DUBLIN, Dec. 23, 2021 /PRNewswire/ — The “Asia-Pacific Beauty and Personal Care Products Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” report has been added to ResearchAndMarkets.com’s offering.
The Asia-Pacific beauty and personal care products market was valued at USD 163.92 billion in 2020, and it is projected to witness a CAGR of 6.38 % during the forecast period (2021 – 2026).
The COVID-19 pandemic has influenced Asian consumers’ spending habits and purchase decisions leading to a slight decline in the market growth, owing to various governments imposing multiple measures intended to slow down the spread of COVID-19.
Some basic initiatives include social isolation directives, limitations on business opening hours, and travel restrictions. Following are some major impacts on the market. For instance:
The consumers in the market are concerned regarding hygiene. Thus, the category grew with the onset of the pandemic in the market, and the sales of shower gel escalated during the period. Furthermore, the web search incidents for “skincare at home” increased by more than 100% since February 2020.?
The key driver in the market is the desire for a presentable personal image among Asian consumers, which also led to their awareness of personal hygiene habits.
The consumer’s growing concern about their health and hygiene enhanced the demand for natural or organic products in the region. Such factors compelled manufacturers to improve their product offerings to match the dynamically changing consumer requirements.
Amid the growing prevalence of hair thinning, loss of volume, dryness, and several other hair-related concerns among the consumers in Asian countries like India, hair care products are emerging as the most affluent and cost-effective way.
Key Market Trends
Increased Penetration of Skin Care Products
The market has witnessed a significant demand for skin care products due to increasing interest in natural formulations in facial care regimes, such as cleansers.
Moreover, increased concerns regarding skin problems like skin blackening and burn are also driving the market growth during the study period. Growing at an increasing rate, the beauty face mask penetration in the Asia-Pacific region experienced the highest growth in China. In contrast, beauty face mask penetration in both Indonesia and Malaysia grew by just over eight percent in 2019.
China Holds the Largest Share in the Asia-Pacific Cosmetics Products Market
The increasing awareness about a healthier lifestyle among individuals for healthy and hygienic living has contributed to the increase in per capita expenditure on household products (including personal care products) across China.
China is one of the world’s hotspots and fastest-changing beauty markets, introducing industry-leading innovations and setting trends globally. Products with claims, such as UV protection, long-lasting, moisturizing/hydrating, botanical/herbal, whitening, and anti-aging, accounted for a considerable number of product launches.
Haircare products having specific functions (such as anti-aging) and natural hair colorants are witnessing significant growth, owing to the high adoption rate of natural hair color to enhance hair styling and fashionable statements and the growing popularity of hair texturizing products.
For more information about this report visit https://www.researchandmarkets.com/r/vzfntn
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SOURCE Research and Markets