Presently, consumers in the region prefer to buy cosmetics from retail stores be it a supermarket, multi-brand or standalone store. In contrast to retail stores being the prominent sales channels for cosmetics in the Asia Pacific region, the online platform is gaining significant ground. The online sales platforms would go on to register a rapid CAGR of 10.3% over the forecast period.
Portland, OR -- (SBWIRE) -- 06/23/2017 -- Asia-Pacific Cosmetics Market Report, published by Allied Market Research, forecasts that the market is expected to garner $126.8 billion by 2020, registering a CAGR of 4.02% during the period 2015 - 2020.Japan is the highest revenue generating region in the Asia Pacific cosmetics market, and accounts for the second largest market in the global cosmetics industry. Japan held 2/7th share of cosmetics market in 2014, across Asia Pacific region. An increase in the adoption of cosmetic products among men is observed to be a rising trend in countries such as China, India and Japan. Presently, supermarkets and departmental stores are the preferred sales channels for the cosmetics market in the region.
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The growing consciousness towards maintaining one's personal appearance and a considerable increase in disposable incomes, are the two factors that majorly drive the cosmetics market in the Asia Pacific region. The category of skin and sun care products hold the largest revenue share in cosmetics supplemented by a high demand by both men and women. The skin and sun care product segment accounted for 3/7th share in the Asia Pacific cosmetics market in 2014. Skin and sun care products are largely used by men and women across all the countries in Asia-Pacific region whereas the other prominent category of makeup/color cosmetics is dominated by women. Additionally, shampoos, conditioners, hair styling creams and gel, hair colour, moisturizing lotions, facial wipes, deodorants and fragrances are found to be the most prominently used cosmetics by men in this region. The user segment of men accounted for a revenue share of around 19% in the Asia Pacific cosmetics market.
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The growing consciousness for using organic products in the Asia Pacific region, subsequently creates a high demand for the use of organic content in the manufacturing of cosmetics. Numerous companies such as Himalaya, Biotique and Skin Food, exclusively operate in the manufacturing of natural ingredient cosmetics products.
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Key Findings of the APAC Cosmetics Market
- Japan is the highest revenue generating region for cosmetics in the Asia Pacific region, estimated to register a CAGR of 2.7% during 2015-2020
- Skin and Sun care was the highest revenue generating product segment in the cosmetic market, in 2014, and should further consolidate its position by 2020
- Men is the fastest growing user segment of cosmetics registering a CAGR of 9.2% during the forecast period
- The use of natural content in cosmetic products has revolutionized the market
- The online medium would emerge as a prominent platform for the purchase of cosmetics over the forecast period (2015- 2020)
Product launch and expansions are the two key strategies adopted by market players to strengthen their product portfolios and expand their geographic reach. The increasing demand for cosmetic products, particularly, in men's user segment have led the companies in the market to launch new products in men's cosmetic segment. For instance: in July 2014, Himalaya introduced a new men's product - "Intense Oil Clear Lemon Face Wash" in the skin care category, in India. This launch has enhanced the product portfolio of Himalaya in their men's segment.
Additionally, in June 2014, Nivea, a leading brand in skin and body care set up a new manufacturing plant in India at Sanand, Gujarat. Prominent players profiled in the report are Biotique, L'Oral, Avon Products Incorporation, Procter and Gamble Corporation, Unilever, Oriflame Cosmetics, Revlon Incorporation, Kao Corporation, Estee Lauder Companies, Incorporation, Biotique and Shiseido Company, Limited.