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Singapore is emerging as the favorite destination among the Southeast Asian countries for global cosmetic players, with high spending on cosmetic products, according to a new report from market researcher RNCOS. Rising beauty concerns among both men and women are further fueling growth in the Singapore cosmetics industry, and the entry of new cosmetic brands coupled with product launches is creating an exceptionally bright future for the cosmetics sector in the country. Moreover, some of the leading global cosmetic manufacturers have made Singapore a hub to supply their products in other neighboring countries.
In its latest research study, “Singapore Cosmetic Market Forecast to 2017”, RNCOS analysts identified that cosmetic products market in the country has been witnessing significant growth, with rising influence of many international brands, which are offering innovative cosmetic products. Moreover, the cosmetics market in the country is anticipated to grow at a CAGR of around 4% during 2013–2017. RNCOS has also studied the trends in the Singapore cosmetic market, like growing men's grooming market and the increase in online cosmetics buying, to understand the direction of growth in the cosmetics industry.
In the report, RNCOS analysts have studied the Singapore cosmetics industry in terms of market size, major segments including skin care, fragrance, hair care and color cosmetics. The company has studied all these market segments with forecast to 2017. In addition, the report covers the market potential areas including the hair and beauty salon market, the spa industry and the cosmetic surgery market. The report also covers the distribution channel and market entry strategies for foreign cosmetic companies in Singapore.
Additionally, the RNCOS report highlights the regulatory framework for cosmetic industry in the country, including the licensing procedure for foreign players with fee details and import duties, and so on. In addition, it has done a consumer behavior analysis to understand the demographics, preference and brand loyalty of customers toward cosmetic products.
With the industry’s immense growth potential, the study foresees huge opportunities for both existing and new cosmetic players. The report also includes the profiles of key industry players, like L’Oréal, Procter & Gamble, Shiseido, Beiersdorf, Estee Lauder, and LVMH Fragrance & Cosmetics, among others. Overall, the objective of the study is to help clients understand the prospects of the industry, and make sound investment decisions in view of those.