Makeup Market in Asia Pacific – Latest Trends in Market with Future Growth Analysis
Men’s grooming is an ongoing trend in Asia Pacific, contributing to the growth of the health and beauty market. Currently, increase in the number of working women and growth in disposable income are driving the makeup market in Asia Pacific. Makeup products are now becoming an integral part of personal care; these are considered luxury as well as mass products. Rise in demand for luxury products in countries such as Australia, Japan, India, China, Malaysia and Singapore would boost growth in the makeup market in Asia Pacific.
Widening distribution channels such as supermarkets/hypermarkets and departmental stores, and emergence of online marketing (e-retailers) are expected to increase the market growth during the forecast period. Strategic positioning of makeup products in supermarkets/ hypermarkets and strategic advertisements by leading brands across Asia Pacific would drive consumers to use makeup products to enhance their appearance.
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Increasing purchasing power, changing lifestyles and rising number of potential buyers in emerging markets such as India, China and Singapore are some of the factors driving the overall make-up market in Asia Pacific.
The makeup market in Asia Pacific was valued at USD 14.76 billion in 2013 and is expected to reach USD 22.31 billion in 2019, growing at a CAGR of 7.1% from 2013 to 2019. Major markets for makeup products such as Japan, Australia and New Zealand are anticipated to grow at a slower rate (CAGR below 4.5%)over the next six years. India is estimated to be the fastest growing market, expanding at a CAGR of 15.2% from 2013 to 2019. The makeup market in Japan is projected be grow at a CAGR of 2.2% over the next six years.
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The makeup market is segmented according to application types such as eye makeup, face makeup, lip makeup and nail makeup. Face makeup was the largest segment in Asia Pacific makeup market in 2013, followed by lip makeup. In terms of countries, China was the largest consumer of makeup products in 2013. The country is likely to dominate the market in Asia Pacific over the next six years. Furthermore, demand for makeup products is expected to be high during the forecast period in Malaysia and South Korea due to increasing preference for luxury products in these markets.
Demand for organic/natural makeup products is anticipated to increase over the next six years due to rising awareness about the side effects of synthetic chemicals on skin. Higher numbers of organic products are likely to be launched in face, lip and eye makeup segments over the next six years. In the face makeup category, face powder is estimated to dominate the market, followed by foundations over the forecast period. Furthermore, in the lip makeup category, lipsticks would continue to lead the market, followed by lip liners during 2013-2019.
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Supermarkets/hypermarkets are the most preferred distribution channels, followed by department stores. Furthermore, online retailing is projected to attract large traffic of consumers over the next six years.
The make-up market in Asia Pacific is fragmented in nature; a large number of producers and marketers operate in the market. However, large companies such as L\’Oréal S.A., Proctor & Gamble Co, Estee Lauder Companies Inc, Coty Inc, and Revlon Inc dominate the market for makeup products. These companies hold significant market share in Asia Pacific. Furthermore, the number of private label brands is expected to rise in markets such as India, China and Australia.
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