Revealed: Key beauty and personal care trends set to shape the APAC industry in 2024
At the start of 2024, we revealed the consumer and market shifts that were set to have a major impact on the beauty and personal care industry in Asia Pacific over the year.
The persistent demand for performance is not showing any signs of waning; on the contrary, it was poised to intensify, especially with the increasing normalisation of aesthetic procedures.
Botox injections, dermal fillers, microneedling, chemical peels, thread lifts… The list of popular aesthetic procedures goes on and on. According to L’Oréal, it was estimated that around 300 million people have embraced these procedures and it expects this number to accelerate.
“You have a boom of consumers that are turning more and more to dermatologists to meet the very high demand of aesthetic performance. We now estimate that the pool of consumers that turn to them for procedures is likely to double and reach 600 million,” said Myriam Cohen-Welgryn, president of dermatological beauty, L’Oréal Group.
How to win over…diverse Singaporean beauty consumers
Exclusive insights from beauty companies Sephora, LUXASIA, Porcelain, and Founder’s Beauty shed light on Singapore’s beauty and personal care market and revealed what it takes to capture its discerning consumers and succeed in its diverse market.
While it is a David in a world of Goliaths, Singapore remains one of the most attractive markets for businesses across multiple industries. It is highly regarded as a business-friendly environment and logistics hub, making it the ideal entry point into SEA or the wider Asia region.
Singapore Retail Association (SRA) council member Alwyn Chong told CosmeticsDesign-Asia described Singapore as a “showcase market” for the beauty industry.
Need-to-know: The major cosmetics regulatory issues on the agenda in 2024
We dissected the regulatory challenges that affected the Asia Pacific cosmetic industry in 2024 with expert insights from leading industry insiders.
In 2023, New Zealand’s Environmental Protection Agency (EPA) consulted on new draft of the Cosmetic Products Group Standard. After hearing out all comments and recommendations, the industry expected it to publish a draft of changes by January 30, 2024.
“We haven’t updated the standard for quite some time so it’s well overdue for an update. What it will do is realign with what Europe does. At the same time, this will keep us align with the ASEAN Cosmetic Directive (ACD) in particular. As an exporting country, we want to make sure we are aligned to those markets,” said Garth Wylie, technical executive director of industry association, Cosmetics New Zealand.
‘East meets west’: Estée Lauder will launch Japan-produced quasi-drug skin range in September
American luxury brand Estée Lauder launched a quasi-drug skin care line, Aqua Charge, in September that was researched, developed, and produced in Japan.
The Aqua Charge range was developed in collaboration with Yushin Shuzo, a sake brewery based in the Kagawa Prefecture.
According to the company, the range “from development to manufacturing, was 100% produced in Japan and tested on Japanese women.”
Additionally, its safety has been confirmed on tests on sensitive skin, said the firm.
How to win over.. the recovering Hong Kong beauty market
Exclusive insights from beauty leaders L’Occitane Group, Sa Sa International, G&M Cosmetics, Pretti5 shed light on the resilient Hong Kong beauty and personal care market and reveal why it remains a key market in Asia Pacific in 2024.
The COVID-19 pandemic brought about notable disruptions to Hong Kong. Compounded by the aftermath of the 2019 protests, Hong Kong’s retail sector experienced a downturn due to prolonged periods of social distancing measures and travel restrictions.
According to market research provider Euromonitor International, Hong Kong’s beauty market was valued at HKD28.9bn in 2023.
Before the pandemic, in 2018, it was valued at HKD36.1bn. The most significant drop in recent years was from 2019 to 2022 when it fell by 37% to HKD20.8bn.
Less palm, more skin benefits: Hindustan Unilever’s new soap technology brings ‘dramatic’ superiority to Lux, Lifebuoy
Hindustan Unilever’s (HUL) Stratos technology reduces palm oil in soap by 25% and claims to have superior functional benefits to the skin barrier, fragrance delivery, and more.
This year, Unilever’s Indian subsidiary debuted the technology with Lux and Lifebuoy, the company’s two largest brands.
“Both of these brands now have gone live with this change. This technology, which has taken us more than five years to get it curated, get it perfected has been tested extensively not only with lab tests, clinical tests, but also with thousands of consumers and the decision is completely unanimous that it’s a far better-quality product,” said Ritesh Tiwari, chief finance officer and executive director, Finance and IT, HUL.
This technology debuted in India as it is the largest market for soap bars for Unilever.
K-beauty firm behind medicube sees global expansion propelled by demand for cost-effective next-gen devices
South Korea-based APR Corp says its beauty device technology is the key driving force behind the company’s accelerated expansion into overseas markets, amid growing demand for cost-effective devices.
As of November 2023, cumulative sales of APR’s beauty devices domestically and abroad have exceeded 1.5 million units.
The firmannounced its participation in CES 2024, said to be the world’s largest consumer electronics and home appliances trade show, which was held from January 9 to 12 in Las Vegas, US.
This marked APR’s first appearance at the event, where the company focused on the concept of “a skin care lifestyle created by beauty devices” and introduced its products under the medicube AGE-R brand.
‘Localisation failure’: Sephora crumbles under pressure of Korea’s competitive local market
Sephora’s failure to crack South Korea has been linked to its inability to understand the local market and highlights the strength of local players, according to industry experts.
The beauty retailer, owned by French luxury group LVMH, withdrew from the Korean market since May 6.
“With heavy hearts, Sephora has decided to terminate its operations in Korea,” it said in an Instagram post on March 19.
The retailer launched in Korea in 2019 with a flagship in the Parnas Mall located in the upscale Gangnam district.
All eyes on APAC: Three emerging spaces to watch for beauty and personal care growth in 2024
We spoke to leading beauty and personal care insiders from Dow, Givaudan, and Carbonwave, and gleaned insights into the markets and segments they tipped for growth in 2024.
South East Asia is a young region with a host of discerning consumers moving away from mass-produced brands in favour of more niche offerings. The region is home to a rich and diverse tapestry of consumers who are seeking out products perfectly aligned with their needs and values.
Local brands were perfectly placed to respond to the shifts on the ground and have a huge opportunity to shape the evolution of the SEA beauty market.
“The market is changing. Just in Thailand and Indonesia, we’re seeing many brands pop up that we’ve never seen before. They are coming up fast with new ideas, products, or marketing activities. These brands are quickly growing their presence in our region,” said Cedric Toh, regional marketing manager, SEA, Australia, and New Zealand, Dow Personal Care.
How to win over… Asia’s sophisticated skin care consumers
We revealed exclusive insights into the Asian skin care market with expert viewpoints from Melvita, Elizabeth Arden, StyleStory, and more, discussing the shifting landscape, emerging consumers, and strategies needed to stay ahead in this increasingly competitive market.
The buzz in the skin care market is deafening, with a cacophony of new launches, viral products, and emerging trends trying to grab attention. The beauty market overall is competitive, but the skin care market is doubly cutthroat. We have seen some great brands succumb to the pressures of the market while rather average brands continue to thrive.
“I think it’s as competitive as it has ever been,” Lauren Lee, founder of K-beauty retailer StyleStory. Since its launch in 2014, Lee has founded K-beauty brand Jelly Ko and a regulatory consultancy.
“I don’t think there have ever been as many brands or as many launches. It’s very, very competitive and you feel that in all of the different ways. To cut through the noise with a new product launch these days is hard. Even makeup brands have moved into the skin care market to check out the possibilities.”
