Hongkong, Singapore and Thailand Professional Skincare Products Market

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.

Employment Status Graph

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.

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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.

Professional Skincare Products Image

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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.

In The News

January 2020: L’Oreal USA, a subsidiary of L’Oreal S.A. announced that it unveiled Perso, which is the first AI-powered device and delivers personalized on-the-spot skincare and cosmetic formulas in the Consumer Electronic Show (CES) 2020.
July 2019: Unilever announced that it has signed an agreement to acquire leading prestige skincare brand, Tatcha, which is a modern skincare brand.

Global Economic Impact

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Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the Canada, Taiwan, Vietnam, Philippines, Hongkong, Singapore, and Thailand Professional Skincare Products market?

Ans: Growing millennial and ageing population in the nations is one of the major factors that is driving the growth of the market.

5) Who are the major players dominating the Canada, Taiwan, Vietnam, Philippines, Hongkong, Singapore, and Thailand Professional Skincare Products market?

Ans: The major players in the market are L’Oreal S.A., Unilever, Procter & Gamble, Beiersdorf Global, Johnson & Johnson Services, Inc., New Avon Company, Colgate-Palmolive Company, Revlon and Clarins.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the major segments in the Canada, Taiwan, Vietnam, Philippines, Hongkong, Singapore, and Thailand professional skincare products market?

Ans: The market is majorly segmented by product type, composition, demography, application and by distribution channel.

8) What can be the significant growth opportunity for the composition segment in the Canada, Taiwan, Vietnam, Philippines, Hongkong, Singapore, and Thailand professional skincare products market?

Ans: The beta-hydroxy acid segment, which is a sub-segment of the composition segment, held the largest market share of 25.50% in the year 2019 for the total market in the nations, is anticipated to show significant growth opportunity.

8) What are the restraining factors for the market?

Ans: Concerns for the stringent manufacturing regulations is one of the major factors anticipated to act as a barrier towards the growth of the market.