Organic cosmetics manufacturers in ASEAN continue to invest in product innovations in a bid to widen the scope of applications for their offerings, sustaining growth post pandemic.
DUBAI / ACCESSWIRE / July 6, 2020 / Future Market Insights: The ASEAN organic cosmetics market is anticipated to grow at an impressive 9.5% CAGR throughout the forecast period 2014 - 2024. According to FMI analysts, the coronavirus outbreak has negatively impacted demand for cosmetic products. Coupled with lockdown restrictions, the supply chains for organic cosmetics in ASEAN will hurt prospects in the near term. However, demand is likely to witness a strong resurgence once movement restrictions are relaxed.
"Implementation of regulatory frameworks banning the application of toxic and carcinogenic materials in cosmetic product offerings is anticipated to favorably impact the ASEAN organic cosmetics market," says the FMI analyst.
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ASEAN Organic Cosmetics Market - Important Takeaways
- Organic skincare products will contribute substantially to market revenue, driven by changes in consumer bias.
- Shampoo and hair conditioner products are gaining ground, as consumers seek alternatives to chemical formulations.
- Thailand, followed by Indonesia and the Philippines are the leading markets, owing to higher income levels and lifestyle changes.
ASEAN Organic Cosmetics Market - Driving Factors
- High production and availability of organic ingredient resources in ASEAN countries drives market growth.
- Rapid rise in urbanization, coupled with growing number of working women propels market growth.
- Rising consumer awareness about ingredient sourcing and product formulations processes increases adoption rates.
ASEAN Organic Cosmetics Market - Leading Constraints
- Lack of appropriate certification infrastructure is a key factor harming the ASEAN organic cosmetics market.
- High costs and complexity of manufacturing processes will hamper the growth of the market.
Expected Impact on Market by Coronavirus Outbreak
Supply chain disruptions, consumer spending on essential commodities, and restrictions on movement during the coronavirus pandemic have negatively impacted the ASEAN organic cosmetics market. Suspension of production is also impacting costs of operations. However, the rise of e-commerce platforms will be able to substantially mitigate losses during the crisis period.
Explore the ASEAN organic cosmetics market with 49 figures and 19 data tables, along with the table of contents. You will also find market segmentation on https://www.futuremarketinsights.com/askus/rep-gb-as-29
Competition Landscape
Some of the top players operating in the ASEAN organic cosmetics market are W.S. Badger Company Inc., Loreal, Weleda Inc., and Estee Lauder. Market players are investing in R&D endeavors for product innovations. For instance, Soultree has revealed its range of organic cosmetics including body care, skin care, and even lipsticks with BDIH certifications.
More on the Report
FMI's provides in-depth insights on the ASEAN organic cosmetics market. The market is segmented in terms of product type (skincare, hair care, make up, fragrances, toiletries, and others), and distribution channel (departmental stores, franchise, salon, pharmacy, direct sales, and online channels) across six key countries (Vietnam, Thailand, Philippines, Singapore, Indonesia, and Malaysia).
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SOURCE: Future Market Insights
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