Asia Pacific Facial Care Market Estimated to Witness High Growth Owing to Rising Consumer Awareness Regarding Personal Care and Grooming
The facial care industry includes products such as face serums, cleansers, masks, creams, sunscreens, moisturizers and others used for hydrating, anti-aging, cleansing and other purposes related to skin care. Facial care products help improve the skin texture and boost skin health. Certain issues like excessive oil, acne, aging signs are commonly addressed using these skincare products. The market offers a variety of products for specific skin types like normal, dry, oily and sensitive. Demand for herbal and natural ingredients based facial care range is growing in the region.
The global Asia Pacific Facial Care Market is estimated to be valued at US$ 52 Bn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One driver for the growth of Asia Pacific facial care market is rising consumer awareness regarding personal care and grooming. Due to busy lifestyle and growing pollution levels, skin issues have become very common in the region. Consumers are well informed about various skin care regimes and ingredients that help address specific skin problems. Personal grooming and youthful appearance holds importance in many countries of Asia Pacific. Hence, consumers extensively use facial care products daily or weekly as part of their skin care routine. Another driver is growing influence of social media and digital platforms. Beauty and skin care influencers promote facial care brands and products, which effectively influences purchase decisions of younger generation customers. This in turn drives the demand and popularity of international as well as local brands in Asia Pacific facial care market.
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SWOT Analysis
Strength: The Global Facial Care Market Size has a large customer base due to increasing beauty consciousness among consumers in the region. Growing awareness about skincare and availability of innovative products catering to various skin types and concerns are further expected to boost market growth.
Weakness: High prices of premium facial care products featuring new technologies may limit their adoption in rural and low-income areas. Additionally, presence of counterfeit products poses challenges for established brands.
Opportunity: Rising spending power and improving living standards in developing Asian countries present an opportunity for manufacturers to introduce affordable product lines. Furthermore, increasing penetration of e-commerce is expanding the reach of brands in remote locations.
Threats: Strict regulations regarding ingredients and product claims vary across countries in the region. Additionally, frequent change in consumer preferences poses threat of products going outdated quickly. Economic slowdowns can also impact discretionary spending on skincare.
Key Takeaways
The Asia Pacific facial care market is expected to witness high growth over the forecast period Supported by rising income levels, growing beauty consciousness and increasing adoption of anti-aging products among consumers in the region.
Regional analysis: The market in China and India is expected dominate the APAC region during the forecast period. Rising expenditure on personal care products and rapid modernization has boosted the demand in these populous countries.
Key players: Key players operating in the Asia Pacific Facial Care Market are Sanofi, Merck & Co., Inc, Pfizer Inc., Koninklijke Philips N.V., GSK plc, Sommetrics, Inc., ResMed, Cadwell Industries, Inc., SleepMed, Inc., Sci Sparc, Natus Medical Incorporated, Therapix Biosciences Ltd, Compumedics Limited, AstraZeneca, Eisai Co., Ltd., Tris Pharma, Inc., Novartis AG, Fisher & Paykel Healthcare Limited, Rotech Healthcare Inc., Idorsia Pharmaceuticals Ltd., StimScience among others. They are focusing on expanding their product portfolios catering to specific requirements and local preferences.
Get More Insights On This Topic: https://www.trendingwebwire.com/asia-pacific-facial-care-market-analysis-growth-forecast-outlook-2023-2030-2/
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