Japan’s market might have fallen flat in 2015, but hybrid skin care-make-up products are helping brands to satisfy the latest consumer demands
Consumers in Japan spend more per capita on skin care than in other APAC countries thanks to its growing middle class. However, in recent years market growth has started to slow due to both the preference for low maintenance routines among the country’s ageing population and the continued population decline. Japan’s population reached 126 million, down from 126.9 million in 2000.Estimates suggest that this could fall as low as 97 million by 2050.
Source: Euromonitor International
According to Euromonitor, Japan’s skin care market was worth US$14,102.6m in 2015 – a slight decrease of 0.5% compared with 2014. Changing demographics aside, Japan’s skin care market has also struggled due to an increase in consumption tax. The country’s government raised VAT on consumer goods from 5% up to 8% in April 2014 which resulted in a decrease in demand, but some brands in the region are starting to make progress again.
Despite this, the overall outlook for skin care in Japan is . . .
This is a small extract of the full article which is available ONLY to premium content subscribers. Subscribers sign-in (top right) to read the article.
Subscribe now to premium content on Cosmetics Business