Canada, Taiwan, Vietnam, Philippines, Hongkong, Singapore, and Thailand Professional Skincare Products Overview
The rising consumer awareness concerning the environmental benefits of green and eco-friendly skin care products, backed by the growing consumer interests about the detrimental health effects of chemicals present in few skin care products, which have generated potential opportunities for the market players involved in green marketing and the development of sustainable skin care products, along with the growing trends for professional skin care treatments, backed by the rising pollution levels in the environment that affect skin health, and the increasing skin care product innovations are some of the factors anticipated to promote towards the growth of the Canada, Taiwan, Vietnam, Philippines, Hongkong, Singapore, and Thailand professional skincare products market.
The Canada professional skincare products market is anticipated to achieve a CAGR of 3.2% during the forecast period, i.e. 2021-2028. Moreover, the professional skincare products market in Taiwan, Vietnam, Philippines, Hong Kong, Singapore and Thailand are anticipated to gain a CAGR of 6.2%, 8.2%, 4.6%, 4.7%, 5.7% and 5.2% respectively during the forecast period. Moreover, the market in Canada, which registered the largest market value of USD 387.9 million in the year 2019 as compared to other nations, is further anticipated to reach a value of USD 504.0 million by the end of 2028. On the other hand, the market in Canada is also anticipated to record an absolute $ opportunity of USD 98.7 million during the forecast period. On the other hand, the market in Taiwan is anticipated to grow by 1.52x during the forecast period and reach a value of USD 421.1 million by the end of 2028.CLICK TO DOWNLOAD SAMPLE REPORT
Market Segmentation Synopsis
By Composition
The professional skincare products market in Canada, Taiwan, Vietnam, Philippines, Hongkong, Singapore, and Thailand is segmented on the basis of composition into alpha-hydroxy acids, polyhydroxy acids, beta-hydroxy acid, hydroquinone, kojic acid, retinoids and others. The beta-hydroxy acid segment registered the largest market share of 25.50% along with a market value of USD 390.2 million for the total market in the nations of Canada, Taiwan, Vietnam, Philippines, Hongkong, Singapore, and Thailand. Salicylic acid is the only form of beta hydroxy acid used in skincare products. This acid can penetrate deeper into the skin pores and thereby exfoliates the dead skin cells inside skin pores. Amongst the nations, the segment in the market in Canada held the largest market value of USD 98.9 million in the year 2019 and is expected to grow by a CAGR of 3.4% during the forecast period. Additionally, the segment in the market in Canada is anticipated to gain an absolute $ opportunity of USD 27 million during the forecast period.
Market Drivers and Challenges
Growth Indicators
Growing Millennial and Aging Population
According to the statistics by the World Bank, in the year 2018, the employment status of millennials around the world recorded as having 83% men and 72% women employed.
Increase in the average spending of the millennial generation, along with the preference for innovative and quality products are anticipated to raise the adaptation rate of professional skincare products. Further, the increasing aging population has also increased significantly in the countries of Asia Pacific region, which has also influenced the demand for skin care products, such as products dealing with the treatment of wrinkles and other aging skin problems. On the other hand, several players operating in the professional skincare products market are aware of the needs of the millennia and the aging population for innovative and easy to use products, which has further increased the competition among the market players, therefore driving the growth of the Canada, Taiwan, Vietnam, Philippines, Hongkong, Singapore, and Thailand professional skincare products market.
Moreover, factors such as the increasing disposable income across the developing countries, which tends to increase the spending capacity of consumers on cosmetic and personal care products, along with the growing urban population is also anticipated to drive the growth of the Canada, Taiwan, Vietnam, Philippines, Hongkong, Singapore, and Thailand professional skincare products market.
Barriers
Stringent Manufacturing Regulations & Presence of Counterfeited Products
The products of professional skincare must meet the regulations and policies of several nations worldwide. The standards are developed for the quality control of these products with the aim of distancing counterfeit products from the genuine ones. All the professional skincare products must meet all these standards and must go through various trials and testing processes, which is anticipated to be the major factor that to hamper the growth of the professional skincare products market in Canada, Taiwan, Vietnam, Philippines, Hongkong, Singapore, and Thailand over the forecast period.
Top Featured Companies Dominating the Market
Some of the affluent industry leaders in the Canada, Taiwan, Vietnam, Philippines, Hongkong, Singapore, and Thailand professional skincare products market are L’Oreal S.A., Unilever, Procter & Gamble, Beiersdorf Global, Johnson & Johnson Services, Inc., New Avon Company, Colgate-Palmolive Company, Revlon and Clarins.
