The latest global figures revealing the growth of the skincare and colour cosmetics markets were revealed at in-cosmetics Asia’s press briefing this morning. Euromonitor International revealed that the APAC beauty market has achieved CAGR of 6% over the past years and 51% of global sales come from the region.
While face moisturisers continue to command the biggest share of the Asian beauty products market, with a value of almost US$19bn, face masks have been the source of much of the growth, achieving CAGR of over 13% (2012-2017) – accounting for US$5bn 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 ‘personalise’ products to their individual tastes.
Touching on the rapid growth of the colour 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, fuelled 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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About in-cosmetics Asia
in-cosmetics Asia brings together more than 420 global suppliers of ingredients, fragrances, lab equipment, testing and regulatory solutions with 8,700 cosmetic manufacturers and distributors from across the Asia Pacific region. in-cosmetics Asia promotes innovation in personal care ingredients and technologies, providing quality education and consumer insights for formulators, R&D and regulatory professionals. Showcasing local and global industry trends, in-cosmetics Asia offers the most cost-effective business and networking opportunities for the personal care ingredients community in the dynamic APAC markets.
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