Here are top trends shaping Asia's beauty and personal care market

Consumers are increasingly prioritising value in their beauty and personal care purchases.

The Asia Pacific region held a commanding 32% share of the global beauty and personal care market in 2023, with notable growth trajectories in key markets like China, Japan, India, and South Korea, according to Euromonitor's Voice of the Consumer: Beauty Survey.

The report said that each of these markets exhibits unique developmental paths whilst sharing common trends that shape consumer preferences and industry dynamics. 

Consumers across these countries increasingly prioritise value in their beauty and personal care purchases. Key attributes driving consumer choices include quality/effectiveness, wellness, and multifunctionality, reflecting a shift towards products that offer holistic benefits beyond mere affordability.

Additionally, the market is also witnessing polarisation towards both mass-market and premium segments.

“Consumers in these four countries are showing a preference for the high and low ends rather than the mid-range, fuelling substantial growth for mass and premium,” the repot noted.

Premium brands also leverage celebrity endorsements and exclusive events to attract discerning consumers, whilst mass brands focus on affordability and trendy multifunctional products, often through strategic partnerships and private labels.

Moreover, demographic shifts, such as India's youthful population and South Korea's low fertility rates, influence product strategies. Brands are customising offerings to cater specifically to younger demographics in India, while in South Korea, shifts from baby products to pet lines reflect evolving consumer demographics.

Looking ahead, adaptation to evolving consumer trends and demographic shifts will be crucial for success in the Asia Pacific beauty and personal care market. 

Stakeholders are urged to innovate in product development, leverage market insights, and forge strategic partnerships to navigate the dynamic landscape and capitalise on burgeoning opportunities in this vibrant industry.