SINGAPORE - US consumer giant Procter and Gamble (P&G) said Friday it will relocate top executives in its skin, cosmetics and personal care unit to Singapore to capitalise on the burgeoning Asia-Pacific market.

The unit's "leadership team" will move from the company's headquarters in Cincinnati over the next two years starting on August 1, it said in a statement.

"While only affecting fewer than 20 roles, this move will bring these businesses to the center of the greatest growth opportunity for these categories," the statement read.

The relocation comes as an increasing number of US and European companies flock to Asia-Pacific, drawn by the region's growing wealth and desire for luxry goods.

According to data from market research firm Euromonitor International published in the Wall Street Journal, the Asia-Pacific region accounts for nearly half the world's $96.9 billion (S$1.2 billion) market for skin care.