Tag: Euromonitor International

Singapore – The soft drinks market in Singapore has reached a value of SGD 12 billion, according to a report from analytics company Euromonitor International. According to the report, the increase is attributed to the health trends in the country.

Euromonitor International’s report saw the soft drinks market growth being driven by consumers’ preference for healthier drinks and focus on sustainability. This also includes the current trend of adopting smart vending machines.

Howard Telford, head of soft drinks research at Euromonitor International, said, “Singapore’s market shows the power of consumer-led innovation. There’s a clear shift towards health, sustainability, and digital solutions redefining how beverages are purchased and consumed.”

According to the report, low-sugar teas are seeing a 16% increase due to consumers shifting to healthier lifestyles. Since low-sugar and sugar-free teas promote various health benefits, more people in younger and professional demographics are drawn to them.

Functional beverages, such as immunity-boosting and wellness drinks, also rose by 20%. Consumers are increasingly becoming interested in products with probiotics, vitamins, and minerals for their health goals.

Moreover, the use of smart vending machines in Singapore has surged by 18%, allowing convenience for customers with cashless payment options. It also allows personalised product recommendations based on local preferences, enhancing users’ experience.

“The increasing popularity of low-sugar and functional options provides growth opportunities for brands to connect with consumers’ health priorities while maintaining product appeal,” Telford commented.

He added, “Smart vending machines are bridging technology and convenience, enabling brands to strengthen consumer engagement in dynamic urban centres.”

Singapore – TikTok has driven a 22% increase in sales of beauty products on social media platforms, according to a report from data analytics company Euromonitor International.

User-generated content and influencer marketing have sparked the sales increase on social media platforms, according to Euromonitor International’s report. Consumers’ elevated awareness of self-care and wellness also contributed to the increase in beauty products purchases.

In a separate survey done by the company in 2024, 36% of global consumers are planning to increase their spending on health and wellness.

According to the report, 59% of global skincare consumers are influenced through digital media channels.

Since online platforms are informing consumers about their self-care needs, consumers are shifting to healthier products and lifestyles. This led to a greater focus on healthy ingredients to have healthier skin.

Through ‘shoppable videos,’ influencers, dermatologists, skin care experts, and brands allow consumers to conveniently inquire about products or purchase them.

TikTok Shop also contributed to establishing a significant user base. According to Euromonitor, beauty and personal care products were the top sellers in 2024, which accounts for about 6% of TikTok Shop sales in the United States.

Additionally, the #Kbeauty hashtag was used on 7.7m posts on Instagram and 1.4m on TikTok, reflecting the surge in Korean beauty products.

Bob Hoyler, global insights manager for retail, at Euromonitor International, said, “With content creation at our societal forefront, businesses and marketers are leveraging these platforms for branding, advertising and consumer engagement to reach their target audiences, drive conversion, and enable product discovery.”

Jitong Li, consultant for beauty and fashion at Euromonitor International, commented, “The app is increasingly driving product trends in the US, particularly in the colour cosmetics and skin care categories. As beauty and personal care product prices rise and consumer awareness of ingredients grows, “dupe” products are gaining traction.”

Singapore – Consumers in Southeast Asia are avid consumers of ‘Korean-wave’ (K-wave) products but ultimately surf for localised K-products, according to data analytics firm Euromonitor International.

With growing consumer demand, brands are increasingly embracing K-wave in product development, promotion and local engagement. Consumer brands, particularly food, drinks and beauty, see K-wave as a tide driving key growth.

According to the report, Singaporeans saw a significant 52% growth in outbound travel to South Korea in 2024 compared to 2019. Visitors from Indonesia (10%) and Taiwan region (13%) also increasingly travel to the home of K-Wave, driven by strong outbound travel recovery.

For instance, Soju, South Korea’s popular alcoholic drink, has become an affordable drink for locals nowadays, thanks to it featuring in K-drama. Soju has seen impressive growth in major Southeast Asian countries with CAGR of 121% growth from 2019 to 2023 in total volume sales, particularly in Malaysia (241%), Indonesia (182%) and Thailand (100%).

However, consumers are now opting for locally produced Soju, rather than imported Soju. Indonesia and Malaysia have introduced Halal Soju, a non-alcoholic Soju but in Soju’s iconic green bottle. This caters to the Halal consumer’s demand, as well as a rapid growth for Soju in these markets.

Sunny Moon, research manager at Euromonitor International, said, “Beyond watching Korean content and travelling to Korea, consumers also incorporate K-products into their daily lives. However, they eventually prefer local products that align with local preference.”

She added, “Consumers’ Korean-craze consumption continues in their home countries. To meet growing consumer demand, brands are embracing the K-wave by appointing K-pop stars as brand ambassadors, even featuring Hangeul, the Korean alphabet, on product labels.”

Japan – Nearly one-third of consumers in East Asia cite the ability to “order at any time, from anywhere” as a crucial factor driving their online shopping habits, a report by Euromonitor International revealed. 

The report highlights that increased high-speed internet availability and rapid urbanisation in East Asia have fuelled a strong demand for quick and efficient shopping solutions, significantly shaping the region’s evolving e-commerce landscape.

Sachi Kimura, consultant at Euromonitor International, said, “The demand for quick and efficient shopping solutions in the region is being driven by the tech-embracing, fast-paced nature of daily life in these three countries. E-commerce platforms are continuously evolving to meet the increasing need for convenience among consumers in East Asia.”

According to the report, East Asia remains a major player in global e-commerce, with China, Japan, and South Korea accounting for 87% of Asia Pacific’s e-commerce sales value and 40% of global sales value in 2023. Despite being mature markets, these countries are also projected to retain 85% of the region’s retail e-commerce sales by 2028.

As the ‘home of health and beauty,’ East Asia has demonstrated a strong presence in the online health and beauty sector. Notably, four of the top ten beauty and personal care companies, as well as six of the top ten consumer health companies, are based in the Asia Pacific region.

Moreover, the food and drink industries, which currently have lower online penetration, are experiencing growth as their e-commerce channels are still emerging and have significant potential for expansion.

The report found that South Korea experienced double-digit growth in 2023, driven by the relaxation of online retail regulations for traditional alcoholic products from local small breweries. In Japan, online retail of soft drinks grew by 14%, reflecting rising demand for bulk options and sustainably packaged bottled beverages.

Meanwhile, China showed a strong e-commerce presence in most fast-moving consumer goods (FMCG) spending, recording double-digit penetration online.

“Low penetration can suggest the product’s nature, and consumers’ preference is to shop in person. However, convenience seeking is pushing these categories towards online channels, with many opportunities lying ahead,” Kimura noted. 

Euromonitor’s report reveals that, in contrast to e-commerce leaders like the US and the UK, marketplace platforms dominate the East Asian e-commerce landscape. In China, the top two retailers, Tmall and Douyin, have together captured over 70% of the health and beauty online sales market share over the past two years.

Additionally, nearly half (47%) of consumers in China view social media influencers as a trusted source of health information, significantly higher than the global average of 34%. Furthermore, 27% of Chinese respondents reported that social media influenced their decision to take dietary supplements in 2023, compared to the global average of 16%.

Marketplaces also lead the health and beauty online sales in Japan and South Korea, with the top two e-commerce retailers—Amazon and Rakuten in Japan and Coupang and Naver in South Korea—maintaining a stable presence over the past two years.

The report highlighted significant growth potential in other online channels, particularly health and beauty specialist shops. For example, in South Korea, Olive Young is emerging as one of the leading health and beauty lifestyle platforms, offering exclusive brands and competitive prices. The retailer is also working on enhancing its consumer trust through rigorous merchandising standards.

Yang Hu, insights manager for health and beauty Asia at Euromonitor International, commented, “Digital marketplaces are constantly evolving. Through various channel sales, businesses can gain dynamic insights into market trends, consumer preferences, pricing strategies, and promotional tactics. This knowledge enables brands to identify gaps in the market, differentiate their offerings, and refine their own approach to stand out in a crowded digital landscape.”

Singapore – Around 49% of Asia-Pacific consumers responded saying they will pay an additional 10% to 50% for beauty products with scientific formulations, according to recent statistics from data analytics firm Euromonitor International.

According to the report, consumer demand for science-backed beauty and personal care has gained ground following the pandemic. Dermocosmetics, which brands conceptually centre around the use of unique ingredients, is rapidly gaining space globally.

Moreover, around 30% of respondents among Asia Pacific consumers perceived proven efficacy and medical endorsements as traits of premium beauty products in 2023. In addition, 38% of consumers in Asia-Pacific viewed premium ingredients as more important than premium brands when it comes to skin care products, while only 23% of respondents said brands come first. 

According to the report, this indicates that consumer perception of ‘premium’ spans across the realm of scientifically proven ingredients.

It is also noted that the blurring of category boundaries and increasing future demand for multifunctional products is especially being seen in skin care, sun protection and colour cosmetics. Products offering multiple benefits such as cost-effectiveness and time-saving options in a single item are highly welcomed in the market.

There is also a heightened demand for clinically-positioned beauty presents opportunities for sun care and deodorants. The latest ‘skinified’ formulas have multifunctional benefits, beyond traditional claims.

Suncare is one of the best ‘all-in-one’ products. Suncare products are now incorporating make-up functions such as primer, coverage, and colour correction, while colour cosmetics products are being enhanced with SPF. The markets Indonesia, Singapore, and China have seen a surge in demand for sun care products, with a respective CAGR of 10.5%, 8.9% and 8.8% in the period of 2018 to 2023 respectively. This is driven by growing awareness of the importance of sun protection and skin care amongst consumers.

The report also found a higher number of Asia-Pacific respondents searching for multifunctional attributes in suncare in 2023 than in 2021. 22% of respondents indicated ‘anti-ageing’ as one of the main desired functional features for a suncare product, up by 19% from 2021. A response of ‘wrinkle-preventing’ is also up by 16% from 13% in 2021 – a trend expected to continue in the future.

Another factor that is being highlighted in the report is how e-commerce channels still play an important role, emerging as a significant factor shaping the future of beauty retail in Asia Pacific. In 2023, retail e-commerce accounted for 30% of total beauty and personal care sales in Asia-Pacific. China is the second-largest market in the world for beauty retail e-commerce. Social media platforms in the country such as Douyin and Xiaohongshu are helping new brands drive China’s beauty market.

Lastly, livestreaming presents beauty brands the chance to break through to consumers in lower-tier cities in China and India as well, giving access to thousands of brands with a wider range of prices through online marketplaces. A digital-first environment in markets is expected to encourage beauty brands to leverage e-commerce channels to build their reach into tier-2 cities and beyond, with an affordable cost option.

Yang Hu, insights manager of health and beauty in Asia at Euromonitor International, said, “The future of innovation in beauty products will continue to be ingredient-driven. As the lines between health and beauty become blurred, more health-related ingredients will be researched to unlock their potential in beauty, with science-backed evidence.”

Hu added, “The beauty market in Asia Pacific is now faced with incredible possibilities that lie ahead for the industry – not only with increasing purchase power and changing demographic, but also with the market’s evolution of its growth engine through retail channel revolution, innovative brands and technological breakthroughs. To stay competitive, industry players must remain attentive to future factors such as environmental changes, the dynamic consumers of Gen Z and Gen Alpha, and developments in other wellness sectors.”

Bangkok, Thailand – Euromonitor International, the global independent strategic market research provider firm, has revealed its ‘Top 100 Retailers in Asia 2022’ report, with three retailers from Thailand entering the SEA rankings, including omnichannel retailer Central Retail Corp with US$5.06b in 2021 sales, which ranked seventh amongst the other 25 retailers from Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, and Vietnam.

The other two are conglomerate Charoen Pokphand Group with US$4.44b in 2021 sales, landing at 10th place, as well as hypermarket chain operator Big C Supercenter PCL with US$2.53b in 2021 sales, ranking 15th. The list was topped by Shopee’s parent company Sea from Singapore, with US$16.06b in 2021 sales.

In last year’s report by Euromonitor, Big C Supercenter PCL was ranked 12th in SEA rankings, while Central Retail Corp and Charoen Pokphand Group did not make the cut. 

The ‘Top 100 Retailers in Asia 2022’ report found that retail performance in 2021 reflects the pace of channel shifts, and e-commerce players outperformed other distribution channels, especially in markets with lower online penetration. It also revealed that pricing, marketing, and customer service also need to reflect individual market dynamics. When well-executed, localised approaches give retailers and manufacturers a steadfast and longer-term competitive edge. 

“SEA is home to more than 500 million people with diverse ethnicities, cultures, and religions, as well as online shopping habits. Conquering this market is complex. Regional e-commerce players must create localised strategies like search engine optimisation for respective countries and languages or product lines catered to various cultural needs,” said Euromonitor.

According to Euromonitor, retailing current value sales in Thailand fell for the second year in a row in 2021, with the rate of decline accelerating into double digits. Due to lockdowns, non-essential retail outlets, such as department stores and variety stores, underwent closure for an extended period. However, retailing current value sales were supported to an extent by an increase in welfare payments and subsidies by the government.

This 2022, retailing current value sales will begin to expand again, with the rate of growth accelerated over the course of the forecast period. However, in constant value terms (2021 prices), retailing value sales will not surpass their 2019 level until 2025. Growth will be supported by an anticipated post-pandemic economic rebound, with a revival in inbound tourism playing a significant role in this.

Hong Kong – The consequences of the pandemic are unprecedented and felt around the world, wreaking havoc across the retail industry. Euromonitor International, the global independent strategic market research provider firm, has revealed its list of the top companies within the retailing industry in the APAC region for 2020, and in Hong Kong, more than half of the leading companies in 2019 are still the ones that ruled 2020.

The majority of the 10 companies on the list maintained their sales growth and rankings in 2020. International health and beauty retailer AS Watson Group has retained its standing, coming out to reign the rankings as the top retailer. This was followed by Dairy Farm International Holdings, the pan-Asian retailer that operates across food, health and beauty, and home furnishings, and restaurants, with Japan-based distribution business firm Seven & I Holdings Co landing in the third spot.

Meanwhile, jewelry company Chow Tai Fook Jewellery Group also maintained its sales as well, coming out in the fourth spot, while property developer Sun Hung Kai Properties caps the top five. One of the firms that have also retained growth for the year is convenience store firm Alimentation Couche-Tard ending in the eighth spot.

Two out of the top 10 firms have registered improvement in sales, namely, retail and financial services company AEON Group and multimedia business firm Hong Kong Television Network, landing in the sixth and seventh spots respectively.

On the other hand, jewelry retailer firm Luk Fook Holdings and retail chain company Broadway Photo Supply have dropped sales in 2020.

AS Watson Group, which registered $9.8b in sales in 2020 came out as the 34th leading retailer in the Asia region. For the region, Alibaba Group Holding took the crown with $367b in total sales for the year.

According to Euromonitor, the pandemic has had a significant negative effect on consumer confidence, leading many to rein in their spending, which impacted many retailers adversely enough to exit the market. However, the pandemic has been a boon for grocery retailers and e-commerce and will continue to enjoy strong growth in retail current value sales, as consumers become more interested in home cooking and following a healthier diet.

In 2021, the research firm believes that brick-and-mortar sales will begin to rebound, while retailers that depend on tourism will be the slowest to recover, including stores selling jewelry, watches, and apparel, as well as footwear, and luggage.

Philippines – For the second year in a row, market research brand Euromonitor International has named USANA Philippines as the top vitamins and dietary supplements brand in the country. The ranking is based on retail value share among all supplement brands in the Philippines.

David Mulham, USANA’s chief sales officer said that it was not surprising for the Philippine leg of the brand to gain such recognition, as the country’s market is one of the most exciting and strongest regions.

Commenting on the recognition, Aurora Gaston, vice president of USANA’s Philippines, Indonesia, and Thailand markets said, “I am proud to see our market receive this incredible title for the second year in a row. The Philippines has been part of USANA for 11 years, and it makes me so happy to see how much we’ve grown. This award is due to the hard work of our team here in The Philippines and the support we receive from the USANA home office. I would like to thank our Filipino Associates for trusting our products and helping us become one of the most successful direct selling companies in the country.”

Euromonitor International is composed of a global network of analysts for every key trend and driver, providing reports that offer strategic data, analysis, and consumer trends.