rising skincare awareness and engagement on social media is propelling sales of facial masks, serums and anti-aging creams. Japan and South Korea follow China in market share and will continue to drive premium product innovation. Southeast Asian countries like Thailand, Vietnam and Indonesia offer high growth prospects driven by growing young populations and expansion of e-commerce.
Key players operating in the Asia Pacific facial care market are ALCON Inc., Bausch Health Companies Inc., EssilorLuxottica (Essilor Ltd.), Johnson & Johnson Vision, NIDEK CO. LTD., Topcon Corporation, Zeimer Ophthalmic Systems AG, and ZEISS International. The market is highly competitive with presence of global and local brands. Key players are focusing on expansion of digital channels, new product offerings targeted at millennials and strategic mergers and acquisitions to consolidate regional market share.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
