Asia-Pacific Facial Care Market: Latest Trends And Key Drivers Supporting Growth Through 2013 - 2019
The presence of several prominent players, some with worldwide presence, vying for an attractive share makes the Asia Pacific facial care market increasingly fragmented, notes Transparency Market Research (TMR). Numerous players are focusing on unveiling new and improved formulations to gain a competitive edge over others. Several companies in the Asia Pacific facial care market are also working relentlessly on consolidating their distribution networks, in order to gain a better foothold in the coming years, observes TMR. They are also pouring on sizable money on advertising activities which will help them expand their footprints in the Asia Pacific facial care market.
The Asia Pacific facial care market is anticipated to clock a CAGR of 6.9% during 2013–2019. Among the two broad types of retail distribution channels in the Asia Pacific facial care market, non-store-based retailing is anticipated to rise at the most attractive growth rate. The demand in the segment is propelled by the rapid penetration of internet access in the region and growing number of social networking sites.
Of the various key countries in region, China holds the sway by contributing the major share in the Asia Pacific facial care market. Rapidly rising demand in the country is attributed to substantial appetite for game-changing skincare products among the consumers.
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Rapid Rising Demand for Skin Care Products contributes Revenues
The Asia Pacific facial care market is increasingly fueled from the rapid strides made by the skin care products market over the past few years. The growing popularity of anti-ageing creams and fairness creams among the regional populations is a notable trend boosting the regional market. Changing lifestyle of consumers have led to a sizable demography demanding facial care products ,thereby fueling growth in the Asia Pacific facial care market. A positive development in this regard is considerable rise in demand for facial creams among men. Moreover, disposable incomes in the region have seen substantial rise in recent decades, thus propelling the demand for facial care in Asia Pacific.
The Asia Pacific facial care market is receiving a robust impetus from the ceaseless unveiling of new products with better formulations. Manufacturers are focused on developing multifunctional products that can meet a variety of skincare needs of consumers. This is aiding in the rapid expansion of the Asia Pacific facial care market.
Advances in Distribution Networks of Retailers and Manufacturers expand Market’s Prospects
Despite the rising prospect of the Asia Pacific facial care market, few factors hamper the profitability. The low accessibility of some facial care products in some parts of the region is hampering the prospects. Moreover, the growing proclivity of some sections of consumers in emerging economies toward home care remedies for skin problems has dampened the demand to an extent.
Nevertheless, the growth in the Asia Pacific facial care market is favored by constant advances in distribution networks of retailers. They are spending large sums on increasing their footprint across the region and also aggressively focusing on increasing awareness about new products. These measures are opening new avenues in the regional market.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Facial Care Market (By Product Type - Skin Whitening/ Lightening and Anti-Ageing, Facial Creams, Face Wash, Cleansing Wipes, Serums and Masks, Fade Creams, Pore Strips, and Toners; Consumer Group – Men and Women; Retail Distribution - Store based and Non-store based) - Asia Pacific Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019.”