Personal care products infused with essential oils are set to have increased demand in the Japanese market, reports GlobalData.
The Japanese skincare market is projected to have a compound annual growth rate of 1.1% until 2026, an increase from $17.1 billion to $20.5 billion. With this growth, skincare companies are utilising consumer interest in essential oils and natural formulas. Body care and facial care are the two fastest-growing categories within the industry, as interest in natural products matches that of products developed through scientific formulas.
Essential oils are extracted from plants and aim to capture the overall essence through scent or flavour. The oil is obtained through natural distillation and then combined with a carrier oil, before being ready for consumer use.
"Consumers are looking for convenient and time-saving skincare product that align with their hectic lifestyles. Multifunctional cosmetics that are suitable for on-the-go use are thereby gaining favour among urban consumers. Simultaneously, the demand for high-end customized products is booming.” Said Likitha Nalluri, GlobalData Analyst.