Asia-pacific Beauty And Personal Care Market 2022-2028
MARKET OUTLOOK
Triton Market Research’s report depicts that the beauty and personal care market in the Asia-Pacific would grow with a CAGR of 3.25% in the forecast years between 2022 and 2028. India, Japan, China, Australia & New Zealand, ASEAN countries, South Korea, and Rest of Asia-Pacific are evaluated in the market in this region.
In China, the rapid development of the retailing environment has majorly impacted a wide range of sectors, including beauty and personal care. The Chinese market for beauty and personal care is characterized by a large number of upgraded products with improved efficacy due to technological innovation. For instance, Inoherb adopted fermentation technology to increase the concentration of Rhodiola, an active substance used in its anti-aging products, by 10 times. The new product is claimed to offer stronger protection and greater efficacy against skin damage, as well as help in maintaining skin elasticity.
Whereas, the market for beauty and personal care in Singapore continues to be dominated by international giants like L’Oréal, Estée Lauder, Procter & Gamble, and Unilever. However, the past few years have also witnessed the rise of local independent brands offering skincare products and fragrances. Further, Singaporeans are no longer influenced by merely strong branding, and are willing to try new products and services, appreciating novelty value. This attitude creates a favorable environment for premium domestic brands being launched. Also, such brands are witnessing rapid growth, such as the Alcheme skincare brand offering made-to-order products; the “adaptogenic” skincare brand, Allies of Skin; and the natural, vegan and cruelty-free skin and haircare brand, Handmade Heroes.
COMPETITIVE OUTLOOK
The acclaimed players in the beauty and personal care market are Henkel AG & Co KGaA, Shiseido Co Ltd, Natura & Co, Procter & Gamble Co, Coty Inc, Johnson & Johnson Inc, Amorepacific Corp, and Puig SL.
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