Increasing disposable income in Indonesia, Thailand, and the Philippines is expected to drive ASEAN cosmetic chemicals market. Major chemicals used in cosmetics include ammonium lauryl sulfate, formaldehyde, and mineral oil/waxes. Large-scale cosmetics production in Thailand and the Philippines is expected to further benefit the cosmetic chemicals market over the forecast period. ASEAN Cosmetics Directive is a regulatory policy aimed at harmonizing regulatory schemes and standardizing the cosmetics industry in the region. Such regulation to regularize a largely unregulated regional market is expected to further complement the market growth over the next six years. Volatile raw material prices are expected to pose challenges to market participants in terms of profitability and pricing. Increasing awareness regarding the usage of bio-based chemicals as a substitute for synthetic chemicals in cosmetics is expected to yield opportunities for market participants.
Vietnam is expected to hold immense opportunities for market participants owing to a change in government regulations regarding foreign investments. Growing personal care product demand coupled with such favorable regulations in Vietnam is expected to further complement the market in terms of production. Thailand is a major producer of cosmetics in the region. The presence of various multinational cosmetics manufacturers such as Nivea, Amway, and Colgate coupled with an increasing number of local manufacturers in Thailand is expected to have a positive impact on the ASEAN cosmetic chemicals market growth over the next six years. The growth of the cosmetics industry in the Philippines can be attributed to the increasing demand for personal care, skincare, and deodorants.
Major cosmetics companies with production facilities in the Philippines include Avon Cosmetics Inc., Procter & Gamble, and Unilever. Increasing cosmetics production coupled with growing cosmetics in the Philippines is expected to favorably impact the ASEAN cosmetic chemicals market over the forecast period. The growing demand for skin care products in Singapore is expected to further drive the ASEAN cosmetic chemicals market. The market in Malaysia is expected to witness moderate growth over the forecast period. The Malaysian market is expected to be hindered by slow economic growth and sluggish export trade. Some of the major companies operating in the ASEAN cosmetic chemicals market include Union Intraco, Tinnakorn Group, Brenntag Ingredients, Kao Commercial Co. Ltd., Islandwide Corp., Euro Chemicals Inc., and Sensient Technologies Corporation.
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The sudden rise of COVID-19 to a pandemic level has severely impacted the demand patterns of cosmetics and also certain categories of personal care products. Furthermore, policies across the globe restricting the movement of people have also led to disruptions in the supply of personal care products. The availability of e-commerce platforms during these times has, however, offset the disruptions caused in the last-mile supply of customer purchases. From manufacturing stand, production stoppages due to the pandemic shall cast considerable stress on operational costs. The report will account for Covid19 as a key market contributor.