Consumers in the Asia-Pacific (APAC) region are seeking good value for money cosmetics with added benefits or functionalities, owing to growing hectic and fast-paced lifestyles. Products with flexible formulations that cut down their daily cosmetic routine by handling multiple concerns in a single product are being favored by consumers. As a result, multifunctional cosmetics with cross category ingredients are growing in demand in the APAC, according to GlobalData, a leading data and analytics company.
Naveed Khan, Consumer Analyst at GlobalData, comments: “Cross category ingredients in cosmetics are gaining momentum, owing to the added functionality they offer. For example, haircare products with high quality skincare ingredients such as hyaluronic acid, niacinamide, and peptides are becoming increasingly popular these days. Consumers are opting for these products as they promote healthy scalp care as well as haircare solutions.
“Similarly, there is a growing consumer affinity for skincare products such as moisturizers with sun protection factor (SPF) for an enhanced skin routine. GlobalData 2024 Q3 Consumer Survey* corroborates this trend, where 57% of the consumers in Asia & Australasia regard either “multi-benefit/multi-functional” or “high quality products/ingredients” attributes in beauty and grooming products as good value for money.”
Aligning with the trend, in Malaysia, L’Oréal introduced a 72H Moisture Filling Shampoo under its L’Oréal Paris Elseve brand name. According to the company, the product contains a skincare ingredient, hyaluronic acid, that helps in maintaining the scalp’s natural moisture barrier. Similarly, in India, Pep Technologies launched a day cream with SPF 30 in a green tea variant under its MCaffeine brand. The company claims the product to provide long lasting moisturization, reduce skin inflammation, and protect the skin against UV radiation.
Deepak Nautiyal, Consumer and Retail Commercial Director, APAC and Middle East at GlobalData, adds: “Consumers, especially tech-savvy Gen Zs and millennials, are well informed about the types of active ingredients used in cosmetics that provide specialized functionalities through social media platforms and information available on the internet. This is creating demand for products with target specific ingredients in cosmetics. According to GlobalData 2024 Q3 Consumer Survey*, 56% of respondents (Asia & Australasia) stated that their product purchasing decisions for health and beauty products were either always or often influenced by how well the product/service is tailored to their needs and personality.
“Thereby, manufacturers are concentrating more on incorporating specialized ingredients in cosmetics to leverage this trend. For instance, Fixderma India launched an anti dandruff shampoo under its Fix Derma Kairfoll brand in India. According to the company, the shampoo contains skincare ingredient salicylic acid suitable for oily, acne prone, and sensitive scalps. It also contains piroctone olamine for controlling dandruff.”
Khan concludes: “Growing demand among consumers for cross category ingredients in cosmetics will provide manufacturers with ample opportunities to improve their market shares. However, manufacturers will have to compromise on margins while keeping prices competitive to get the most out of this trend. Moreover, some ingredient combinations might not provide the desired results, which brings in the need for extensive research on these ingredients, adding to the overall costs of the process.”
*GlobalData 2024 Q3 Consumer Survey – Asia & Australasia, published in October 2024, included 6,131 respondents
