The global ASEAN Organic Cosmetics Market is estimated to be valued at US$ 4583.84 Mn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The ASEAN organic cosmetics market consists of cosmetic products manufactured from organically grown ingredients or ethically wildcrafted ingredients. These products do not contain toxic chemicals, artificial colors, synthetic fragrances, petrochemicals, GMOs, sulfates, or parabens. The growing consumer awareness about the harmful effects of chemical-based personal care products and the benefits of natural and organic products is driving the growth of this market. Organic cosmetic products are considered safer for both skin and the environment as they minimize exposure to toxic chemicals.
Market key trends:
One of the key trends witnessed in the ASEAN organic cosmetics market is the growing demand for multifunctional organic beauty products. Cosmetic companies are focusing on developing organic skin care products that offer more than one skin benefit. For instance, serums offering anti-aging and skin brightening properties. Another trend gaining traction is the emergence of botanical-based organic products. Brands are innovating with botanical ingredients like herbs, flowers, roots, berries which have additional benefits like anti-inflammatory and antioxidant properties. Furthermore, the rising popularity of DIY natural cosmetics is prompting companies to offer organic cosmetic kits and recipes for customers to create their own products at home.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the ASEAN organic cosmetics market is low as there are high costs associated with R&D, branding, certification and meeting quality standards.
Bargaining power of buyers: The bargaining power of buyers is high in this market as buyers have a large number of product alternatives available from both global and domestic brands.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as suppliers of organic ingredients have to meet strict certification standards.
Threat of new substitutes: The threat of substitutes is moderate as consumers are willing to pay higher prices for organic cosmetics due to perceived health and environmental benefits.
Competitive rivalry: Competition in the market is high among the major international brands.
Key Takeaways
The Global ASEAN organic cosmetics market Size is expected to witness high growth, exhibiting CAGR of 7.8% over the forecast period, due to increasing awareness about ingredients and their effects. The market size for 2023 is estimated to be US$ 4583.84 Mn.
Regional analysis: The ASEAN region provides immense potential for organic cosmetics market with Indonesia, Thailand and Philippines emerging as key markets. Indonesia is currently the largest organic cosmetics market in ASEAN attributed to rising disposable incomes and social media influence.
Key players: Key players operating in the ASEAN organic cosmetics market are Estée Lauder Inc., Lâ€TMOréal Group, WELEDA Inc., Groupe Lâ€TMOCCITANE, and KORRES Group. Estée Lauder Inc. offers a range of organic skincare and makeup products under its Origins brand. Lâ€TMOréal Group has a significant market share in the region through its organic brands such as Garnier and Kiehlâ€TMs.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
