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Asian Skin Care Hits High on Graph in Global Market, Reveals in-cosmetics Asia 2017

Published on 2017-11-02. Author : SpecialChem

The latest global figures revealing the growth of the skin care and color cosmetics markets were revealed at in-cosmetics Asia. Euromonitor International has revealed that the APAC beauty market has achieved CAGR of 6% over the past years and 51% of global sales come from the region.

Asian Skin Care Hits High on Graph in Global Market
Asian Skin Care Hits High on Graph in Global Market

Growing Trends of Beauty Industry

While face moisturizers continue to command the biggest share of the Asian beauty products market, with a value of almost USD19bn, face masks have been the source of much of the growth, achieving CAGR of over 13% (2012-2017) – accounting for USD5bn of sales. In Asia, mass skincare grew at 6% CAGR over the same time period, eroding the premium skincare category’s market share.

Contrary to this trend, in China, demand for mass products has been less than that of premium, despite mass skincare generating value sales 250% larger than premium skincare.

The global market intelligence company also unveiled a number of growing trends from ‘genderless’ beauty. Across Asia, more men experiment with products that have traditionally been used exclusively by females, while there is a growing number of consumers looking to ‘personalize’ products to their individual tastes.

High Demand of Color Cosmetics

Touching on the rapid growth of the color cosmetics segment, Euromonitor revealed that Asia is also leading the global market with a value of US$15bn last year. In the APAC region, foundations and concealers are the largest category in the segment, with a worth of almost US$5bn, but BB and CC achieved a CAGR of 25% (2011-2016) despite modest sales of US$1bn – showing the huge potential in this area.

Euromonitor also shared insights into the use of cosmetics by the over-50s global population. It noted that half of women aged over 60 used foundation at least once a week, while 59% of the same demographic used lipstick and 52% wore eye make up to the same frequency.

Sunny Um, Beauty & Fashion Analyst at Euromonitor International, said:

“South Korean brands, such as The Face Shop, Etude House and Innisfree, fueled the mass cosmetics boom by fulfilling Asian consumers’ need for self-indulgence and affordability through creative brand storytelling, eye-catching packaging, diverse product ranges and low-price points.”

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Source: in-cosmetics Asia
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