Cosmetics markets in 6 Southeast Asian countries grown double in 10 years
SINGAPORE, NNA - Cosmetics markets in six Southeast Asian countries are forecast to have grown double in 10 years to total 929.5 billion yen ($8.7 billion) as a whole in the fiscal year 2019, driven by sales of skincare and whitening products, and sunscreens, according to a Japanese marketing research firm.
TPC Marketing Research Corp. has surveyed the cosmetics markets in Indonesia, Malaysia, Myanmar, Singapore, Thailand, and Vietnam, compiling sales in the region by 13 Japanese, South Korean, Chinese, European, and U.S. cosmetics makers in each fiscal year.
The makers include Shiseido Co., Kao Corp. from Japan, Estee Lauder Co. from the United States, and Amore Pacific Corp. from South Korea.
In fiscal 2019, the six markets are forecast to expand 5.4 percent from the preceding year as a whole, the Osaka-based research company said in a report released Friday.
Indonesia has the largest cosmetics market among the six countries, with its sales increasing 6.0 percent to 351.4 billion yen and accounting for nearly 40 percent of the six-country total. Vietnam is estimated to post a 7.7 percent rise, the largest among the six countries, to 60.3 billion yen, the report said.
Demand for skincare and whitening products is growing in the region, particularly in Thailand, where such items are made popular due to the influence of the “Korean Wave” – a boom in South Korean culture that highly values immaculate skin, according to the survey.
In Indonesia and Malaysia, local makers that manufacture Muslim-approved halal cosmetics have boosted their sales as there is a certain demand for them. European makers Unilever NV. and L'Oréal S.A. are also marketing halal cosmetics to tap demand from Muslim women, the report said.