According to Google statistics, face masks are currently the biggest trend in the beauty industry, since the term ‘masking’ emerged as the most searched term on the world’s most popular search engine. Face masks are in vogue, and a market research report published by Research on Global Markets further testifies the fact. According to the report, the global sheet face masks market is expected to expand at a compound annual growth rate (CAGR) of 10.94% till 2023.
The report also suggests that the Asia-Pacific region is the largest market for sheet face masks, accounting for 67% of the global market. The demand for face masks is the highest among Asian consumers, and our analysts note that sheet masks have gained significant traction in the Asian market, especially North Asia — a region that consists of the top three largest facial care markets globally, China, Japan and South Korea. Face masks have become indispensable and feature heavily in an Asian woman’s daily skincare routine. 88% of urban females in Asia, aged 30-39, use sheet face masks. Four out of five of these women use sheet masks in the evening.
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The Asian region is expected to be a lucrative market for sheet face masks during the 2018–2023 period. The strengthening economies of Asian countries, coupled with growing disposable income, and changing lifestyles are expected to drive the revenue of the global market. The Asian market for facial masks is also benefiting from the presence of manufacturers in the region who are continually innovating with their products. China witnessed almost 28% of the total sheet face mask launches in the world, followed by Taiwan (12%), South Korea (10%), Hong Kong (7%) and Japan (6%). New products’ development in the region is expected to pick up pace as brands look to use local ingredients for manufacturing masks, to attract consumers who refrain from using them.
Despite the growing popularity of face masks in Asia, European and American consumers are lagging behind in its usage, which can be detrimental to the overall growth of the market. However, things are looking up as far as Europe is concerned. The region is poised to expand at a substantial growth rate of 10.21%, owing to the increasing use of organic products, and rising awareness regarding new and advanced facial masks.