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In 2018, the size of the cosmetics market in Asia Pacific amounted to approximately *** billion U.S. dollars. This figure was forecasted to reach around *** billion U.S. dollars by 2020. Globally, Asia Pacific made up the largest share of the cosmetic market, accounting for around ** percent worldwide in 2019. Within the region, China, Japan, and South Korea were the leading markets for beauty and cosmetics, with Vietnam catching up rapidly.

Cosmetics consumption in Asia Pacific
There are several factors that have led to the rising cosmetics market in the Asia Pacific region, such as the growing middle class in countries like China, Indonesia, and Vietnam, as well as the increasing awareness for health, wellness and beauty. In 2017, skin care and hair care made up the largest shares in the market revenue of cosmetics in the Asia Pacific region. Foundation and lip products were the leading types of color cosmetics in Asia in 2017. Beauty products were bought at an equally high rate in both online and offline stores. However, increasing digitalization and popularity of e-commerce has facilitated the launch of numerous new brands.

Spotlight on Korean beauty
In the last few years, Korean beauty, also called K-beauty, has become very popular worldwide thanks to the focus on functionality rather than brand awareness. A survey on K-Beauty revealed that Asian consumers liked K-Beauty products due to their positive effects and quality of products.