Asia-Pacific Cosmeceutical Market size is $12Billion in 2020, growing at a CAGR of 7.2% during the forecast period 2021-2026. Cosmeceuticals are cosmetic products that are biologically active, claiming to have advantages like medications. They cover a range of personal care items used. These are available commercially as either pharmaceutical drugs or over-the-counter items. Thanks to a move from synthetic personal care products to organic products, cosmeceuticals are in high demand. The desire for a visually desirable lifestyle and evolving behaviours would contribute to a broader acceptance of cosmeceuticals. In favour of the development of the general market for cosmeceuticals, the presence of many large-scale suppliers would arise. The demand for the least side effects of natural products would open immense opportunities for companies operating on the market.
Asia-Pacific Cosmeceutical Market Segment Analysis – By Product Type
In 2020, Skin Care segment dominated the Asia-Pacific Cosmeceutical Market in terms of revenue owing towards rising production of monoclonal antibodies (MAb) therapeutics. Exposure to harmful ultraviolet radiation causes premature ageing of the skin or even leads to cancer of the skin. By using preventive skincare products, this understanding has increased the consumer’s emphasis on preserving their skin. In addition, demand for a multifunctional product is forecasted to drive the growth of cosmetic sun-care products over the forecast period. For instance, Ponds BB & Lakme CC creams, apart from a make-up serum and a moisturizer, also act as sunblock cream abetting towards the growth of the market. Hair Care is estimated to record the fastest CAGR of 7.7% during the forecast period 2021-2026 owing to the demand for items such as hair oil, hair dye, shampoo and conditioner is growing. In addition, eradication of the unwanted build-up without flaking off a lot of serum to make the hair unmanageable drives customers to purchase branded items for hair care.
Asia-Pacific Cosmeceutical Market Segment Analysis – By Distribution Channel
In 2020, E-Commerce segment dominated the Asia-Pacific Cosmeceutical Market in terms of revenue owing towards rising production of monoclonal antibodies (MAb) therapeutics and other biological using animal cell cultures. The famous e-commerce sites such as Amazon.in, Nyka and others are encouraged to gain popularity by offering these cosmetic items in some areas with comparatively fewer speciality stores, apart from the major market players. This indirectly increases the sales of goods through the online platform. In addition, prices available online are comparatively higher than in shops, attracting buyers and growing sales of goods aiding towards the growth of the market. Supermarket/Hypermarket is estimated to record the fastest CAGR of 7.5% during the forecast period 2021-2026 owing to the promotions and various marketing strategies of the distributors and manufacturers in the specialty stores, such as offers on bulk sales.
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Asia-Pacific Cosmeceutical Market Segment Analysis – By Country
In 2020, Japan dominated Asia-Pacific Cosmeceutical Market in terms of revenue with a market share of 28% owing towards rising public & private funding for R&D in this country. According to World Trade Organization, Japan’s population is one of the most active users of cosmetics, ranking it among the top five national markets for personal care products. A relatively high awareness of cosmeceutical and cosmetic products such as skin whitening, anti-ageing, facial serums & face oils is mainly owing to the growing youth population. Owing to the high cost of these products, the suppliers in the country make their products accessible to consumers to broaden their consumer base aids to the market’s growth. The popularity of e-commerce or e-tailing in the area has made people reach out to these goods for better quality brands. In addition, improving living standards are forecasted to drive the demand in this Country. China is forecasted to record the fastest growth rate during the forecast period 2021-2026 owing to busier and stressful consumer lifestyles in the country. Also, deteriorating environmental conditions have created greater concern among customers seeking skin rejuvenation products about skin conditions driving the market growth.
Asia-Pacific Cosmeceutical Market Drivers
Rapid Growth of Ageing Population
Consumers are increasingly searching for methods and products to preserve and enhance their appearance to look youthful and attractive, particularly the ageing population, more so with the growing knowledge of anti-ageing products. Ageing anxiety is particularly faced by middle-aged individuals, owing to the high incidence of extrinsic symptoms of ageing. Anti-ageing skin products, since they overlap the distinction between cosmetics and pharmaceuticals, are known as cosmeceuticals aids to market growth. The declining rate of fertility and mortality has resulted in a sustained increase in the region’s ageing population, especially in China and Japan. The market growth is driven by a strong desire among men and women to maintain youthful appearances that has groomed and nurtured the cosmetic industry across the region.
Asia-Pacific Cosmeceutical Market Challenges
Lax Regulations and Lack of Organizational Concerns
Lax regulations act as a major constraint on the growth of the industry as they give scope for the growth of fake products on the market, causing harm to skin and hair. As opposed to drugs, the regulatory system for cosmeceutical products is ambiguous and not strict. New products introduced most of the time are subject to regulatory review uncertainty. This regulatory ambiguity leads to the market launch of counterfeit products, which hampers the reputation of the cosmetics market.
Asia-Pacific Cosmeceutical Industry Outlook
Product Launches, Merger & Acquisition, joint ventures and R&D activities are key strategies adopted by the players in the Asia-Pacific Cosmeceutical Industry. Asia-Pacific Cosmeceutical top 10 companies include Beiersdorf AG, CosMedix., Loreal International, Laboratoires VIVACY, NATUMIN PHARMA AB, Robert Blondel Cosmtiques, SkinCeuticals., The Este Lauder Companies Inc., The Procter Gamble Company and Unilever
Acquisitions/Product Launches
In October 2017, Unilever launched eco-friendly beauty brand Love Beauty and Planet consisting of 18 hair care products and 8 body products. The hair care products include hair oil, shampoo, conditioner and dry shampoo.
In January 2020, The Procter Gamble Company acquired DTC brands. This acquisition helped P&G grow its business in new areas, learn new ways to market like performance marketing and to retool its brand teams structure to mirror startups.
Key Takeaways
The growing awareness of beauty and cosmetic products, such as anti-ageing, sun care, and hair care products, accelerating the Cosmeceutical demand over the forecast years 2021-2026.
The demand for anti-ageing products to prevent hair damage, ageing spots, uneven skin tone, dry skin, and wrinkles is likely to be the major driving factor for the market’s growth.
China is projected to record the fastest growth rate during the forecast period 2021-2026
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