The size of the Asia-Pacific cosmeceuticals market is estimated to be worth USD 28.46 billion by 2028, growing at a CAGR of 8.68% during the forecast period.
The rising prevalence of skin disorders, including acne, pemphigus, atopic dermatitis, psoriasis and others across the APAC region primarily drives the growth of the cosmeceuticals market in the Asia-Pacific region. Approximately 23% of the population in India is affected by dandruff and acne, which are prominent skin issues in the country. Lifestyle changes, altered dietary habits, increased alcohol and tobacco consumption, growing environmental pollution, and hormonal changes contribute to skin problems in younger and adult populations. In today's fast-paced world, individuals often have limited time for self-care, making them more susceptible to skin issues. Teenagers, in particular, are experiencing frequent outbreaks of pimples and acne due to the higher consumption of fast food. Dermatologists recommend using cosmeceutical products to mitigate or prevent such concerns, thereby driving the demand for cosmeceutical products in the APAC region.
The growing awareness of cosmeceuticals and the increasing geriatric population across the countries of the APAC region further propel the growth of the cosmeceuticals market in the Asia-Pacific region. The aging population experiences various skin issues, such as dryness, wrinkles, fine lines, and dullness. Cosmeceuticals, which combine cosmetic and pharmaceutical ingredients, offer medical benefits beyond regular cosmetics. For instance, vitamin C, an antioxidant, is commonly incorporated into lotions and creams. In recent years, there has been a heightened awareness of the benefits of vitamin supplements for overall well-being and the efficacy of incorporating vitamins into cosmetic products to achieve more noticeable results within a shorter timeframe. This increased consumer awareness has contributed to the growing demand for cosmeceuticals and promotes regional market growth.
The growing number of advancements and increasing R&D activities to develop cosmeceutical products for addressing various skin concerns contribute to the growth of the APAC cosmeceuticals market. Manufacturers and researchers are diligently working on introducing cosmeceutical products in innovative forms, such as gels, sprays, oils, and other convenient formats, to enhance usability. Additionally, personalized cosmeceutical solutions tailored to individual patient needs are being actively pursued. Increasing investments in research and development, robust support from public and private organizations, and the strong presence of key market players favours the growth of the APAC cosmeceuticals market.
The high cost associated with cosmeceutical products is one of the primary factors hampering the APAC market growth. A shortage of skilled professionals, limited awareness among consumers regarding cosmeceutical offerings, lengthy approval processes for novel products, limited availability of raw materials and the presence of alternative product options further impedes the cosmeceuticals market growth in the Asia-Pacific region.
Impact of COVID-19 on the APAC cosmeceuticals market:
The COVID-19 pandemic has influenced the consumption habits and purchasing decisions of Asian consumers, causing market growth to decline slightly, as several governments impose multiple measures to curb the spread of COVID-19. Consumers in the market are concerned about their skin. Thus, the category grew with the start of the pandemic in the market, and the sales of cosmetics increased during the period. In addition, "home skincare" web searches have increased by more than 50% since 2020; this data indicates the positive effect for the APAC cosmeceuticals market.
The research report on the APAC cosmeceuticals market has been segmented and sub-segmented into the following categories.
By Product Type:
By Distribution Channel:
By Country:
The Asia Pacific region had a substantial share of the worldwide market and is expected to witness the fastest CAGR during the forecast period owing to the abundant availability of cosmeceutical products and advancements in dermatology treatments. The growing number of awareness programs and advertisements to enhance the adoption of cosmeceuticals by the key market participants in this region further contributes to the growth of the regional market. China and India are predicted to account for the major share of the APAC market in the coming years owing to their robust cosmetic
industry presence. Factors such as mergers and acquisitions among pharmaceutical and cosmetic companies, the widespread availability of products through offline and online pharmacies and the establishment of clinical trial centers further contribute to market growth in these countries. The availability of cosmeceuticals as over-the-counter drugs further fuels the market growth in these countries. Japan is projected to grow at a healthy CAGR in the coming years owing to the presence of well-developed infrastructure, increasing awareness about organic products and the growing number of dermatology clinics and hospitals.
KEY MARKET PLAYERS:
Some promising companies operating in the APAC cosmeceuticals market profiled in this report are L'Oreal SA, Procter & Gamble, Unilever PLC, Shiseido Co. Ltd, Revlon Inc., Groupe Clarins SA, Beiersdorf AG, and Johnson & Johnson Inc.
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