Cosmetics sector grows as the region grapples with economic and political challenges
Increasing affluence in Southeast Asia is an attractive prospect for cosmetics manufacturers looking to offset more stagnant markets in the US and Europe, but the region is by no means homogenous in its opportunities. Economic stability or instability, coupled with political unrest, affect the Southeast Asian cosmetics consumer to varying degrees, depending on the country, as does access to technology and retail channels. Whitening products, indigenous botanicals and global brands enjoy continuing success throughout the region, while Halal cosmetics – a growing segment – has drawn the attention of regulators. Here we take a look at five of the Association of Southeast Asian Nations (ASEAN) region’s most diverse markets, alongside key northeastern Asian country South Korea.
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