According to a report the makeup market in Asia Pacific was valued at USD 14.76 billion in 2013 and is anticipated to reach USD 22.31 billion in 2019, expanding at a CAGR of 7.1% from 2013 to 2019. Japan was one of the lucrative markets for makeup products until 2013 due to higher standard of living and rising preference for these products by working women. However, China is estimated to become the most lucrative market for makeup products by 2019 due to rapid increase in the number of working women and rising disposable income of the people in the country.
Transparency Market Research has published a new market report titled “Makeup Market Asia Pacific Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2013 – 2019 which sheds light on changing consumer trends and how emerging economies are hanging this industry, like so many others.
Rapid changes in the lifestyle of people in major markets such as India and China are projected to boost the makeup market in Asia Pacific. Around 60% consumers in Asia Pacific belong to the age group of 15 to 54. This makes Asia Pacific a region with the highest potential for consumption of makeup products in the world. Furthermore, growth in retail channels and innovative marketing strategies by small and large market players would significantly influence the consumption of makeup products in the region over the next six years.
Emerging countries such as India, China and Malaysia are among the fastest growing markets for makeup products. The makeup market in these countries is anticipated to experience double-digit growth during the forecast period. The makeup market in these countries is estimated to witness a shift from synthetic chemical based products to natural makeup and beauty products. Increasing middle class population and developing distribution channels are projected to create demand for mass makeup products.