Published Date : Aug 04, 2016
The increasing demand for skin care products in Asia Pacific can be directly attributed to the growing concern over skin fairness and to retain a youthful presence. Due to varied interests of consumers, companies operating in the Asia Pacific facial care market are introducing varied products such as BB cream, anti-ageing creams, skin toners, moisturizers, cleansing wipes, and serums and masks. This has provided consumers with a wide range of choices. Moreover, the varied distribution channels, online and physical have also helped in the growth of the penetration level of facial care and personal care products. In this regard, Asia Pacific is projected to remain the fastest growing and largest market for facial care products.
Growing Popularity of Fairness Products to Propel Demand for Facial Care Products in Asia Pacific
The Asia Pacific market for facial care products is driven by the demand of fairness products by a large population. Due to increasing sensitivity towards skin tone and complexion, consumers in Asia Pacific are shifting their focus towards fairness and multipurpose products. With manufacturers focusing on advertisement, consumers are being impelled to buy facial care and beauty products as a result of their presentation. Moreover, the wide prospect of distribution channels is also an advantage for manufacturers to expand their business and reach out to consumers. The rise in online retail sector is also expected to fuel the sales of facial care products along with the various innovations being made in the product segment, such as men’s facial care products. These factors are likely to support the growth of the facial care product market in the Asia Pacific countries.
High Cost of Raw Material and Delay in Supply to Hinder Market Growth
The initial cost of manufacturing beauty and skin care products are relatively high due to the high cost raw materials. The low availability and supply of raw materials is also another factor that decreases the sales of facial care products to due delay supply in the market. To maintain the product quality and their market position, manufacturers are required to use quality raw materials. Thus, the shortage of raw material is likely to slow down the Asia Pacific facial care market growth.
China dominates the Asia Pacific market of facial care products followed by Japan and India. The Asia Pacific facial care products market is expected to rise at a CAGR of 6.90% and is projected to reach a valuation of US$39.7 bn by the end 2019.