Asia-pacific Cosmeceutical Market Size Estimated to Reach $18.3 Billion by 2026

Asia-pacific Cosmeceutical Market size is estimated to reach $18.3 billion by 2026, growing at a CAGR of 7.3% during the forecast period 2021-2026. Cosmeceuticals are products that are intended to have a beneficial effect on beauty and skin health and have both medicinal and cosmetic properties. These products are available as over-the-counter products and are extensively used as a part of the skin care treatment to aid in improvising skin texture, fine lines, and pigmentation. The rise in the investment by the key players to develop quality skin care products and dietary supplements, increase in the demand for organic hair care products, such as hair oils, shampoos, and conditioners, rise in the awareness about the importance of oral hygiene, and increase in the consciousness among customers regarding physical appearance in the region are the factors that are set to drive the growth of the Asia-pacific Cosmeceutical Market for the period 2021-2026.

Asia-pacific Cosmeceutical Market Report Coverage

The report: “Asia-pacific Cosmeceutical Market Forecast (2021-2026)”, by Industry ARC, covers an in-depth analysis of the following segments of the Asia-pacific Cosmeceutical Market.

By Product Type: Skin Care, Hair Care, Oral Care, and Others. By Material Type: Natural and Synthetic. By Distribution Channel: Supermarkets/Hypermarkets, Specialty Stores, Online Channels, and Others. By Country: China, India, Japan, South Korea, Australia & New Zealand, and Rest of Asia-Pacific.

Key Takeaways

• Japan Cosmeceutical Market accounted for the highest revenue share in 2020 and it is poised to dominate over the period 2021-2026 owing to the rise in the adoption of anti-aging products and dietary supplements in the country.
• The increase in the investment by the key players to develop quality skin care products is driving the Skin Care segment. However, the lax regulations in the cosmeceutical industry is one of the major factors that is said to reduce the growth of the Asia-pacific Cosmeceutical Market.
• Detailed analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Asia-pacific Cosmeceutical Market report.

Asia-pacific Cosmeceutical Market Size, By Product Type, 2020-2026 (USD Million)

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Asia-pacific Cosmeceutical Market Segment Analysis-By Product Type

The Asia-pacific Cosmeceutical Market based on the Product Type can be further segmented into Skin Care, Hair Care, Oral Care, and Others. The Skin Care segment held the largest share in 2020 owing to the factors such as the increase in the adoption of anti-aging products and the growing demand for multi-functional products. The rise in the investment by the key players to develop quality skin care products and dietary supplements is driving the growth of the Asia-pacific Cosmeceutical Market. The Hair Care segment is estimated to be the fastest-growing segment with a CAGR of 7.8% over the period 2021-2026. This growth is owing to the factors such as the growing demand for organic hair care products and the rise in the product launches of hair oils, shampoos, and conditioners.

Asia-pacific Cosmeceutical Market Segment Analysis-By Distribution Channel

The Asia-pacific Cosmeceutical Market based on the Distribution Channel can be further segmented into Supermarkets/Hypermarkets, Specialty Stores, Online Channels, and Others. The Supermarkets/Hypermarkets segment held the largest share in 2020 owing to the factors such as the increase in the demand for various skin care products and dietary supplements in supermarkets and the rise in the investment by the key players in countries, such as India and China. The affordability and choice of brand and trustworthiness in the supermarkets is driving the growth of the Supermarkets segment of Asia-pacific Cosmeceutical Market. The Online Channels segment is estimated to be the fastest-growing segment with a CAGR of 7.6% over the period 2021-2026. This growth is owing to the factors such as the rise in the demand for hair care products in online channels, advancements in technology, and the growing inclination towards a sedentary lifestyle.

Asia-pacific Cosmeceutical Market Segment Analysis-By Country

The Asia-pacific Cosmeceutical Market based on Country can be further segmented into China, India, Japan, South Korea, Australia & New Zealand, and Rest of Asia-Pacific. Japan held the largest share with 27% of the overall market in 2020. The growth in this segment is owing to the factors such as the growing adoption of anti-aging products and dietary supplements in the country and an increase in the demand for hair care products among the young population in the country. The increasing awareness about cosmeceuticals, such as skin whitening, facial serums, and face oils is driving the growth of the Asia-pacific Cosmeceutical Market. India segment is estimated to be the fastest-growing segment over the period 2021-2026. The growth in this segment is owing to the factors such as the rise in awareness about the importance of oral hygiene products and the growing investment by the key players to develop quality and organic cosmeceutical products.

Asia-pacific Cosmeceutical Market Drivers

• Rise in the Demand for Oral Hygiene Products

Consumers in the region are increasingly shifting towards oral care products owing to the growing awareness about the importance of oral hygiene. The key players in the region are also focusing on advanced oral hygiene products, which is one of the major factors driving the growth of the Asia-pacific Cosmeceutical Market.

• Increase in the Adoption of Organic Cosmeceuticals

Organic ingredients, such as premium botanical and plant-inspired ingredients are extensively being used in various skin care, hair care, and dietary supplements by manufacturers in the region. Moreover, organic anti-dandruff hair oils are widely being by consumers in countries, such as India and Japan, which is further propelling the growth of the Asia-pacific Cosmeceutical Market.

Asia-pacific Cosmeceutical Market Challenges      

• Lax Regulations in the Cosmeceutical Industry

The key players in the market are increasing their investment to carry out various research and development activities for launching organic skin care, hair care, and oral hygiene products. However, the cosmeceutical industry in the region is extensively uncontrolled and unregulated, which is one of the major factors that is estimated to reduce the growth of the Asia-pacific Cosmeceutical Market.

Asia-pacific Cosmeceutical Market Competitive Landscape:

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Asia-pacific Cosmeceutical Market. Key companies of this market are Beiersdorf AG, SkinCeuticals, Loreal International, Unilever, Bayer AG, Robert Blondel Cosmtiques, The Este Lauder Companies Inc, The Procter Gamble Company, Croda International PLC, and Clarins Group among others.

Acquisitions/Product Launches:

• In May 2021, Bayer AG has launched Bellerain, a skincare brand exclusively for the Chinese market to offer gentle skincare solutions to consumers with sensitive skin, nail art lovers, and beauty industry practitioners owing to the growing diversified needs from Chinese consumers.
• In December 2020, Loreal International has acquired the Japanese skin care brand Takami and also signed a collaboration with Takami clinics to strengthen its Asian Business and to meet the growing demand for skin care products among Asian consumers.
• In November 2020, Beiersdorf AG has launched the face care brand “CHAUL” in South Korea. These face care products are based on fermented tea in South Korea and are developed exclusively for the Asian market.

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