Myanmar Skin Care Products Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type, Demographics, Age Group and Sales Channel : Country Opportunity Analysis and Industry Forecast, 2021-2027

The Myanmar skin care products market size was valued at $ 272.3 million in 2019, and is projected reach $ 501.6 million by 2027, registering a CAGR of 8.6% from 2021 to 2027. Skin care products refer to those products, which improve skin integrity and provide relief to skin conditions, thereby enhancing the appearance. Several types of skin care products available in the market include cream, lotion, masks, and serums. Skin care products are manufactured using various ingredients such as chemical compounds, medicinal herbs, or natural ingredients. 

 

Increase in product awareness, rise in penetration of retail sales, and surge in disposable income provide impetus to the Myanmar skin care products market. Furthermore, expansion of global brands in the market along with favorable government policies toward local manufacturing of products are expected to drive the market growth in the upcoming years. However, high manufacturing cost for cosmetics domestically remains a major challenge for the players. Furthermore, lack of infrastructure, a weak legal framework, and excessively high commercial rents hamper the market growth in the country. On the contrary, aggressive advertising and marketing of skin care products through social media influencers provides lucrative opportunities for the engaged stakeholders to increase brand awareness and market share. Furthermore, Thanaka-based products are popular in the country, as a result operating players in the region are offering Thanaka-based skin care products to expand their market share in the highly competitive industry in Myanmar.

The outbreak of coronavirus has significantly impacted not only on various consumer goods industries but also all stages of the supply chain and value chain of various industries. In addition, the consumer goods industry is currently facing challenges due to halting of operations, which, in turn, has disrupted the economy of Myanmar. Decline in growth of the Myanmar skin care products market in 2020 is attributed to the COVID-19 outbreak. In addition, it has negatively impacted the import/export, economies, and industries in Myanmar. Myanmar has been successful in stemming the tide of COVID-19 infections over the last three months, however, the economy is expected to witness negative impact in 2020. The reduced disposable income will alter the consumer purchasing behavior. In addition, consumers in the country are actuated to curtail expenditure on cosmetics and skin care products, however, in the long run, the country is likely to witness robust growth.

According to Myanmar skin care products market analysis, the market is segmented into type, demographics, age group, and sales channel. By type, it is categorized into cream, lotion, and others. Depending on demographics, it is bifurcated into male and female. On the basis of age group, it is classified into generation X, millennial, and generation Z. As per sales channel, the market 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 more than 50% market share in 2019, and is projected to retain its dominance in the upcoming years. This is attributed to the fact that anti-ageing, anti-wrinkle, and moisturizing creams are widely accepted among female consumers in the country. However leading players in the industry are now launching products to tap opportunities for men. 

Depending on demographics, the female segment was dominant, which accounted for more than two-third of the Myanmar skin care products market share in 2019, and is expected to continue this trend during the Myanmar skin care products market forecast period. Skin care products have high penetration among the female consumers, whereas the market for male consumers remains fairly niche.

According to age group, the millennial segment held a significant share in the Myanmar skin care products industry in 2019. However, the generation Z segment is expected to garner a considerable share in the market. This is attributed to the fact that various bloggers of generation Z are educating and promoting young generation about the importance of sunscreens, skincare routines, and make-up trends on various social media platforms.

As per sales channel, the supermarket/hypermarket segment held a significant share in the Myanmar skin care products market in 2019. However, the online sales segment is expected to garner a considerable share, due to rise in penetration of internet and surge in sale of skin care products via social media platforms in Myanmar  

The key players analyzed in the Myanmar skin care products market report are L'Oréal S.A., Kao Corporation, Estee Lauder, Revlon Inc., Unilever Group, Shiseido Company Limited, Procter & Gamble, Frenzo Myanmar Company Limited, Beiersdorf AG, and Shwe Pyi Nann. 

Key market benefits for stakeholders

• The report provides extensive analysis of the current & emerging trends and opportunities in the Myanmar skin care products market.
• The report provides detailed qualitative and quantitative analyses of current trends and future estimations, which help to understand the prevailing Myanmar skin care products market opportunities.
• A comprehensive analysis of factors that drive and restrict Myanmar skin care products market growth 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.  

  Myanmar Skin Care Products Market Report Highlights