The global ASEAN Organic Cosmetics Market is estimated to be valued at US$ 4,583.84 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 Organic cosmetics refer to personal care products that contain ingredients from natural sources like plants, flowers, herbs, minerals and other organically grown raw materials. Organic cosmetics are rich in beneficial nutrients, vitamins, minerals and antioxidants that nourish and hydrate the skin without harmful chemicals. The growing consumer awareness regarding the adverse effects of synthetic ingredients used in conventional cosmetics is fueling the demand for organic cosmetics. Market key trends The Asean organic cosmetics market is driven by the increasing consumer inclination towards natural and organic personal care products due to rising health concerns related to synthetic compounds present in conventional cosmetic products. Additionally, the presence of various antioxidants, vitamins and minerals in organic ingredients helps hydrate the skin and protects it from environmental damage. Moreover, rapid urbanization, growing millennial population and increased spending capacity on premium organic products is further expected to aid the market growth over the forecast period. The increasing online distribution and effective social media marketing by key players is also positively impacting the sales of organic cosmetic products in the region. Rising concerns regarding harmful chemicals is prompting the manufacturers to develop products with natural and botanical extracts. Porter’s Analysis Threat of new entrants: Low as the market sees high capital requirement and stringent regulations. However, small companies can enter through niche positioning. Bargaining power of buyers: Moderate as buyers have several substitute options available from organic personal care brands. Brand loyalty is also not high. Bargaining power of suppliers: High as raw material suppliers enjoy price leverage due to fragmented demand. Suppliers value adding services also increase their power. Threat of new substitutes: Moderate as conventional brands offering natural ingredients pose threat. However, stringent rules on 'organic' claim provide some protection. Competitive rivalry: Intense as the market sees many international and regional brands competing on brand image, product range and distribution. SWOT Analysis Strength: High demand for natural and organic ingredients based products. Increased awareness about harmful chemicals. Weakness: High price of products limits mass appeal. Supply constraint for some organic raw materials. Opportunity: Untapped rural markets. Socially conscious Millennials driving growth. Product line expansion into personal and home care. Threats: Economic slowdown affecting discretionary spends. Stringent certification norms increasing compliance cost. Key Takeaways The 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 harmful effects of chemicals and importance of natural ingredients. The market size for Asean organic cosmetics stood at US$ 4583.84 Mn in 2023 and is anticipated to reach US$ 9483.39 Mn by 2030. The Vietnam organic cosmetics market dominates the Asean region with around 25% value share due to growing middle class, rising incomes and social media influencers driving natural beauty trends. Thailand and Indonesia follow as major organic beauty hubs with 20% each market share due to presence of domestic producers focusing on herbal formulations. Key players operating in the Asean organic cosmetics market are WELEDA Inc., Groupe L€TMOCCITANE, and KORRES Group. WELEDA Inc commands over 15% value share due to diversified naturals brand portfolio and strong distribution across Asean countries. KORRES Group is expanding its retail footprint while Groupe L€TMOCINTANE enhances its digital presence and social selling to boost volumes in the region. Read More: https://www.ukwebwire.com/new-avenue-for-asean-organic-cosmetics-market-trends-analysis/
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