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According to Statista Market Insights, by the end of 2024, the revenue of beauty and personal care market in Southeast Asia is expected to reach USD 34.21 billion, with an annual growth rate of 3.30%. The figure is anticipated to reach USD 38.96 billion by 2028. Within this landscape, personal care emerges as the dominant part and is expected to have a market capacity of USD 16.63 billion in 2024.
Market Change in Beauty & Personal Care of Southeast Asia from 2018 to 2028
Data Source: Statista Market Insights
According to the survey of the Global Web Index, there are three key features of beauty consumers in the Southeast Asian market:
i. Emphasis on appearance: 62% of Southeast Asian consumers have experienced appearance anxiety, leading to the willingness to spend more on appearance modification, which indicates significant potential in the Southeast Asian beauty market.
ii. Regular purchase of beauty products: 96% consumers have bought beauty and skincare products within the past 3 to 6 months.
iii. Diverse shopping preferences: 54% consumers are highly willing to try new products. Trendy products from China, such as watery foundation cream and lip glaze, are easily embraced by Southeast Asian consumers.
According to data from MKTINDX, sales revenue of beauty and personal care products on Shopee and Lazada surpassed RMB 42 billion in 2023, with an annual growth rate exceeding 30%. Mainly based on data from Shopee and Lazada, this article will delve into the opportunities in beauty and skincare markets across Southeast Asian countries.
Sales Revenue of Beauty & Personal Care on Shopee and Lazada in Southeast Asia, 2023
1. Indonesia: Skincare Market Fragmented: Skintific Shows Impressive Growth Rate
According to data from MKTINDX, Indonesia leads in the Southeast Asian online beauty and skincare market.
In 2023, Shopee in Indonesia recorded total sales of RMB 13.1 billion for beauty and personal care products, marking a 35% year-on-year increase. Skincare, body care, and beauty sets are the top three subcategories, comprising over 50% of the market share. Skincare products alone generated over RMB 4 billion in annual sales, up by over 40% compared to the previous year, showcasing significant volume and rapid growth.
Sales Revenue of Beauty & Personal Care Subcategories on Shopee in Indonesia, 2023
Among skincare products, facial moisturizer and serum facial essence are the top two categories. It’s noteworthy that despite sunscreen products holding only 11% of market share, their year-on-year growth has soared to 100%, indicating significant market potential. Functional protective products are highly popular due to Indonesia’s tropical climate and urban pollution issues like high temperatures, high humidity, and strong UV rays. Brands and merchants are suggested to highlight their products’ high protection value, waterproof features, and beauty benefits to boost sales effectively.
Sales Revenue of Skincare Products on Shopee in Indonesia, 2023
The beauty and skincare market on Shopee in Indonesia is fiercely competitive, where 24,000 brands offer over 4 million products, and brands all have relatively low concentration. Among them, the Chinese brand Skintific has excelled over the past year, boasting a growth rate exceeding 200% and capturing a 5.1% market share. Additionally, Skintific leads on the Lazada platform with a 3.8% market share, indicating a growth rate surpassing 500% in 2023.
Sales Revenue of Beauty & Personal Care Brands on Shopee in Indonesia, 2023
Skintific, primarily targeting overseas markets, focuses on providing cost-effective skincare solutions for young women, with products priced below RMB 100. Their main products encompass facial moisturizers, essences, and masks.
Skintific Sales Revenue by Price Range on Shopee in Indonesia, 2023
2. Thailand: Lip Makeups Soars with Emphasis on Hydration and Sun Protection
According to data from MKTINDX, Thailand’s online beauty and skincare market ranks second in Southeast Asia. In 2023, sales revenue of beauty and personal care products on Shopee and Lazada in Thailand nearly reached RMB 10 billion, marking a 45% year-on-year increase.
Sales Revenue of Top three Beauty & Personal Care on Shopee and Lazada in Thailand, 2023
Shopee | Lazada | ||||||
Category | Sales Revenue (billion/RMB) | Market Share | Sales YoY | Category | Sales Revenue (billion/RMB) | Market Share | Sales YoY |
Skin Care | 2.356 | 32% | 62% | Skin Care | 0.883 | 39% | 37% |
Beauty Tool | 1.453 | 19% | 31% | Personal Care | 0.691 | 31% | 21% |
perfume | 0.768 | 10% | 73% | Makeup | 0.379 | 17% | 35% |
The beauty and personal care market on Shopee in Thailand began to boost in August 2023 and achieved over 40% of its annual sales in the fourth quarter.
Sales Trend of Beauty & Personal Care on Shopee in Thailand, 2023
Sales Revenue of Beauty & Personal Care Subcategories on Shopee in Thailand, 2023
Notably, lip products showcase significant growth, with annual sales reaching RMB 260 million in 2023, up 110% year-on-year. Matte lipstick, lip balm, and lip gloss are the top items in Thailand, with matte lipstick being the preferred choice among consumers. Due to Thailand’s hot and humid climate, consumers prioritize the effectiveness and comfort of base makeup.
Additionally, prolonged exposure to air-conditioned environments contributes to common issues like chapped lips, making lip balms with sun protection and moisturizing effects particularly popular among consumers.
Main Efficacy of Lip Products in Thailand, 2023
No. | Efficacy | Sales Revenue | Sales Volume | Market Share |
1 | Long wearing Hydrating | ¥ 21,706,774 | 1117,363 | 32.3% |
2 | Long Wearing | ¥ 17,507,449 | 680,131 | 26.1% |
3 | Hydrating | ¥ 8,987,457 | 356,508 | 13.4% |
4 | Matte | ¥ 3,068,923 | 59,462 | 4.6% |
5 | High Shine | ¥ 3,023,223 | 60,907 | 4.5% |
6 | Hydrating Long Plumping | ¥ 2,101,795 | 148,117 | 3.1% |
7 | Hydrating Plumping | ¥ 1,476,761 | 63,150 | 2.2% |
8 | Hydrating and Nourishing | ¥ 1,010,911 | 25,353 | 1.5% |
9 | Hydrating Long Wearing Others Plumping | ¥ 996,575 | 43,089 | 1.5% |
3. Philippines: Perfumes at Price of RMB 200-250 Worth Investing in
According to the data from MKTINDX, the Philippines dominates the beauty and personal care market on Lazada, with annual sales reaching RMB 2.63 billion in 2023, reflecting a remarkable 150% year-on-year increase.
Sales Trend of Beauty & Personal Care on Lazada in the Philippines, 2023
The top three categories on Lazada in the Philippines are skincare, personal care, and perfumes, comprising over 80% of the market. Notably, perfumes are particularly popular, with an impressive growth of over 800%.
Sales Revenue of Beauty & Personal Care on Lazada in the Philippines, 2023
Price analysis reveals that in the perfume market, products priced at RMB 200-250 gain the highest sales, yet such products are relatively scarce in the market. This indicates an opportunity for beauty brands to focus on this price range when offerings for the Philippine market.
Beauty & Personal Care Sales Revenue by Price Range on Lazada in the Philippines, 2023
The cosmetic industry in Singapore and Malaysia is well-established due to economic growth and growing demand for beauty products. Conversely, Indonesia, the Philippines, and Thailand, with their large populations and substantial potential in the beauty industry, present lucrative opportunities for cosmetic enterprises. Moreover, with a growing consumer acceptance towards e-commerce, Southeast Asia has variety of online shopping platforms, facilitating an easier entry into the market. Cosmetic enterprises can pay closer attention to market dynamics and regulatory changes in these regions to expand their footprints effectively.
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