The Asean Organic Cosmetics Market Is Estimated To Witness High Growth Owing To Rising Health Conscious Consumers
The global ASEAN Organic Cosmetics Market is estimated to be valued at US$ 4,583.84 Mn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Organic cosmetics are cosmetic products made from plant or mineral derived ingredients that are free from synthetic preservatives, fragrances, dyes, and other toxic chemicals. Key types of organic cosmetic products include skin care, hair care, makeup, and toiletries. Organic cosmetics offer several benefits over conventional cosmetics such as healthier, safer, and more sustainable alternatives without causing any harm to the skin or environment.
Market Dynamics:
Rising health conscious consumers and growing awareness about harmful effects of chemicals used in cosmetics are major drivers for the Asean organic cosmetics market growth. Consumers are increasingly becoming aware of toxic ingredients like parabens, phthalates, fragrances, and preservatives used in conventional cosmetics which can cause allergies and impaired health. This is fueling the demand for organic and natural cosmetic alternatives. Additionally, increasing disposable income is also positively impacting the market growth as consumers are willing to pay premium prices for organic cosmetics. However, availability of cheaper conventional products and lack of proper regulation are major challenges restraining the market growth.
SWOT Analysis
Strength:
- Increasing health awareness among consumers regarding use of toxic chemicals in cosmetics.
- Natural and herbal ingredients such as plant extracts make the products safer with no side effects.
- Strong distribution network of major players across the region.
Weakness:
- Higher prices of organic cosmetic products compared to conventional products affect sales.
- Lack of stringent regulations and certification hampers the growth of genuine organic cosmetic brands.
Opportunity:
- Growing millennial population is majorly influencing the demand for natural and organic personal care products.
- Rising disposable income allows consumers to spend more on premium organic cosmetic brands.
- E-commerce platforms provide new sales channels for organic brands to capture untapped markets.
Threats:
- Threat from private label brands providing similar products at lower costs.
- Vulnerable to climate change impacting availability of raw materials.
Key Takeaways
The global Asean Organic Cosmetics Market Size is expected to witness high growth, exhibiting CAGR of 7.8% over the forecast period, due to increasing health concerns regarding use of chemicals in personal care products.
Regional analysis - Indonesia dominates the ASEAN organic cosmetics market with around 30% share, followed by Thailand. Vietnam is witnessing fastest growth due to rising exports and favorable government policies promoting organic farming.
Key players analysis - Key players operating in the ASEAN Organic Cosmetics market are WELEDA Inc., Groupe L€TMOCCITANE, and KORRES Group. WELEDA Inc specializes in skin care and holds leading position in Indonesia market. Groupe L€TMOCCITANE focuses on hair and body care segments and has strong distribution across Southeast Asia.
Key players analysis - Key players operating in the ASEAN Organic Cosmetics market are WELEDA Inc., Groupe L€TMOCCITANE, and KORRES Group. WELEDA Inc specializes in skin care and holds leading position in Indonesia market. Groupe L€TMOCCITANE focuses on hair and body care segments and has strong distribution across Southeast Asia. KORRES Group has wide range of natural products and leading positions in Philippines and Malaysia markets.
Get More Insights On This Topic:https://blogger-veritas.blogspot.com/2023/12/skin-care-is-fastest-growing-segment.html
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