ASEAN Cosmeceuticals Market Size to reach USD 14.75 Billion | Market Rising in United States

The global ASEAN cosmeceuticals market size was USD 5.04 billion in 2020. The market is projected to grow from USD 5.70 billion in 2021 to USD 14.75 billion in 2028 at a CAGR of 14.5% in the 2021-2028 period.

Fortune Business Insights™ provides this information in its report, titled, “ASEAN Cosmeceuticals Market, 2021-2028.”

According to our expert researchers, the factor that increases demand for beauty and personal care products that improve the person’s appearance is the growth aspect working in favor of the market.

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Organic Cosmetics Overview

Organic cosmetics products are retrieved from organically grown ingredients and processing it naturally without any addition of the chemical. The emerging concern with wellbeing, consciousness for greener products and awareness among the consumers about the availability of safer cosmetic products is expected to fuel the market growth for organic cosmetics in the near future.

North America	United States, Canada and Mexico
Europe	Germany, UK, France, Italy, Russia and Turkey etc.
Asia-Pacific	China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam etc.
South America	Brazil, Argentina, Columbia etc.
Middle East & Africa	Saudi Arabia, UAE, Egypt, Nigeria and South Africa

COVID-19 Impact

Use of Online Sales Channel amid Pandemic Empowered Minimization of Adverse Impact

In relation to the COVID-19 impact, the ASEAN cosmeceuticals had a restricted adverse impact on the market growth. The consumers in the vital nations of the ASEAN region could use online channels to obtain various cosmeceuticals. At the same time, there were few unfavorable effects as the lockdown guidelines inflicted by the several governments of the ASEAN region resulted in a considerable decline in outdoor visits, which affected the demand for cosmeceuticals.

Report Coverage

The report offers a detailed study of the market and a keen examination of the major segments of the market. It provides an in-depth analysis of key players and their insightful strategies to spur market growth for monetary gains. It also shares tangible insights which guide business owners with their investment perspective. The regional dynamics and how they shape the market in an upward curve are presented in the following report. Moreover, COVID-19 impacts have been added for additional information and are expected to affect the demand for cosmeceutical products in the near future.

Segmentation

On the basis of product type, the market can be segregated into skincare, hair care, and other segments. The skincare segment accounted for the highest market share in 2020, attributable to the strong demand for skin cosmeceuticals.

In terms of distribution channels, the market is classified into pharmacy/drug stores, online stores, and others.

On the basis of country/sub-region, the ASEAN market can be categorized into Thailand, Indonesia, Malaysia, Singapore, Vietnam, The Philippines, and the Rest of ASEAN.

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Drivers and Restraints

Increase in Disposable Incomes in ASEAN Nations to Fuel Acceptance of Cosmeceuticals

The enhancement in the economic factors of the ASEAN region has augmented intensely over the last few years. Few aspects comprise sturdy GDP growth due to promising trade flows, which are pooled with a sturdy rise in per capita financial growth. This noteworthy development in economic factors has resulted in a robust escalation in the expendable income of the population of the ASEAN region. This factor is expected to boost the ASEAN cosmeceuticals market growth.

List of Key Players Covered in this Market Report

·         L’Oréal (Clichy, France)

·         Estée Lauder Companies Inc. (New York City, U.S.)

·         Beiersdorf (Hamburg, Germany)

·         Shiseido Company Limited (Tokyo, Japan)

·         Procter and Gamble (Novartis AG) (Cincinnati, U.S.)

·         AVON (London, U.K.)

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