June 20, 2024

Asia Pacific Facial Care Market is Driven by Rising Disposable Incomes in Emerging Economies

The Asia Pacific facial care market offers a range of skin care products such as anti-aging creams, face wash, face masks, serums and moisturizers that help to hydrates and rejuvenate the skin. Moisturizing products form the largest segment in the facial care market as dry climate and pollution causes skin damage leading to premature aging. Facial care products also enrich the skin with nutrients and protect it from external aggressors.

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:

Consumers are increasingly opting for natural alternatives to synthetic ingredients due to rising concerns regarding potential side effects of chemical-based cosmetics. They are also demanding products that are cruelty-free and not tested on animals. Furthermore, advancement in skincare technology have led to development of personalized skin care products meant for specific skin types. Companies are offering skin diagnostic tests and customized product recommendations based on skin issues which is boosting the market growth.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the Asia Pacific facial care market is moderate to high. Well established brands have strong brand recognition and distribution networks which creates barriers. However, new brands can still enter the market by offering innovative products.

Bargaining power of buyers: The bargaining power of buyers is high due to presence of many branded and private label products. Buyers can easily switch between brands based on pricing and offers.

Bargaining power of suppliers: Facial care raw material suppliers have moderate bargaining power due to standardized nature of ingredients and ease of switching. Suppliers differentiate mainly on service quality rather than prices.

Threat of new substitutes: Threat from substitutes is moderate as other personal care products can be used for facial skin. However, specialized facial care products aimed at specific skin issues have less threat.

Competitive rivalry: The Asia Pacific facial care market has high competitive rivalry due to presence of global and local players. Players compete on factors like product innovation, branding, marketing and pricing.

Key Takeaways

The Asia Pacific facial care market is expected to witness high growth over the forecast period supported by rising urbanization, income levels and awareness about facial skincare. 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.

Regional analysis: China holds the largest share in the Asia Pacific facial care market followed by Japan and India. Increasing working women population and nuclear families are driving demand in these countries. The South East Asian countries like Indonesia, Vietnam and Philippines are projected to be fastest growing regions with over 10% CAGR during the forecast period.

Key players: 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. Players are expanding distribution networks in regional countries and launching novel formulations tailored to Asian skin types.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it