The ASEAN organic cosmetics market is projected to grow from US$40 billion in 2015 to US$66 billion by 2024, driven by middle class spending and awareness of synthetic effects.
The ASEAN market for organic cosmetics stood at an overall valuation of US$40 billion in the year 2015. Over the course of the given forecast period of 2016 to 20224, the market is supposed to reach a total valuation on US$66 billion. This growth of the ASEAN market for organic cosmetics is expected to be driven by a strong CAGR of 10.0% over the same period of forecast.
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Increasing awareness about the possible side effects of synthetic cosmetics in projected to be a primary driving factor for the development of the global organic cosmetics market. Positive approach towards the organic cosmetics, easy availability of a broad range of organic cosmetics, and increasing spending power of the people of middle class in ASEAN are some of the other vital reasons driving the overall growth of the market for organic cosmetics. Keeping an account of these factors, the market for organic cosmetics in ASEAN is projected to grow with the help of a steady CAGR of 9% till the years 2020 and is estimated to generate revenue of about US$4.4 billion.
However, there are some factors that are negatively impacting the overall growth of the ASEAN market for organic cosmetics market. One of the key impeding factors for slowing down the market growth of organic cosmetics is the high cost of these products. In addition to this, the shelf life of these organic cosmetics is very limited and there is a clear lack of standardized certification for these products. These factors are also expected to hamper the market growth of ASEAN market for organic cosmetics products and may slow it down to reach its full potential. There is a dire need for setting up strict and rigorous standards for certification, so that only the products with reliable and genuine brands will be able to introduce themselves in the global market for organic cosmetics.
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Depending on the type of product, the ASEAN organic cosmetics market can be segmented in terms of make up, toiletries, fragrances, hair care, and skin care. Among these mentioned segments, the organic products for hair care are held the highest share in the ASEAN market in 2015 in terms of revenue generated. The organic hair care cosmetics products segment was valued at US$780 million in the year 2015. The overall demand for the organic hair care products is expected to clock nearly US$1.24 billion by the fall of year 2020.
The second highest revenue generating product was found to be the skin care products. In terms of revenue generated, the segment accounted US$671 million in the year 2015. This segment for organic skin care products is expected to grow with the help of a steady CAGR of 9.7% over the course of the given forecast period and is estimated to reach an overall market valuation of US$1 billion during the same time. The segments of toiletries and organic fragrances are also projected to grow with strong CAGRS over the course of the given period of forecast.
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From a regional point of view the ASEAN market for organic cosmetics can be segmented into six key regions such as Malaysia, Indonesia, Thailand, Vietnam, Philippines, and Singapore. In ASEAN organic cosmetics product market, Thailand, Indonesia, and Philippines are the three biggest markets in terms of revenue generation. Thailand market for organic cosmetics.
Some of the key companies in the ASEAN market for organic cosmetics include names such as Weleda Inc., W.S. Badges Company Inc., and Groupe L’OCCITANE among others.
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The article discusses the growth of the ASEAN organic cosmetics market driven by middle class spending and awareness of synthetic product effects.
Increased spending power of the middle class and awareness of synthetic cosmetics' side effects are key drivers.
High costs, limited shelf life, and lack of standardized certification are major challenges.
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