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Growth and Opportunity Assessment of Personal Care Ingredients Market—ASEAN : Emerging Markets Drive Demand

  • December 2014
  • 47 pages
  • Frost & Sullivan
Report ID: 2582124

Summary

Table of Contents

Key Findings

•Global trends such as an increased interest in multifunction products and growing concerns about health and well-being are creating a conducive environment for the growth of personal care markets in The Association of Southeast Asian Nations (ASEAN), which in turn lead to more market opportunities.
•Macroeconomic factors such as rising incomes and strong gross domestic product (GDP) increased consumer spending, which is expected to propel growth in ASEAN regions.
•Age is also a factor to be considered because the middle-age population (aged x – ) is expected to grow rapidly in ASEAN. The substantial young population in the region is also expected to drive demand for personal care products targeted at youth.
•Overall, the personal care market in ASEAN is expected to witness high growth, with a CAGR of x % between 2013 and 2017.
•Active ingredients also play a role in the growth of the ASEAN personal care market, with an approximate share of x % as of 2013. In terms of volume, this market is dominated by moisturising ingredients with an x % market share in 2013.
•The personal care market in ASEAN is dominated by the economies of Indonesia, Malaysia, Thailand, Philippines, and Vietnam, which have large, growing markets. Some key emerging markets are Myanmar, Cambodia, and Laos.
•Thailand and Indonesia are the top two personal care markets in ASEAN. Together, they hold a large portion of the overall market share with x % for each country.
•The top two end-use segments are hair and skin care, comprising about 55% of the overall personal care market.
•Drivers such as technological innovations, a rise in consumer spending, and a greater awareness are driving the demand, and helping companies gain a competitive edge and increase market share. Unfavourable legislation is restricting the introduction of new active ingredients, and competition from China forces global suppliers to reduce costs.
•Product innovation, as well as research and development (R&D) at the ingredient-manufacturer level, directly impacts the value chain and is the best area to create maximum differentiation and long-term gain.
•The majority of personal care active ingredients are imported from Europe and the United States.

Global Trends in the Personal Care Market

Key Takeaway: Global trends are creating a conducive environment for the growth of the personal care market in ASEAN during 2010–2017.

Functionality and Performance
Increasing consumer interest in products that have multi-functional benefits and higher performance are driving companies to focus more on R&D.

Urbanisation
Rise of the urban middle class population in ASEAN is fuelling the growth of consumption and demand.

Globalisation
Greater numbers of personal care product manufacturers and ingredient suppliers are going global and setting up bases in emerging markets such as ASEAN, Latin America (LATAM), India, and China.

Health and Wellness
Personal care has moved beyond beauty and cosmetic products to healthy skin, hair, and nails. With the ageing population, the desire for wrinkle-free skin has driven the demand for active ingredients.

Low Carbon Economy
Many manufacturing companies are aiming to reduce their overall carbon footprint through the implementation of sustainable business practices.

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