The cosmetic industry is one of the world’s biggest industries, responsible for the manufacture and distribution of cosmetic products. These products include color cosmetics, skincare products, hair products, and toiletries. Due to increased exposure to the world of beauty, beauty consumerism is at an all-time global high. With an emerging middle class and a steadily increasing disposable income among consumers across the Asia-Pacific region, the consumption of beauty products has skyrocketed, propelling the Asia-Pacific region into the top spot of the
. Although South Korea has always been infamous for its beauty trends and thriving cosmetics market, other Asia-Pacific countries are paving their way into the Asia-Pacific cosmetics industry. China, Japan as well as Indonesia, Malaysia, and Thailand are all gaining influence within the beauty world.
Market leaders and trendsetters
Unsurprisingly, South Korea stands in the foreground as one of the region’s most innovative cosmetics markets, gaining global attention and pushing the boundaries with its revolutionary beauty products such as snail skin facials. South Korea also incorporates the growing needs and wants of the consumer into its products, combining SPF with skin moisturizers and adding elasticity boosters into skincare products. The so-called K-beauty is recognized globally, with increasing
revenue in the Asia-Pacific region as well. The region’s beloved cosmetics conglomerates, South Korea’s Amorepacific and Japan’s
Shiseido, are on the way to recovery since suffering in revenue in recent year after years of continuous growth. Nevertheless, newer beauty markets have started to emerge throughout the Asia-Pacific region. The introduction of halal products has caused the cosmetics industry to grow in countries such as Indonesia and Malaysia.
The industry outlook
The region’s digital revolution has also aided the surge in beauty product consumption, as consumers are purchasing more goods online. Increased
social media penetration throughout the region has too impacted the cosmetics industry, as
consumers are more likely than before to purchase products on social media. Asian consumers are known to thoroughly research products before buying; however, they are also open to purchasing products that they have not previously tried. Thus, stimulating the growth of the cosmetics market further. If the Asia-Pacific cosmetics industry continues to grow at a progressive rate while producing innovative products, the region will likely continue to keep hold of its leading position within the global cosmetics industry throughout the years to come.
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