This outlook was shared by TMO Group at the South China International Beauty Expo. This report analyzed data from Shopee, Lazada and TikTok and focused on the Southeast Asian market for cosmetic products. The primary focus was on three categories: skincare, cosmetics, and beauty devices and tools.
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This Outlook is based on May 2024 data.
The cosmetics industry has emerged as one of the most attractive growth sectors globally. According to the "2024 China Cosmetic Market Insights Report" released by Yibang Research Institute and Ant International, the global cosmetic market grew by 8.9% year-on-year in 2023. While the growth rate in North America and Europe has slowed, the Southeast Asian market has demonstrated strong growth potential. Statista predicts that the Southeast Asian cosmetic market will reach $34.21 billion by 2024 and maintain steady growth from 2024 to 2028. This trend indicates that Southeast Asia is rapidly rising as a prime market for cosmetic brands looking to expand internationally.
By leveraging these insights, brands can gain a deep understanding of Southeast Asian consumers' demands and preferences for skincare and makeup products, develop market-appropriate products and marketing strategies, as well as enhance their market share and brand recognition.
In May 2024, the total sales revenue of skincare and makeup in Southeast Asia on Shopee and Lazada reached approximately $620 million. Vietnam and Indonesia exhibited particularly strong demand.
Skincare products were the most popular among Southeast Asian consumers, holding the highest market share across all six countries. Compared to other countries, makeup products also gained significant popularity in Indonesia, the Philippines, and Malaysia.
In terms of brand performance, local Southeast Asian and Western brands stood out prominently. Indonesian brand Skintific emerged as the leading brand in the cosmetic sector. The second and third positions were held by French brand La Roche Posay and American brand CeraVe, respectively.
For detailed market trend and brand sales performance in different countries, please feel free to download the outlook.