Make-up sector in Japan to reach US$7.17bn in 2024, says GlobalData

The Japan’s make-up sector is forecast to grow from JPY622.9bn (US$5.73bn) in 2019 to JPY684.2bn (US$7.17bn) by 2024, recording a compound annual growth rate (CAGR) of 1.9%, says GlobalData, a leading data and analytics company.

GlobalData’s report, ‘Japan Make-Up – Market Assessment and Forecasts to 2024’, reveals that the ‘face make-up’ was the largest category with value sales of JPY351.7bn (US$3.23bn) in 2019. The category also led the sector in volume terms with sales of 221.9 million units in the same year. However, ‘eye make-up’ category is forecast to register the fastest volume growth at a CAGR of 0.9% during 2019-2024. It is set to be followed by face make-up and lip make-up categories with CAGRs of 0.7% and 0.6%, respectively.

Anchal Bisht, Consumer Analyst at GlobalData, says “Japanese consumers give paramount importance to appearance and thus opt for premium quality make-up products such as face powders, eye shadows and foundations to enhance their looks. In line with growing concerns over the perils of harsh chemicals used in these products, there is a growing tendency to purchase lighter foundations and creams, driving innovation and adoption.”

The report further reveals that the per capita consumption (PCC) of make-up in Japan is significantly higher compared to the global and regional averages. It stood at 3.2 units in 2019, compared to one unit in the Asia-Pacific (APAC) region and 0.37 units at global level. In Japan, face make-up witnessed the highest PCC among the categories in 2019, followed by eye make-up, lip make-up and nail make-up.

Kao, Shiseido Company, Limited, and L’Oréal S.A. are the leading companies in the Japanese make-up sector. Shiseido and Kanebo are the most popular make-up brands in the country, in 2019.  

Para-pharmacies/drugstores accounted for the highest share in the Japanese make-up distribution channel with a value share of 21.5% in 2019. It was followed by hypermarkets & supermarkets and health & beauty stores.

Ms Bischt concludes: “The demand for cosmetics among the Japanese aged population is on the rise, which is likely to have a positive impact on the sector expansion in the country through 2024. Manufacturers are offering product with anti-aging formulas so as to cater to consumers of different age groups.”

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