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 lifestyles in these markets is expected to further complement the market growth over the next six years.
The organic cosmetics market is characterized by a growing demand for hair care and skin care products. Increasing importance for organic ingredients in personal care products such as skin creams, anti-aging lotions, shampoos, and hair conditioners as an alternative to synthetic chemicals is expected to further drive the market. Rising concerns regarding the presence of toxic substances in cosmetic products can be attributed to the growing importance of organic cosmetic ingredients. Favorable regulatory frameworks such as the ASEAN Harmonized Cosmetic Regulatory Scheme that ban 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 lifestyles. Skincare and hair care products are expected to witness high demand in the region over the forecast period. Growing skincare demand coupled with a shifting trend toward 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 the Health Sciences Authority and the 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 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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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.