Beauty & Personal Care - Asia

Asia

The revenue in the Beauty & Personal Care market in Asia is projected to reach US$254.70bn by 2024.
It is expected to grow at an annual rate of 3.64% (CAGR 2024-2029).
The largest segment in this market is Personal Care, with a market volume of US$104.70bn in 2024.
In comparison to other countries, in the United States generates the highest revenue, amounting to US$101bn in 2024.
When considering the population, the per person revenue in Asia is estimated to be US$56.05 in 2024.
Additionally, online sales are predicted to contribute 33.5% of the total revenue in the Beauty & Personal Care market by 2024.
Japan's beauty market is driven by a strong demand for skincare products and a focus on natural and traditional ingredients.

Key regions: United States, Worldwide, India, Indonesia, Canada

Market

Region

Region comparison

Currency

Analyst Opinion

The Beauty & Personal Care market in Asia is facing stagnant growth due to increased competition, shifting consumer preferences toward natural products, and economic pressures impacting discretionary spending. However, innovation in beauty tech continues to attract interest and investment.

Customer preferences: Consumers in Asia are increasingly prioritizing clean and sustainable beauty products, reflecting a shift towards eco-consciousness and health awareness. This trend is particularly pronounced among younger demographics, who favor brands that align with their values of transparency and ethical sourcing. Additionally, the rise of social media influencers has amplified interest in personalized skincare solutions, driving demand for customized formulations. As lifestyles evolve, there's also a growing emphasis on wellness-oriented beauty, blurring the lines between skincare and holistic health practices.

Trends in the market: In Asia, the Beauty & Personal Care market is experiencing a significant shift towards clean and sustainable products, driven by consumers' increasing eco-consciousness. Younger demographics are particularly influential, favoring brands that prioritize transparency and ethical sourcing. The rise of social media influencers has further propelled the demand for personalized skincare solutions, leading to a surge in customized formulations. Additionally, wellness-oriented beauty is gaining popularity, merging skincare with holistic health practices, prompting industry stakeholders to innovate and adapt to these evolving consumer preferences.

Local special circumstances: In Japan, the Beauty & Personal Care market is shaped by a deep-rooted cultural appreciation for skincare rituals and aesthetic perfection, leading to a high demand for innovative and high-quality products. The emphasis on minimalism and efficiency resonates with consumers seeking multifunctional formulations. In South Korea, the K-beauty trend thrives on rapid innovation and unique ingredients, fueled by a vibrant pop culture and social media presence. Meanwhile, regulatory frameworks in China are evolving, with increasing scrutiny on product safety and transparency, influencing brand strategies and consumer trust.

Underlying macroeconomic factors: The Beauty & Personal Care market in Asia is significantly influenced by macroeconomic factors such as rising disposable incomes, urbanization, and shifting consumer preferences towards premium products. In Japan, a strong economy and a focus on innovation drive demand for high-quality skincare, while South Korea's booming economy and cultural emphasis on beauty foster rapid product development and adoption of K-beauty trends. In China, ongoing regulatory reforms aimed at enhancing product safety and transparency are reshaping market dynamics, fostering consumer trust, and encouraging brands to invest in quality and compliance. Overall, these factors collectively contribute to a vibrant and evolving beauty landscape across the region.

Methodology

Data coverage:

The data encompasses B2C enterprises. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations such as population, GDP per capita, and Human Development Index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, multiple forecasting techniques based on different forecasting methods, such as Autoregressive Integrated Moving Average (ARIMA) and exponential trend smoothing, can provide the most accurate forecasts.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level.