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ASEAN Cosmeceuticals Market Size, Share & COVID-19 Impact Analysis, By Product Type (Skin Care, Hair Care, and Others), By Distribution Channel (Pharmacy/Drug Stores, Online Stores, and Others), and Regional Forecast, 2021-2028

Last Updated: July 01, 2024 | Format: PDF | Report ID: FBI106253



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The ASEAN Cosmeceuticals market size was USD 5.04 billion in 2020. The market is projected to grow from USD 5.70 billion in 2021 to USD 14.75 billion in 2028 at a CAGR of 14.5% in the 2021-2028 period. The impact of COVID-19 has been unprecedented and staggering, with cosmeceuticals witnessing a negative impact on demand across the ASEAN countries amid the pandemic. Based on our analysis, the ASEAN market exhibited a lower growth of 7.7% in 2020 as compared to the average year-on-year growth during 2017-2019. The rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.

In terms of the current scenario, there is a strong demand for aesthetic beauty across all the regions in the world. This demand has been particularly witnessed in the countries of the Association of Southeast Asian Nations (ASEAN) region countries, where improvement in economic parameters has boosted the general population's disposable income levels. This factor has increased the demand for beauty and personal care products that enhance a person’s appearance. Some beauty products that are expected to witness a strong surge in market growth are skin whitening and anti-aging cosmetics products. Other personal care products, including hair growth, are also expected to witness strong growth prospects.

As more and more consumers become aware, there is anticipated to be a strong demand for cosmeceuticals with greater efficacy in terms of aesthetic outcomes. These factors are expected to increase the engagement of prominent players in the various R&D initiatives. As these initiatives are expected to give rise to new product launches with greater efficacy, product adoption rates are expected to witness a strong surge. Due to these stellar growth trends, the market is expected to witness robust positive growth in the forecast period.

Usage of Online Sales Channel during Pandemic Enabled Minimization of Negative Impact

In terms of the COVID impact, the ASEAN cosmeceuticals had a limited negative effect on the market growth. The consumers in the key countries of the ASEAN region were able to utilize online channels to procure various products. At the same instance, there was some negative impact as the lockdown measures imposed by the various governments of the ASEAN region led to a significant decline in outdoor visits, which impacted the demand for these products. A significant proportion of the ASEAN populace uses several products daily and often uses them for longer durations. As the lockdowns, limited in-person visits to brick and mortar stores such as pharmacies, a significant proportion of the population came online for the first time. These trends have also strongly reduced the negative impact on the demand for cosmeceuticals in the region.

In terms of key companies, L’Oreal registered a decline in revenues due to the fewer in-person visits to cosmetic salons due to the COVID-19 pandemic. However, in the Asia Pacific market, the company witnessed a positive growth of 1.5% compared to FY 2019. Some of the key reasons for the company’s strong growth in the region include the strong performance of the Active Cosmetics segment, which has several products in its portfolio. At the country level, Vietnam was amongst the least impacted in the ASEAN region, while Indonesia suffered a negative impact due to various waves of the pandemic. Hence, the COVID-19 pandemic had led to slower growth in this market.


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Increasing Adoption of Online Sales Channels to Augment Market Growth

One of the most important trends witnessed in this market in the ASEAN region is that the online sales channels in this region have witnessed stellar growth trends over the past few years. According to an article published in November 2020, by CNBC, due to the coronavirus pandemic, an estimated 40 million people in six countries of the ASEAN region— Singapore, Malaysia, Indonesia, the Philippines, Vietnam, and Thailand used the internet for the first time in 2020. This surge in the number of internet users is expected to strongly contribute to the growth of this market in the region as more consumers are expected to use these channels to adopt various products.

Hence, the e-commerce channel in the ASEAN region is expected to be instrumental in the growth of this market. According to the data released by the Euromonitor Passport database in 2019, Vietnam witnessed a 379.0% growth in online retail sales over the period of 2013-18, while Malaysia witnessed a growth of 308.4% over the period of 2013-18. Indonesia also witnessed a strong growth trend of 196.7% throughout 2013-18 in online retail sales. As the internet penetration increases across the region, the presence of major online marketplaces coupled with the growing middle class populace is expected to significantly contribute to the market’s progress during the forecast period.


Rise in Disposable Income in ASEAN Countries to Drive Adoption of Cosmeceuticals

The improvement in the economical parameters of the ASEAN region has increased dramatically over the past few decades. Some factors include robust GDP growth due to favorable trade flows, coupled with a strong surge in per capita economic growth. This significant improvement in economic parameters has led to a strong increase in the disposable income of the populace of the ASEAN region. According to a report by PricewaterhouseCoopers in May 2018, there are an estimated 87 million middle class households in the ASEAN region with incomes at the levels where they can make significant discretionary purchases. Furthermore, factors such as rapid urbanization, followed by an increase in consumption trends. Also, the number of middle class households in the ASEAN region is set to reach an estimated 116 million households by 2020.

For instance, in the ASEAN countries of Indonesia and Thailand, there is a greater awareness of the trends of hair loss and the various cosmeceutical interventions to reduce the trends. Also, these two countries are expected to see a strong increase in the number of middle class households with higher disposable income. These factors have led to a greater demand for a number of hair care products in these countries. Such a strong increase in disposable income is expected to increase the demand for a wide range of beauty products. Furthermore, this has led to the greater presence and engagement of a number of companies. Such positive developments are anticipated to drive the ASEAN cosmeceuticals market growth.

Development & Usage of New Active Ingredients to Boost Market Growth

One of the critical and essential drivers in the ASEAN cosmeceuticals market is the emerging active ingredients used for a wide range of application areas. As the demand for beauty products with greater efficacy and improved aesthetic outcomes has increased, the development and usage of new active ingredients have emerged. The need for better and improved active ingredients for cosmeceuticals was especially realized as the consumer awareness regarding the claims of efficacy of such products improved. Some of the modern active ingredients used in such products consist of growth factors, cytokines, and peptides, growth factors, and cytokines, which aid in stimulating cellular proliferation.

For instance, increasing R&D initiatives are being conducted to develop a new generation of active ingredients for cosmeceuticals. The objective of newer products is to mitigate changes brought about by extrinsic and intrinsic aging mechanisms. These developments are expected to give rise to new product launches with greater efficacy leading to a strong surge in market growth.


Lax Regulatory Scenario Coupled with Concerns Regarding Various Products to Impede Market Growth

Despite an increased need for effective cosmeceuticals, one of the strong hindrances towards market growth is the lax enforcement of the regulations in the ASEAN region. Despite the presence of the ASEAN Cosmetics Directives (ACD) in the region, a negligent regulatory scenario may prevent many prominent companies from investing in this market, coupled with a decrease in product adoption rates. Companies in the ASEAN countries need to clear strict regulatory hurdles for the movement of their cosmetics in the region. However, despite regulations that mirror the European Union (EU) legislation, many domestic companies are ill-equipped to meet these requirements. Further, the lax implementation of the regulations is expected to limit market growth. Such factors have led to a scenario with a negligent regulatory overview, which is further expected to increase the presence of counterfeit cosmeceuticals in the region. Decreased consumer confidence due to such occurrences is expected to hamper the market growth in the region during the forecast period.

The unproven efficacy claims of some beauty products is another major restraint that can significantly contribute to the decline of the strong growth prospects of the market. As these products do not undergo the stringent regulatory approvals process that various pharmaceuticals and medical devices undergo, there is a greater risk that various manufacturers are making unsubstantiated claims regarding their products. In addition to this, increasing consumer awareness of the lack of scientific studies to validate the manufacturer's claims regarding their product can also lead to the decline of the market's growth.


By Product Type Analysis

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Skin Care Segment to Grow at the Highest CAGR in 2021-28

Based on product type, the ASEAN market can be segmented into skincare, hair care, and others.

The skincare segment can be further sub-segmented into anti-aging, skin whitening, sun protection, professional skincare, anti-acne, and other segments. The hair care segment can be further sub-segmented into hair growth, anti-dandruff, and other segments. The others segment can be further sub-segmented into lip care, tooth whitening, anti-cellulite/body slimming preparations, and other segments.

In terms of the product type segment, the skincare segment accounted for the highest market share in 2020, attributable to the strong demand for skin care products. Greater demand for skin whitening products is also anticipated to drive the segment's growth during the forecast period. Furthermore, anticipated launches in this segment in the forecast period are also expected to drive the segment’s strong growth. The anti-aging segment is expected to account for the dominant share of the skincare segment, as an increasing number of individuals opt for cosmeceuticals to reverse the signs of aging safely. For instance, Indonesia presents the largest number of older persons in Southeast Asia. Such strong trends of the aging population are expected to increase the adoption of anti-aging products, which will provide the impetus for the growth of this segment in the forecast period of 2021-28.

The hair care segment is expected to be the second dominant segment in the forecast period. The hair care segment is projected to account as the second largest market segment during the forecast period due to the strong and sustained demand for hair growth and anti-dandruff products. Furthermore, increased awareness amongst the populace in ASEAN countries such as Thailand and Indonesia regarding hair fall is expected to provide the impetus for the segment’s growth.

Market growth in the others segment will be due to the increased demand for products that improve the aesthetic appearance, such as tooth whitening products. Furthermore, increased demand for lip care products such as lip balms and other products that improve the cosmetic appearance, such as body slimming preparation, is expected to drive the market growth in 2021-28.

By Distribution Channel Analysis

Pharmacy/Drug Stores to Account as the Dominant Segment in 2020

Based on distribution channel, the market is segmented into pharmacy/drug stores, online stores, and others.

The pharmacy/drug stores segment is anticipated to emerge as the largest segment in 2021-28. The market share of the pharmacy/drug stores segment is expected to witness an increase in the forecast period. The dominance of these segments is attributed to the strong presence of these sales channels in the ASEAN countries and the populace of these countries on these brick and mortar stores for the procurement of products such as skincare products.

The online stores segment is anticipated to witness substantial growth in the segment's market share in the forecast period of 2021-28. The online stores segment is projected to be the sales channel with the highest growth prospects due to the strong internet penetration in the region, leading to increased e-commerce sales, coupled with the increasing adoption of online stores in the region. The others segment comprises other distribution channels such as franchise outlets and department stores.


Based on country/sub-region, the ASEAN market can be segmented into Thailand, Indonesia, Malaysia, Singapore, Vietnam, The Philippines, and the Rest of ASEAN.

The market size in ASEAN stood at USD 5.04 billion in 2020, and the region is expected to witness stellar growth rates during the forecast period. Some of the key factors contributing to the growth of the market in the region are the strong increase in these countries’ economic parameters, including disposable incomes, and increasing demand for cosmeceuticals with advanced efficacy.

In terms of countries, Thailand is expected to account as the most dominant country in 2020. Thailand’s market dominance is due to the increasing disposable income of the growing middle class strata in the country, strong demand for consumer goods, including various beauty products, and the growth of e-commerce channels in the country. Furthermore, the rapidly aging populace in the country is expected to drive the demand for products such as anti-aging products in the forecast period.

Indonesia accounted for the second largest country in the ASEAN market in 2020, and the country is projected to record a strong CAGR. Some of the contributing reasons for Indonesia’s robust growth prospects include the presence of key market players such as Unilever and L’Oreal, coupled with the various government initiatives for the sustained growth of the cosmeceuticals market in the country.

Other key countries in the ASEAN region include Malaysia, Singapore, Vietnam, and The Philippines. Vietnam is estimated to witness the highest CAGR during the forecast period. The market in Vietnam is expected to witness robust growth trends due to improvement in the country’s economic factors, increased demand for beauty products, and the growth of online sales in the country. The rest of the ASEAN region comprised a comparatively lower market share in 2020. However, strong economic trends in countries such as Laos and Cambodia are expected to lead to growth prospects, and these markets are expected to grow in the forecast period.


Robust Portfolio of L’Oréal & Procter and Gamble to Elevate these Companies to Dominant Position

In terms of the competition scenario, the market includes many companies with diverse product portfolios ranging from hair care products to skincare products. In terms of market share, L’Oréal and Procter and Gamble dominate the market due to their wide product portfolio, which has many prominent product ranges. L’Oréal dominates the market in several segments owing to its anti-aging and skin whitening cosmeceuticals. Furthermore, its product offerings in the active cosmetics segment are expected to cement its position as a key player in the market. L’Oréal’s new product launches and stellar sales performance in this market space have also elevated it to the apex position.

Proctor and Gamble and Unilever are the other key players in the region, especially due to their strong hair care product portfolio. Unilever has a substantial presence in the hair care segment due to their product ranges, such as TRESemmé and Dove. While Procter and Gamble is one of the top players due to their product ranges of Pantene, and Head & Shoulders, a key product offering in the anti-dandruff segment. However, other key players such as Beiersdorf and Shiseido Company Limited are expected to engage in market strategies such as expansion plans to increase their market presence in the region.


  • L’Oréal (Clichy, France)

  • Estée Lauder Companies Inc. (New York City, U.S.)

  • Beiersdorf (Hamburg, Germany)

  • Shiseido Company Limited (Tokyo, Japan)

  • Procter and Gamble  (Cincinnati, U.S.)

  • AVON (London, U.K.)


  • January 2021 – South Korea-based brand Innisfree announced the launch of a new anti-aging line, Black Tea Youth Enhancing, in Singapore.

  • August 2019 – Dr. TWL Dermaceuticals, a Singapore-based dermatologist-led cosmeceutical research & engineering company, announced the launch of Qraser Cosmeceutical Transdermal Delivery Patch.


An Infographic Representation of ASEAN Cosmeceuticals Market

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The ASEAN cosmeceuticals market research report provides detailed market analysis and focuses on key aspects such as the overview: trends in this market, a snapshot of active ingredients used in beauty products, new product launches, and key industry developments. Additionally, it includes an overview of the key OEM manufacturers & clients in the ASEAN region and the impact of COVID-19 on the ASEAN market. Besides these, the report offers insights into market trends and highlights key strategies by key players. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over recent years.

Report Scope & Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period



Value (USD billion)


By Product Type

  • Skin Care

    • Anti-aging

    • Skin Whitening

    • Sun Protection

    • Professional Skincare

    • Anti-Acne

    • Others

  • Hair Care

    • Hair Growth

    • Anti-Dandruff

    • Others

  • Others

    • Lip Care

    • Tooth Whitening

    • Anti-Cellulite/Body Slimming Preparations

    • Others

By Distribution Channel

  • Pharmacy/Drug Stores

  • Online Stores

  • Others


By Geography

  • Thailand

  • Indonesia

  • Malaysia

  • Singapore

  • Vietnam

  • Philippines

  • Rest of ASEAN

Frequently Asked Questions

Fortune Business Insights says that the ASEAN market size was USD 5.04 billion in 2020 and is projected to reach USD 14.75 billion by 2028.

Growing at a CAGR of 14.5%, the market will exhibit strong growth in the forecast period (2021-2028).

The skincare segment is expected to be the leading segment in this market during the forecast period.

Strong demand for cosmeceuticals in the region, new product launches by prominent market players, and the rise in disposable income amongst the consumers in the region are the major factors driving the markets growth.

LOreal and Procter and Gamble are the major players in the ASEAN market.

Thailand dominated the market in 2020.

Increased R&D initiatives leading to new product launches, strong demand for products from the general populace due to surge in awareness, and the growing market presence of prominent companies in the various ASEAN countries are expected to drive these products adoption.

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