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 cosmetics market across the globe. The region contains some of the most esteemed beauty markets and generates huge cosmetics revenues and expenditures, allowing it to represent almost half of the global cosmetics market. 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 consumers throughout the world citing positive effects and good quality of products as the main positive aspects of the beauty trend. The region’s beloved cosmetics conglomerates, South Korea’s Amorepacific and Japan’s Shiseido, inevitably suffered decreases in revenue last year after years of continuous growth. On the other hand, the most valuable cosmetics brand in the world, L’Oréal Paris, managed to grow their revenue in the Asia-Pacific region. 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 to purchase products that have been endorsed and reviewed by social media influencers. 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.
Table of Contents
Description: This statistic depicts the breakdown of the cosmetic market worldwide in 2021, by geographic zone. In 2021, North America made up 26 percent of the global cosmetic market.
Description: This statistic shows the annual growth rate of the global cosmetics market from 2004 to 2021. In 2021, the global cosmetics market grew by an estimated eight percent compared to the previous sales year.
Description: In 2018, the size of the cosmetics market in Asia Pacific amounted to approximately 120 billion U.S. dollars. This figure was forecasted to reach around 129 billion U.S. dollars by 2020. Globally, Asia Pacific made up the largest share of the cosmetic market, accounting for around 41 percent worldwide in 2019. Within the region, China, Japan, and South Korea were the leading markets for beauty and cosmetics, with Vietnam catching up rapidly.
Description: The Statista Consumer Market Outlook estimates China to have the biggest cosmetics market in the Asia-Pacific region. With over 12.16 billion U.S dollars in revenue, it is double the size of the second ranked Japanese market, and almost three times bigger than the Indian market. Singapore, New Zealand, and Sri Lanka are the three countries with the lowest revenue, all estimated to generate less than 200 million U.S dollars in 2021.
Description: The Statista Consumer Market Outlook estimates that the Japanese skin care market, with over 1.7 billion U.S dollars in revenue, to be the biggest market in the Asia-Pacific region. The Chinese and South Korean markets are ranked second and third when ranked according to revenue. Singapore, Sri Lanka, and New Zealand are the skin care markets with the lowest revenue in 2021, all three creating less than 300 million U.S dollars.
Description: In 2020, the prestige cosmetics and fragrances market generated a revenue of an estimated 13.65 billion U.S. dollars in Japan. In China, the market created a revenue of around 8.2 billion and in India revenue amounted to around 2 billion dollars. The smallest revenue among the selected Asian-Pacific countries was generated in Singapore and amounted to merely 124 million U.S. dollars.
2. Leading markets
Description: In 2021, the cosmetics market size in China totaled 455.3 billion yuan, soaring from around 395.8 billion yuan in the previous year. Impacted by the coronavirus pandemic, the cosmetics market in China dropped in 2020 for the first time in nearly a decade. However, China’s cosmetics market has revived and is expected to reach 516.9 billion yuan by 2023.
Description: In June 2022, cosmetics retail sales in China amounted to around 42.43 billion yuan. The market witnessed a significant decrease in revenue during the first months of 2020 due to the coronavirus (COVID-19) pandemic, which affected consumer goods sales in general. However, resulted from China’s effective pandemic management, the retail trade value saw a swift recovery.
Description: As of 2017, the market size of the cosmetic industry across India had a value approximately eleven billion U.S. dollars. The market size of the cosmetic industry recorded a year on year growth and was forecast to reach a value of 20 billion U.S. dollars in 2025.
Description: Cosmetics shipments within Japan generated a market value of approximately 2.2 trillion Japanese yen in fiscal year 2020. The country is one of the world`s leading markets for cosmetic products. Skin care was the dominating category of the domestic
beauty market. Within this segment, skin lotions were by far the most popular skin care product, catering to male and female consumers.
Description: In 2020, the market size of the cosmetics industry in South Korea amounted to around 7.6 trillion South Korean won. Figures saw a marked drop from the previous year. As K-beauty products gained global popularity, the production and exports of Korean cosmetic products had significantly grown from 2014 to 2019.
3. Leading companies
Description: This statistic shows the brand value of the leading 10 cosmetic brands worldwide in 2022. In that year, L’Oréal Paris was at the top of the list, with a brand value worth of about 11.22 billion U.S dollars. dollars.
Description: As of March 2022, Hindustan Unilever was the leading company in the household and personal care segment with a net sales of approximately 459 billion Indian rupees. Dabur India came in second with a net sales of approximately 71 billion Indian rupees.
Description: In 2019, Shiseido Company, Limited was the leading cosmetics company in Japan, generating almost 371 billion Japanese yen in sales within the domestic cosmetic market. The Japanese market was lead predominantly by domestic brands, with Procter & Gamble Company representing the leading foreign cosmetic brand.
Description: In 2020, LG Household & Health Care (LG H&H) was the largest beauty and cosmetics conglomerate in South Korea with its revenue of around 7.8 trillion South Korean won. LG H&H is a South Korean consumer goods company and its business sectors include cosmetics, household goods, and beverages. The main cosmetics brands of LG Household & Health Care are Whoo, O Hui, SU:M37, and THE FACE SHOP. In this statistic the cosmetics conglomerates refer to the companies that have their own production plants and brands and directly manage distribution.
Description: In 2021, the total consolidated sales of L’Oréal in North Asia amounted to approximately 9.7 billion euros. The net sales in SAPMENA – SSA region that include South Asia-Pacific amounted to 2.3 billion euros in 2021.
Description: In 2021, the operating profit generated by Unilever in Europe amounted to about 1.47 billion euros, nearly 65 percent less than in 2018 where it reached over 4 billion euros. In the last year depicted, the best performing region was Asia/AMET/RUB, with operating profits of approximately 4.54 billion euros. Asia/AMET/RUB refers to Asia, Africa, Middle East, Turkey, Russia, Ukraine, and Belarus.
Description: In 2021, South Korean beauty and cosmetics conglomerate Amorepacific Group recorded revenue amounting to over three trillion South Korean won for the domestic market in South Korea. Overall, worldwide sales totaled to approximately 5.33 trillion South Korean won.
Description: In fiscal year 2021, Shiseido Company, Limited generated more than one trillion Japanese yen in net sales, an increase from about 920.9 billion yen in the previous fiscal year. Shiseido Company is a Japanese manufacturer of personal care products headquartered in Tokyo, Japan. The multinational company leads the domestic cosmetics market and owns brands in the fragrance, cosmetics, personal care, and luxury cosmetics segments, among others.
4. International trade
Description: In 2020, the value of lip makeup products imported into China amounted to around 745 million U.S. dollars. This indicated an more than 11 percent import decrease compared to the previous year.
Description: In 2019, the import volume of cosmetics to Japan amounted to around 282.5 billion Japanese yen. Cosmetics imports showed an upward trend in recent years, with major supplier countries being France, the United States, and Thailand among others.
Description: This statistic depicts the value of cosmetics imported into South Korea in 2020, by country of origin. That year, South Korea imported more than 366.58 million U.S. dollars worth of cosmetics from France.
Description: In 2020, the export value of beauty products from China valued at 4.24 billion U.S. dollars, increasing from 2.77 billion U.S. dollars in the previous year. In the same year, China exported around one million metric tons of personal care and beauty products globally.
Description: The export value of cosmetics, soap and toiletries, and essential oils from India amounted to nearly 1.8 billion U.S. dollars in the financial year of 2021. This was a significant increase compared to 1.5 billion dollars in the financial year 2016.
Description: In 2021, the export value of cosmetics from Japan amounted to around 684 billion Japanese yen. The cosmetics exports grew steadily within the last decade, with major importers being neighboring regions like Taiwan, South Korea, and China.
Description: Cosmetic exports from South Korea have greatly increased in recent years and amounted to around 8.9 trillion South Korean won (about 7.6 billion U.S. dollars according to the source) as of 2020. Thanks to the global popularity of K-beauty, both the production and exports of South Korean cosmetics have grown.
5. Consumer preference
Description: According to a survey from 2021, 44 percent of respondents in Vietnam regularly used decorative cosmetics such as makeup and nail polish. In comparison, 22 percent of respondents in Pakistan regularly used decorative cosmetics in 2021.
Description: According to a survey from 2021, the main criterion for selecting body care and cosmetic products was quality for consumers in Australia, China, and India. In comparison, skin compatibility was the most popular criterion for respondents in South Korea.
Description: According to a survey conducted in April 2021, around 64 percent of Chinese respondents said effectiveness was the most crucial factor in choosing cosmetic products. The price-performance and ingredients were also important criteria for them to purchase beauty products.
Description: According to a survey conducted in July 2021 by Rakuten Insight, the majority of respondents in Japan used Japanese skincare products. While 67 percent of respondents trusted in domestic brands for their skincare routines, five percent consumed Korean beauty products.
Description: According to a survey on the popularity of South Korean beauty products among select countries in Asia and Oceania in 2021, around 50 percent of respondents from India answered that K-beauty products were popular in their country. Following closely were Australia and Thailand with 41 and 40.6 percent of respondents, respectively.
Source from Statista.
Disclaimer: The information set forth above is provided by Statista independently of Alibaba.com. Alibaba.com makes no representation and warranties as to the quality and reliability of the seller and products.