A recent report from Euromonitor International has identified “recession glam” as one of the latest trends that will reshape Asia‘s beauty and health market.
“With inflation front of mind, consumers’ smarter spending is redefining the beauty playbook. The definition of premium is changing — less about price, more about perceived value and purpose,” according to Yang Hu, Euromonitor’s Asia Pacific insight manager for health and beauty.
The trend is made evident by the rise of the fragrance category, “which offers small indulgences at a lower price,” Hu said. Singapore and Vietnam — with 11 percent and 31 percent growth in 2024, respectively — drove fragrance sales in 2024. Euromonitor expects the category to expand 31 percent in market size within the next five years.
Buying mini-size products, finding good deals, using fewer products in their beauty routine, using multifunctional products to save money and purchasing from “cheaper but trustworthy brands” are some of the nuanced activities identified by Hu.
Apart from “recession glam,” Euromonitor identified “clinical confidence,” “healthspan plans,” “loyalty immersion” and “eco-evaluation” as major trends driving sector growth in 2025.
“Topical brands are taking the approach of ‘similar to aesthetic surgery,’” Hu wrote in the report. “Ingredients and methods used exclusively in aesthetic procedure, such as micro needles, threadlifting materials, PDRN and exosomes, are now driving a new wave of innovation in skin care product development.”
“Healthspan plans” refers to beauty supplements that tackle concerns traditionally linked to skin care products. “It’s not about antiaging, but slow aging,” Hu said. “Beauty brands are pushing the boundary by offering UV protection, anti-oxidant support, ingestible forms of retinol and hyaluronate acid ingredients, such as Bloomage’s instant coffee products.”
Hu said that sustainability in beauty might not be the most relevant trend in Asia, but certain categories are experiencing a performance boost that reflects the “eco-evaluation” trend. “For example, fragrance, hair care and skin care are some of the categories with products performing better without sustainability claims,” Hu said.
With $183 billion in total sales, Asia-Pacific accounted for 31 percent of the global beauty and personal care market, according to the market research firm. Despite 1.4 percent growth in 2024, the market is expected to rebound and sustain a 3 percent annual growth rate over the next five years.
Region-wise, Southeast Asia, excluding Singapore, will lead the pack with 5 percent annual growth over the next five years.
Skin care remains the largest category, accounting for half of Asian markets.
Even as e-commerce penetration continues to rise, which grew from 19 percent to 30 percent in the last five years, specific offline channels, including warehouse clubs such as Sam’s Club, convenient stores and variety stores, such as Miniso, have been making significant inroads in the beauty market. “This trend suggests that consumers continue to value offline experience, while still expecting cost-effective options,” Hu said.
China‘s beauty market, a critical player in the global industry, saw a 2 percent decline in 2024, dipping to $75 billion. Despite the slowdown, pockets of growth emerged in niche segments such as dermacosmetics, sun care and skin care products tailored for children, signaling shifting consumer priorities.
“Feedback from industry players indicate that the Chinese beauty market is highly driven by strong marketing, so as long as the beauty brands have the willingness and capital to invest in marketing, there is significant potential for market stimulation and renewed growth,” Hu said.
On the player side, the market remains consolidated with leading companies, including L’Oréal, P&G, Estée Lauder, Shiseido and Proya. Brands including Kato-kato, Hapsode and Komfymed also bucked the trend and sought growth in 2024. Neochild and Bodorme were also singled out as two fast-growing child skin care brands.
“Although the birth rate in China is declining, the premiumization of baby products is enhancing,” Hu noted.
