Focusing on facial care
Face moisturisers remain the biggest segment of the Asian beauty products industry, currently sitting at a value of nearly $19bn (€16.4 bn).
Between 2012-2017, face masks have achieved a CAGR of over 13%, accounting for $5bn ($4.3bn) of sales, and is a popular choice for cosmetics shoppers.
The mass skin care sector has grown at 6% CAGR over this same period of time, which has had a detrimental impact on the premium skin care category’s market share. With the skin care industry drawing scores of fans based on the growing preference for natural and innovative ingredient choice, mass skin care remains in-demand.
China is bucking the trend, however, Euromonitor International reveals, as the nation continues to opt for premium skin care items over mass products. This preference for luxury is still the case, even though mass skin care is generating value sales that are 250% greater than premium skin care.
Market intelligence company, Euromonitor International, also unveiled that in Asia, a growing number of men are experimenting with skin care and cosmetic products, which previously would have typically been used by women.
Personalisation also continues to be a prevailing trend as it appeals to individual consumer’s customised preferences.
Euromonitor International also emphasised the growth of the global colour cosmetics market, which was valued at $15bn (€12.9bn) in 2016.
In APAC, foundations and concealers are the biggest category in the colour cosmetics market, reaching almost $5bn (€4.3bn). However, it is BB and CC that reached a CAGR of 25% between 2011 and 2016, gathering a great amount of attention and appeal from shoppers.
The use of cosmetics by the over-50s worldwide population is a leading demographic. Of the over 60s market researched, 50% of women used foundation a minimum of once a week. Of this same consumer group, 59% used lipstick and 52% have used eye make up, indicating the multigenerational appeal of colour cosmetics.
“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,” outlined Sunny Um, Beauty & Fashion Analyst at Euromonitor International.