Euromonitor Analyst Pei Ying Loh recently had the opportunity to speak at an international trade fair for personal care ingredients, In-Cosmetics Asia 2014 in Bangkok, discussing the latest trends in beauty and personal care, and specifically anti-agers.
The two presentations, entitled Global Trends in Beauty and Personal Care: Opportunities for The Future, and Global Trends in Anti-Agers, highlighted some key trends and how beauty and personal care has evolved globally and in Asia Pacific specifically over the past five years, focusing on consumer preferences and how technology has become a main focus for manufacturers.
Beauty and personal care trends: Global and Asia Pacific contexts
According to Euromonitor International data, global beauty and personal care was worth US$454 billion in 2013. Within this, 28% is represented by Asia Pacific, achieving the highest value sales, at US$128 billion in 2013.
Anti-agers grew by 4% in 2013, to reach US$25 billion globally, which represents 23% of global skincare sales. In Asia Pacific, anti-agers accounts for the largest share within global anti-agers, with value sales of US$11 billion, and the highest value growth - 76% from 2008 to 2013. Furthermore, according to Euromonitor International, mass anti-agers have outperformed premium anti-agers in the Asia Pacific region since 2011.
According to Euromonitor International’s Personal Appearance survey, conducted amongst 7,000 consumers in 16 emerging and developed markets in 2014, the market is driven by both brand loyalty and experimentation. Experimentation plays a bigger role in purchase of colour cosmetics and fragrances, in which more than one third of online consumers have commented that they would make new purchases, out of the desire to try something new. According to Euromonitor International’s Personal Appearance Survey 2014, men in emerging countries are using more specific products such as anti-agers, whitening/lightening creams, compared to men in developed countries.
The presentations highlight the key factors of convenience, cost effectiveness, and busy consumer lifestyles, leading to the growth of multi-benefit products, at-home beauty experiences, and rise of online purchases. They also highlighted that younger consumers have rising awareness of beauty and personal care, and are moving towards more specific products, such as anti-agers.
Technology has become one of the main channels for manufacturers to connect with consumers. Social media, “selfies” and blogs are being used by manufacturers to get to know what consumers are looking for, as well as driving certain trends.
Fashion apparel brands have also shown a rising popularity. Marc Jacobs, Tory Burch, Michael Kors and Tom Ford have partnered with Estée Lauder, L’Oréal and Sephora to launch their range of beauty products to attract new consumers.
Consumers are more cautious about the ingredients in beauty products, which had led to the rise of “safe” cosmetics. South Korea is one clear illustration of the shift to safe cosmetics. The mobile application HwaHae has been launched to provide consumers with information about the ingredients used in the beauty products. With the rising popularity of safe cosmetics, we can also see this trend specifically for anti-agers, in which two categories - natural and clinically-tested anti-agers - are being emphasised by manufacturers.
Opportunities for beauty and personal care
Globally, other facial makeup is expected to see the fastest value growth: 11% at constant 2013 prices, from 2013 to 2018. Within other facial makeup, Euromonitor International includes BB cream (beauty balm or blemish balm), CC cream (colour corrector), facial oil blotters and primers. BB cream will be the main push for other facial makeup, with more value-added benefits such as anti-ageing, and combining both benefits of BB cream and CC cream.
Social media and the trend towards “selfies” have helped to create more opportunities for product development for the future. With the growing trend of “selfies”, we can see that consumers are more image conscious, which is driving consumers to look for more innovative products to achieve skin perfection.
Younger consumers between 25 - 29 years old will be the main focus group for anti-agers’ manufacturers. Manufacturers are able to provide more information about anti-agers and educate them on benefits and usage of anti-agers at a younger age, encouraging the products to be used as a “preventive” measure to offset future signs of ageing.
Men’s grooming is expected to see value growth of 19% globally between 2013 and 2018. Multi-benefits products will be the main focus for men as they are looking out for convenience, enjoying multiple benefits within one product. Specific beauty products, such as anti-ageing creams, blemish/acne treatment, and whitening/lightening creams, will also be a growing trend in accordance with a rising awareness of skin care regimes.
Learn more in our free white paper: Global Consumer Survey Results on Apparel, Beauty and Grooming