Latest Market Trends for the Beauty Industry in Bangladesh
18 September 2023
How Big Is the Beauty Market in Bangladesh
The social and economic overview of the beauty market in Bangladesh provides a wide range of values it is one of the fastest-growing consumer markets, determined in particular by the cosmetics and skincare department. The reason behind this factual strong growth in the industry is the entrance of young consumers along with the social media and other platforms that creates huge impacted awareness among the masses.
According to market research, Bangladesh's skin care products market will reach $2.12 billion by 2027. Beauty market size will somewhat dominate the other market among different industries.
The industry is exposed to the products like skin care, hair care, and bathing essentials in organic form.
A total of $9.87 billion is expected to be generated in revenue by the Beauty & Personal Care market in 2023. According to industry forecasts, the market will grow by 3.65% annually (CAGR 2023-2028). Approximately US$4.63 billion in 2023 will be spent in the Personal Care segment, the biggest segment in the market.
How does the beauty industry target its customers?
Since the beginning, women are into the beauty industry, now the story is different. More brands are willingly manufacturing men's beauty products and targeting men of all ages. This is also worth the decision. An effective brand marketing strategy helps a company separate itself from the rivalry, take the business to the next level, and attract new customers at the same time.
Challenges, opportunities in Bangladesh's beauty market
The beauty industry in Bangladesh is growing rapidly due to rising income, advanced urbanization, and the transforming lifestyle way forward. Brands must connect and offer consumers genuine goals so that they can achieve beauty as promised.
Customer experience is a top priority for beauty companies. Yet there is another challenge, however, whether your customer service is the best, you have to raise the bar of excellence by going beyond to build a loyal consumer base. Even local companies are making their mark over global competitors. But the new approaches are overcoming the dominance of the local market. The competitive market and the current scenario are tough to match still the global cosmetics market size was valued at USD 262.21 billion in 2022 and is likely to increase at a composite annual growth rate of 4.2% from 2023 to 2030.
Global Beauty Industry
A market size of $380.2 billion was recorded in 2019 for the global cosmetics industry. By 2027, the market is expected to grow 5.3% annually to $463.5 billion. Globally, the natural and organic skincare market is expected to grow by 8-10% in the upcoming years. In our Bangladesh report for 2023, you will find information about trends, statistics, opportunities, sales data, market share
Beauty market size by country
The global cosmetics market size and growth was USD 277.67 billion in 2020 and is expected to grow from USD 287.94 billion in 2021 to USD 415.29. The global beauty industry is flourishing every day. Various players in the market are making their mark with their share of contribution to promote the lifestyle of the common man. So these are the top picks in the beauty segment as U.S, China, Japan, Brazil, Germany, U.K, France, and India. These are among the top that provides the best beauty products in every segment. They have a strong grip on the market worldwide and export and import all quality products.
Beauty industry export import Bangladesh
In Bangladesh, most cosmetics are imported from India, China, and the United Kingdom. Among the top 3 importers of cosmetics are India with 941,007 shipments, the United States with 483,550, and Vietnam with 203,718 loads. Bangladesh exports most of its cosmetics to India, Bangladesh, and Spain. The top 3 exporters of cosmetics are France with 342,950 shipments.
The cosmetic industry in Bangladesh is achieving unusual heights. This rising state is thriving and the Bangladesh government has acknowledged exquisiteness of services as an industrial sector through a round issued on 8 June. Bangladesh is joining the global cosmetic production and its different beauty products will be exported to Asian countries.
Even some world-famous brands will be exported from Dhaka through which, Dhaka will get a new introduction in the outer world.
Key Market Insights of Bangladesh Cosmetic Industry
Income in the Cosmetics market is US$1bn in 2023. The cosmetic market is likely to maintain its growth annually by 4.02% 2023 to 2028. When we take a look at global, the United States is grabbing all eyeballs so the revenue is US$19,430m in 2023.
Best Selling Skincare Products in Bangladesh
· Ginger Anti Dandruff Shampoo
· Strawberry Body Butter
· White Musk Eau De Perfume
· Skin defence Multi-Protection Essence SPF50
· Banana Conditioner
· Shea Body Scrub
· Tea Tree Skin Clearing Mattifying Toner
· Banana Shampoo
· Rose Oil
· Tea Tree Oil
· Quick Acne Treatment Mask
· Skin Brightening Pack
Even the middle class is expected to buy skin care to personal care products rapidly as per their lifestyle changes and awareness. The rising middle-class population is bringing more demand for beauty products in Bangladesh.
Factors such as increasing employment, increasing productivity, and growing demand with the status of consumers, particularly in developing countries, will witness extension in the consumer and goods sector in the beauty segments. The future of the beauty market in Bangladesh is ever-evolving and giving good return.