Euromonitor says China to drive growth of global beauty industry as Asian men use more skincare, cosmetic products
- Men’s skincare globally is expected to be worth US$5.29 billion by 2027, an increase of 18.4 per cent over 2022; Of the total, US$3.36 billion will be coming from Asia-Pacific, Euromonitor says
- The ideal masculine image has evolved, ‘leading to the emergence of distinct consumer types among men’, market research firm’s health and beauty insight manager for Asia says
Vincent Lok and Tansaeng Lee, both in their 30s, one living in Singapore and the other in Seoul, have a lot more in common than they realise.
Both are part of a growing demographic of Asian men that is increasingly spending more on skincare.
Lok, 32, a writer, spends S$30 (US$22.50) a month on day and night skincare products, such as a face wash, serum, moisturiser and sunblock. Lee, 35, a sales representative, meanwhile budgets US$20 a month for skincare products such as a toner, lotion, moisturiser and BB cream with sunscreen, which serves as an alternative to a foundation.
“I expect to spend more on cosmetic products in [the next] five years, specifically anti-ageing or moisturising products,” Lee said. His statement highlights the changing attitudes of Asian men towards personal care, potentially boosting growth in a segment that can be described as an underserved market or relegated to an afterthought, as brands prioritise women’s beauty products.
By 2027, the men’s skincare industry globally is expected to be worth US$5.29 billion, an increase of 18.4 per cent from its value of US$4.32 billion in 2022, outstripping a 15.8 per cent increase to US$175.5 billion for the overall skincare segment in the same period, according to the latest study by Euromonitor International. Of the total spend on personal care by men, US$3.36 billion will be coming from the Asia-Pacific region.
“The reasons behind the growth can be considered differently for mature and emerging beauty markets,” said Yang Hu, insight manager, health and beauty Asia at Euromonitor. “In markets where men’s skincare awareness is relatively mature, such as South Korea and the USA, the demand for men’s skincare is evolving towards a more advanced level.
“In countries where men’s skincare demands are just starting to awaken, such as Indonesia, India and some parts of China, there is still an untapped demographic dividend to be explored for basic offerings, such as facial cleansers and moisturisers, with considerable room for volume growth.”
The results were gleaned from a beauty survey conducted by Euromonitor in 2022, with more than 20,000 online respondents taking part from 20 emerging and developed markets. The respondents were 70 per cent female and 30 per cent male, and ranged from 15 to 65 years in age.
These trends are expected to benefit a handful of brands, including the Chinese brand DearBOYfriend, whose product lines include perfumes and colognes. DearBOYfriend has tapped the interest of millennial males in China by partnering with NFT digital collection BAYC to introduce collaboration sets, Euromonitor said.
China is also one of the few countries where men’s fragrances are expected to have the “most significant” growth potential, while in skincare the world’s second-largest economy is also likely to be a key driver for market growth, said the market research company.
In terms of hygiene products, “the most significant growth potential between 2022 and 2027 is expected in the Asia-Pacific region, predominantly driven by China”, the study said. “Unlike other countries, China experienced another year of lockdown restrictions in 2022, which has meant the country has not yet rebounded to pre-pandemic levels like other markets.”
While men are generally becoming a more savvy consumer group when it comes to personal-care products, purchasing behaviours exhibit variations across diverse markets and generations, Hu said.
“The concept of the ideal masculine image has evolved into a more diverse and inclusive definition, leading to the emergence of distinct consumer types among men,” she said.
