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Cosmetics Market in Asia: Favorable Demographics Fuel Sales
Koncept Analytics, Dec 2007, Pages: 39
The Japanese cosmetics market is in a stable condition but with continuous realignment of distribution channels, all cosmetics producers need to enhance and restructure the management of their sales channels. Specialty stores are the leading channel due to consumer convenience and low prices while sales through department stores is slowing down. Shiseido, Kao (and Kanebo), Kose, and Pola dominate the cosmetics market in Japan.
China’s cosmetics market, the second largest in Asia Pacific after Japan, is witnessing increased demand due to improving lifestyles and rising disposable income of the Chinese population. However, the level of development of the market is still very low. This suggests a huge growth potential for foreign cosmetic producers. Although several domestic firms are present, foreign companies dominate the market. L’Oreal has the largest market share in China.
South Korean cosmetics market is growing at a faster rate than developed regions. There is a clear trend of the market heading towards premium cosmetic products. The younger populace is looking for general skin care and hair care products while the older generation has more specific needs for their cosmetics products. Another notable trend is the rising demand of the male consumer segment. Amorepacific and LG H&H, the leaders in the Korean cosmetics market, have transformed traditional stores into their self-owned retail channels.
India is being targeted by global cosmetic giants due to its favorable demographics. The modern, urban Indian women are becoming increasingly conscious about their style and looks, with great emphasis on lightening of skin tone. Skin care and color cosmetics have witnessed solid growth for the last few years, with more than half of the skincare market comprising of skin lightening creams. Lip products form a majority of the color cosmetics market. In India, small pack sizes are very popular as they offer a lower cost and the chance to try new products. Hindustan Unilever is India's largest cosmetics company, followed by L'Oreal.
Skin care products dominate the Taiwanese market, followed by color cosmetics and hair care products. In Singapore, sun care products and men’s grooming product has been the growth engine. In Thailand, skin care products and perfumes lead the market. In Vietnam and Indonesia, domestic cosmetic producers cater to the middle and low-end market segment while imported cosmetics dominate the upper strata of the market.
This report analyzes the cosmetics market in Asia, with focus on Japan, Korea, China, India, Taiwan, Singapore, Thailand, Vietnam and Indonesia. It analyzes the market value, competitive landscape and market trends in each of the major regions. The report also profiles the top cosmetic companies, with a discussion of their key business strategies.
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