Asia-Pacific is a key region for the cosmetics industry in terms of business opportunities. In a recent article, trend agency Euromonitor examined the latest movements in the beauty sphere in South Korea, China, Japan and India.
“Asia-Pacific will account for 32% of the global beauty and personal care market in 2023,” comments Euromonitor. “Within the zone, the four main markets present unique development trajectories. However, they also share commonalities and notable trends.”
Looking for the best deal
The search for the best value is not just about saving money. “Rather than simply buying cheaper or cutting back, consumers are becoming more discerning.”
The general public wants effective products above all else. They’re willing to pay the price, as long as the product delivers on its promise. And to succeed in convincing customers of the potential of their offer, brands have to demonstrate it scientifically.
Multi-benefit ranges are also in vogue. They save time (cosmetic routines in Asia are becoming lighter) and money.
The quest for well-being is also important. “In South Korea, the use of gwalsa, a traditional massage bar, is combined with anti-stress balms and body care products.”
Demographic changes
Demographic changes are occurring differently in each country.
In Japan, for example, the aging of the population and the elderly segment represent opportunities. “In India, the teenage population (13-17 years) is high, constituting 9% of the total population by 2023, while areas such as South …
