Health and beauty industry in APAC to grow 4.7% annually

This is largely driven by improving macroeconomic conditions amongst others. 

The health and beauty industry in the Asia Pacific region is expected to rise at a compound annual growth rate of 4.7% between 2022 and 2027, GlobalData reported. 

This will likely be driven by the improving macroeconomic conditions, new product launches, and a rise in online shopping. The increase in manufacturer investment will also give the industry a boost. 

“The Asia-Pacific economy is recovering from the brunt of COVID-19 and the cost-of-living crisis, powered by rising demand in China, India, and other emerging economies in the region,” Shraddha Shelke, Consumer Analyst at GlobalData, said. 

“Rising household disposable incomes, surging public outdoor activities, and the increasing foreign tourist influx are fuelling demand for premium health & beauty products.”

Read more: Around 1 in 4 Thai Gen Zs find spending on preventing skin issues a waste

GlobalData noted that APAC was the largest regional market for health and beauty in 2022. Despite this, it was found that the per capita expenditure in the region stood only at $45.2. 

This is lower than the $69.5 global average.