Beauty and Personal Care in Asia Pacific

July 2024

After being negatively affected by the COVID-19 pandemic in recent years, beauty and personal care was recording positive growth in real value terms in Asia Pacific in 2023. However, a difficult economic backdrop, such as high inflation resulting in rising costs and prices in Japan, was holding back the recovery from the pandemic losses in some countries. The forecast period is generally expected to see healthy annual growth rates in real value terms in the region.

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Key Findings

Local brands performing strongly in China

While multinationals such as L'Oréal, Procter & Gamble, Unilever and Estée Lauder remain strong in China, local players are also increasingly enjoying success in their domestic market. Players such as Proya are leveraging advantages in terms of pricing and emotional appeal, using effective marketing strategies tailored to local consumer preferences.

Increasing focus on ingredients in Indian beauty and personal care

Increasing digital engagement is boosting consumer knowledge of and focus on ingredients in beauty and personal care products among locals in India. Industry players are, in turn, highlighting key ingredients such as vitamin C, salicylic acid, niacinamide or hyaluronic acid in their campaigns and also remain on the lookout for more effective ingredients that align with consumers’ requirements.

E-commerce share continues growing

While health and beauty specialists or even small local grocers remain important distribution channels for beauty and personal care in some countries, e-commerce continues to gain share. As of 2023, internet retailing was accounting for 40% of sales regionally and as much as 59% in South Korea. E-commerce platforms such as Douyin, Xiaohongshu or Pinduoduo are helping to drive competition and innovation as well as the entry of new brands in the Chinese market.

Shiseido acquires Dr Dennis Gross Skincare

In late 2023, Shiseido, which is looking to strengthen its prestige skin care portfolio, announced the acquisition of Dr Dennis Gross Skincare, a US dermatologist-developed skin care brand, to tap into the growing dermocosmetics trend and strengthen its operations outside Asia.

Scope
Key findings
Asia Pacific is home to the biggest regional beauty and personal care market
Sales back on a growth path in 2023, which is expected to continue in the coming years
Skin care the biggest sales contributor in Asia Pacific beauty and personal care
Dermocosmetics boom beginning to slow in China
Colour cosmetics continues its recovery from its pandemic losses in Japan
Skin care accounts for the bulk of new sales over 2018-2023
Muted recovery in China’s beauty and personal care market in 2023
Mass outperforming premium products in South Korea in 2023
E-commerce leads sales in Asia Pacific, with a particularly large share in South Korea
Small local grocers still the most important distribution channel in India
KakaoTalk Gift driving sales of luxury international and local mass brands in South Korea
Kao Corp continues with the rationalisation of its product line-up
Local players like Proya increasingly making an impact in the Chinese market
Chanel continues moving up the rankings in 2023
Positive value growth expected throughout the forecast period
Stable growth expected in China over the forecast period
Direct sellers looking to expand their online operations in South Korea
China: Market Context
China: Competitive and Retail Landscape
Hong Kong, China: Market Context
Hong Kong, China: Competitive and Retail Landscape
India: Market Context
India: Competitive and Retail Landscape
Indonesia: Market Context
Indonesia: Competitive and Retail Landscape
Japan: Market Context
Japan: Competitive and Retail Landscape
Malaysia: Market Context
Malaysia: Competitive and Retail Landscape
Pakistan: Market Context
Pakistan: Competitive and Retail Landscape
Philippines: Market Context
Philippines: Competitive and Retail Landscape
Singapore: Market Context
Singapore: Competitive and Retail Landscape
South Korea: Market Context
South Korea: Competitive and Retail Landscape
Taiwan: Market Context
Taiwan: Competitive and Retail Landscape
Thailand: Market Context
Thailand: Competitive and Retail Landscape
Vietnam: Market Context
Vietnam: Competitive and Retail Landscape

Beauty and Personal Care

This is the aggregation of baby and child-specific products, bath & shower, deodorants, hair care, colour cosmetics, men's grooming, oral hygiene, fragrances, skin care, depilatories and sun care. Black market sales and travel retail are excluded.

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