Singapore, a small but booming market for cosmetics
According to its latest report, this big spend is attracting all the big names in cosmetics from across the region, and worldwide, for both male and female dedicated product lines.
Rising concerns and awareness about beauty and personal care issues is highlighted as being one of the main driving forces behind this growth spurt, which is highlighted in the report, titled ‘Singapore Cosmetics Market Forecast to 2017'.
High spend on luxury cosmetics
With a population of just over 5.5 million, it appears tiny by Asia Pacific giants such as China and India, but with a GDP in excess of $50,000 and one of the highest spends on luxury goods in the entire region, the room to further develop spend on cosmetics is significant.
Given this criteria and a continued strong economic outlook, RNCOS believes that the market for cosmetics in the country will continue to grow at a CAGR of 4 per cent during the period 2013 – 2017, a figure that still puts it well ahead of global projections for the market.
Key players in the country’s cosmetics market are those focused on the luxury end of spectrum, including names like L’Oreal, Shiseido, Estee Lauder and LVMH, but bigger mass market players such as Beiersdorf and Procter & Gamble also have a firm footing there.
Mass and luxury international players aiming for bigger market share
Likewise, back in July mass market giant Unilever announced a $56m investment for the Singapore market in a state of the art training facility, which is the first of its kind outside of the UK and has a training capacity of 2,800 people.
In particular, it is these international player that are successfully increasing their share of the market with aggressive marketing campaigns that target increasingly sophisticated and innovative products.
Also on the supplier side, Givaudan opened up a new facility back in July to grow its fragrance and compounding operations both in Southeast Asia and the Asia pacific region as a whole.
