Growing demand for organic personal care products is expected to be a major driving factor for ASEAN organic cosmetics market growth over the forecast period. Increasing awareness regarding product formulations and ingredient sourcing is expected to have a positive impact on the ASEAN organic cosmetics market. Rising income levels in Thailand, Philippines, Vietnam and Indonesia coupled with changing lifestyle in these markets is expected to further complement the market growth over the next six years.
The market is characterized by growing demand for hair care and skin care products. Increasing importance for organic ingredients in personal care products such as skin creams, anti-ageing lotions, shampoos and hair conditioners as an alternative to synthetic chemicals is expected to further drive the market. Rising concerns regarding presence of toxic substances in cosmetic products can be attributed to growing importance for organic cosmetic ingredients. Favorable regulatory frameworks such as ASEAN Harmonized Cosmetic Regulatory Scheme that bans the use of carcinogenic and toxic substances in cosmetic products is expected favorably impact the ASEAN market. On account of the above stated trend, cosmetics manufacturers are shifting their capabilities to produce organic cosmetics.
Vietnam is expected to witness significant growth owing to increasing income levels and changing lifestyle. Skin care and hair care products are expected to witness high demand in the region over the forecast period. Growing skin care demand coupled with shifting trend towards organic personal care products in Singapore is expected to favorably impact the ASEAN organic cosmetics market over the forecast period. The market in Singapore is regulated by Health Sciences Authority and ASEAN Cosmetics Directive. The markets of Thailand, Indonesia and Malaysia are expected to register moderate to high growth rates, primarily due to growing cosmetics demand. Increasing cosmetics demand for niche markets such as Cambodia, Laos, Brunei and Myanmar is expected to further augment the ASEAN organic cosmetics market over the forecast period.
Cosmetics manufacturers are involved in widespread R&D to improve its application scope in the market. Companies such as Fenchem, Jasmin Skincare are involved in expanding their capacities in order to cater to the growing demand. Some of the companies operating in the ASEAN organic cosmetics market include Fenchem, Jasmin Skincare, I-Green, PT Martina Berto Tbk, Unilever, Shiseido, Benefit Cosmetics, Avon Products and Better Way (Thailand) Co. Ltd.
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