Cosmeceuticals expecting double digit growth across Asia
The report, titled ‘Asia-Pacific Cosmeceuticals Industry Forecasts to 2017’, anticipates a double digit growth rate during the next three years from 2013 to 2015.
Cosmeceutical products have a big emphasis on scientifically developed and technologically advanced formulations and often contain active ingredients that can also be also found in pharmaceutical products.
The growth is set to be pushed by various regional-specific consumer concerns, including China’s ongoing enthusiasm for herbal cosmetics, and Japanese consumer demand for scalp care treatments.
More generally, the report pulls up anti-ageing as a common growth driver across the region for cosmeceuticals.
Regional-specific demands
The report highlights that Japan, where there is already an established niche market for the category, is expected to see a market growth in cosmeceuticals at a CAGR of 8.1% in the next for years, especially driven by anti-aging skin care and scalp care treatments.
India and China tell a similar tale regarding consumer enthusiasm for anti-aging cosmeceuticals. Both these regions are set to continue to register strong economic growth, thanks to a burgeoning middle class with higher expendable income levels, which will feed into the cosmeceuticals growth.
In India, the market has grown at a higher average annual growth rate of 10.9% than that seen in the period of 2007 – 2012, and in China, male grooming joins anti-ageing in increasing sales by 3.8%.
Global situation
The international cosmeceutical market has a large number of market players, including both pharmaceutical ingredient manufacturers and cosmetic companies.
Companies are keen to maintain a high profile in the consumer awareness: consistent market launches keep a particular company in news, with the opportunity for the major players in the next few years being highlighted in Asia as the regions demand increases.
Indeed, although the US remains the biggest market for this category, emerging markets in the Asia Pacific region are likely to be the driver of the predicted high future growth for the category globally.
