 "Data Tracker: The changing face of the beauty market")
Two reports point to significant changes in the market for beauty products, globally and in Asia. According to Euromonitor’s research, there is a shift towards premiumisation as consumers are becoming more selective about what goes into the making of their beauty products. And a report by global market research firm Mintel looks at Asian consumers and brand behaviour.
• Premium beauty and personal care outperformed the mass segment in 2017, for the second consecutive year, growing at nearly 6%
• China and the US are expected to contribute just over half of the $20 billion in premium beauty and personal care absolute growth by 2021
BIG TRENDS IN ASIA-PACIFIC
• More demand for de-stressing products
Consumers are looking for a quick and easy way to escape and re-energise whenever and wherever they can, 30% of Indian respondents are motivated by feeling less stressed out when they make their purchases
• Fitness is a part of the beauty regimen
Beauty brands are formulating products that help further customers’ desire for health and fitness, 59% of Chinese facial skincare users say they are prepared to do more exercise to improve their skin
• Focus on local, natural products
Brands are using basic or familiar ingredients and traditional or classic formats. 30% of Australian respondents say they are prepared to pay a premium for locally made or grown products
ASIAN MALE BEAUTY MARKET GROWING
• Men’s facial hair care booming in India
The ‘hipster’ beard is no longer considered a casual look and the trend for men’s facial hair care is becoming more mainstream, products for caring for moustaches and beards are also becoming more sophisticated
• In S Korea, the influence of K-pop is raising male interest in beauty products
POPULAR FEATURES AND INGREDIENTS
• Anti-ageing is trending up
Anti-ageing claims in new products in Asia has steadily increased, growing from 8% in 2013 to 11% by 2016
• Consumers want sun protection
In Asia, new product development with UV Protection has Japan leading the way at 34%, followed by South Korea at 16%, China at 9% and Thailand and India at 8% each for the period 2012-2016
• Herbal/botanicals are popular
Globally, 60% of skincare product launches have a botanical/herbal positioning
• Beauty devices getting more sophisticated
The combination of diagnostics, monitoring and treatments offers the most sustainable future for beauty devices, mirroring the trend for personalised, responsive beauty products
Source: Asia-Pacific: The beauty landscape, Mintel & Niche Segment Rewriting the Rules
in the Beauty Industry: Part II, Euromonitor
