The Bangladesh skin care products market size was valued at $1.23 billion in 2020, and is expected to garner $2.12 billion by 2027, registering a CAGR of 8.1% from 2021 to 2027. The skin care products market exhibits an incremental revenue opportunity of $960 million from 2020 to 2027. Skin care products refer to those products which aid skin integrity, provides relief to skin conditions, and furthermore enhance its appearance. There are several types of skin care products available in the market, which include cream, lotion, masks, serums, and others. Skin care products are manufactured using several ingredients namely, chemical compounds, medicinal herbs, or natural ingredients.
The rise in awareness regarding the benefits of self-care among consumers has propelled the growth of organic skin care products in Bangladesh. The emerging trend of herbal beauty and clean-label beauty products is regarded as one the crucial factors that boosts the market growth for skin care products in the country. In addition, increase in internet penetration has also generated a positive impact to further drive the sale of skin care products by offering multiple benefits to consumers such as heavy discounts, easy price comparisons, availability of more variety, and door step delivery. These factors cumulatively have led to an increased outspread of skin care products among consumers in the country. However, the growing penetration of counterfeit products is anticipated to hamper the Bangladesh skin care products market growth. On the contrary, the improvement in sales channels and marketing activities can be regarded as opportunities by skin care manufactures to further expand their consumer base and acquire potential growth.
According to Bangladesh skin care products market analysis, the market is segmented on the basis of product type, demographics, age group, and sales channel. By type, it is categorized into cream, lotion and others. By demographics, it is bifurcated into male and female. By age group, it is classified into generation X, millennials, and generation Z.
Based on sales channel, the Bangladesh skin care products market segment has been studied across supermarket/hypermarket, specialty stores, department stores, beauty salons, pharma & drug stores, and online sales channel.
On the basis of type, the cream segment accounted for the maximum share in 2019, since cream and cream-based products are regarded as one of the most popular skin care products in Bangladesh. Cream based products have gained higher traction in the skin care industry since they are accepted by all types of consumers, be it high-class consumer having their preference in premium products or the low-income groups who target the lower sales value products. In addition, the non-premium skin care products have great potential in the Bangladesh skin care products market due to country’s middle-class population and rise in health and beauty consciousness among local consumer. Although the demand for other skin care products such serums, masks, peel offs, powder, oil, cleansers, and toners are expected to grow at a higher CAGR during the forecast period in the Bangladesh skin care products market.
On the basis of demographics, the female segment was dominant, which accounted for more than half of the Bangladesh skin care products market share in 2019, and is expected to retain its dominance during the forecast period. Rise in awareness regarding skin health and increase in interest of women to look young further fuel the demand for anti-aging skin care products. In addition, rise in demand by the urban middle- and upper middle-class consumers toward safe and cruelty free cosmetics is anticipated to boost halal-certified beauty products by local players during the forecast period.
By Product Type
The Others segment would witness the fastest growth, registering a CAGR of 8.5% during the forecast period.
On the basis of age group, the millennial segment held a significant share in the Bangladesh skin care products industry in 2019 as millennials in the country are more conscious about their health and fitness as compared to the other generations and hence become the target audience for skin care products. In addition, the millennial segment is expected to garner a considerable share in the future, as millennials are more tech-savvy and exhibit interest in trying new products, which make them the key target audience.
Male segment would witness the fastest growth, registering a CAGR of 8.5% during the forecast period.
On the basis of sales channel, the supermarket/hypermarket segment held a significant share in the Bangladesh market in 2019, owing to increase in urbanization, rise in working class population, and competitive pricing. However, the online sales segment is expected to garner a considerable share, since it offers numerous consumer benefits such as saving time and efforts, heavy discounts, easy price comparisons, availability of more variety, and door step delivery. In addition, online sales channels have increased the consumer reach, which has evolved as a key source of revenue for many companies. Hence, online stores allow attaining a larger consumer base across the country and is considered as the fastest growing sales channel during the Bangladesh skin care products market forecast period.
By Age Group
Millennials segment would witness the largest segment registering a major share of 46.17% during the forecast period.
The key players profiled in the Bangladesh skin care products market include Unilever Group, Kohinoor Chemical Company (Bangladesh) Limited, Square, Keya, Tasmia Cosmetics & Toiletries Ltd., Estee Lauder Inc, Procter & Gamble, Mousumi Industries Limited, Rohto-Mentholatum, and Marico.
By Sales Channel
Supermarket/Hypermarket segment would witness the largest segment registering a major share of 29.29%% during the forecast period.
Key Benefits for Stakeholders
- The report provides extensive analysis of the current & emerging trends and opportunities in the Bangladesh skin care products market.
- The report provides detailed qualitative and quantitative analyses of current trends and future estimations, which help understand the prevailing Bangladesh skin care products market opportunities.
- A comprehensive analysis of the factors that drive and restrict the growth of the Bangladesh skin care products market is provided in the study.
- An extensive analysis of the market is conducted by following key product positioning and monitoring top competitors within the market framework.
- The report provides extensive qualitative insights on the potential & niche segments.
Bangladesh Skin Care Products Market Report Highlights
By Age Group
By Sales Channel
Key Market Players
Unilever Group, Mousumi Industries Limited, Kohinoor Chemical Company (Bangladesh) Limited, Keya, Procter & Gamble, Marico, Estee Lauder Inc, Square, Tasmia Cosmetics & Toiletries Ltd., Rohto-Mentholatum
According to the perspective of the CXOs of the leading companies, rise in popularity of e-commerce shopping in the cosmetics industry is expected to provide lucrative growth opportunities for the market growth. Private label brands and SMEs sell their products across the world through online sales channels, which benefits them to increase their sale in terms of revenue, globally. However, threat from counterfeiting activities is expected to impede the growth of these stakeholders in the future. To prevent such threats, companies are investing in innovative and secure packing forms, which is likely to reduce the impact of counterfeiting in the near future.
Moreover, consumers in Bangladesh purchase products solely through retail stores, prompted by small media channels, television commercials, or ads in newspapers & magazines. Furthermore, online shopping allows consumers to directly buy skin care products from the seller over the internet using a web browser. In addition, it enables consumers to compare product reviews posted online and gather information from a multitude of sources. As a result, consumers stay better informed about components, which may potentially harm them or the environment. Thus, transparency of sourcing methods, products, constituents, and sustainability practices from manufacturers has contributed toward the growth of the Bangladesh skin care products market.