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.
