Beauty & Personal Care - Southeast Asia

Southeast Asia

The Beauty & Personal Care market in Southeast Asia is projected to generate revenue of US$34.43bn in 2024.
It is expected to grow at an annual rate of 3.55% (CAGR 2024-2029).
The largest segment in this market is Personal Care, which is estimated to have a market volume of US$16.72bn in 2024.
When compared globally, in the United States leads in revenue generation, with an expected revenue of US$101bn in 2024.
In terms of per capita revenue, in Southeast Asia is projected to generate US$49.70 per person in 2024.
Furthermore, online sales are anticipated to contribute 40.0% of the total revenue in the Beauty & Personal Care market by 2024.
In Indonesia, the demand for natural and organic beauty products is on the rise, driven by increasing consumer awareness of sustainability and health concerns.

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

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Analyst Opinion

The Beauty & Personal Care market in Southeast Asia is experiencing negligible growth, influenced by evolving consumer preferences, increased competition, and shifting trends towards sustainability and natural ingredients, which challenge traditional product offerings and market dynamics.

Customer preferences: Consumers in Southeast Asia are gravitating towards clean beauty and personal care products that prioritize sustainability and natural ingredients, reflecting a growing awareness of environmental impact. This trend is particularly influenced by younger demographics who value transparency and ethical sourcing. Additionally, social media plays a critical role in shaping preferences, with influencers promoting skincare routines that emphasize holistic wellness. As lifestyles become more health-conscious, there's a rising demand for multifunctional products that cater to both beauty and self-care needs.

Trends in the market: In Southeast Asia, the Beauty & Personal Care market is experiencing a significant shift towards clean beauty products that emphasize sustainability and natural ingredients. This trend is driven primarily by younger consumers who prioritize ethical sourcing and transparency in brand practices. Social media influencers are pivotal in promoting skincare routines that resonate with holistic wellness, further amplifying this movement. As a result, industry stakeholders must adapt to the rising demand for multifunctional products that seamlessly blend beauty with self-care, highlighting the need for innovative formulations that align with consumers' health-conscious lifestyles.

Local special circumstances: In Southeast Asia, the Beauty & Personal Care market is shaped by diverse cultural practices and a rich tapestry of traditional remedies. Local ingredients like turmeric and coconut oil are revered for their skincare benefits, influencing consumer preferences towards products that celebrate regional heritage. Additionally, varying regulatory standards across countries impact product formulations and labeling practices. The region’s tropical climate also drives demand for lightweight, hydrating products, highlighting the need for brands to tailor their offerings to local environmental conditions and cultural values.

Underlying macroeconomic factors: The Beauty & Personal Care market in Southeast Asia is significantly influenced by macroeconomic factors such as rising disposable incomes, urbanization, and changing consumer behaviors. As national economies grow, consumers are increasingly willing to spend on premium beauty products, which is enhancing market dynamics. Additionally, the proliferation of e-commerce platforms facilitates access to a broader range of products, further driving sales. However, fluctuations in currency exchange rates and varying import tariffs can impact pricing strategies and profitability. Moreover, shifting global trends towards sustainability and ethical sourcing are prompting brands to adapt, aligning their offerings with consumer expectations for environmentally friendly and socially responsible products.

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.