Asia-Pacific Becomes Center Of Global Beauty Market

Asia-Pacific’s market for cosmetics is forecast to reach $126.8 billion by 2020, with a CAGR of more than 4 percent during the period, according to Apacmarket.com. Japan, the region’s top market, accounted for 28 percent of the total beauty market in 2014; however, other countries are fast catching up. Recognizing the trend, international brands are focusing on the region. For example, L’Oreal, which has been operating for more than 20 years in India, grew its local business by creating R&D centers in Mumbai and Bangalore. Factors driving growth in the region include the importance of skincare and makeup in letting women project their social status and the increase in cosmetics education and focus on one’s appearance brought about by social media.