Latest Market Trends in the Bangladesh Beauty Industry

Exploring the Latest Market Trends in Bangladesh's Beauty Industry

The beauty industry in Bangladesh has been experiencing significant growth in recent years. According to the Bangladesh trade data, The Beauty and personal care industry is anticipated to produce revenues of $9.87 billion in 2023 with its increasing demand in the market. With a growing middle class, increased disposable income, and changing consumer preferences, the demand for beauty products and services has been on the rise. In this article, we will explore the latest market trends in the beauty industry in Bangladesh, with a focus on Bangladesh Export Data and Bangladesh Import Data.

 

Size of Bangladesh's Beauty Market

A wide range of values are presented in the social and economic overview of the beauty industry in Bangladesh. It is one of the consumer markets with the quickest growth rates, as evidenced particularly by the cosmetics and skincare sectors. Young customers' entry into the market, combined with the use of social media and other platforms that greatly increase public awareness, is the cause of the industry's verifiably significant growth.

The market for skin care products in Bangladesh will grow to $2.12 billion by 2027, according to market research. The size of the beauty market will largely outpace that of other industries. This sector is exposed to items like organic skin care, organic hair care, and organic bathing needs.

 

Rise of Online Beauty Retailers

With the increasing accessibility of the internet and smartphones, online beauty retailers have gained immense popularity in Bangladesh. Consumers now prefer to conveniently shop for their favorite beauty products online, and many local and international retailers have capitalized on this trend. Online beauty retailers offer a wide range of products, competitive prices, and convenient delivery options, making them a preferred choice among consumers.

 

Bangladesh Export Data

Export data reveals that Bangladesh has become a significant player in the global beauty industry. According to the Bangladesh export data, the majority of Bangladesh's beauty product exports go to Spain, Bangladesh, and India. France is third among the leading exporters of cosmetics, with 342,950 shipments. The country exports a variety of beauty products, including skincare, haircare, and makeup, to various international markets. This emphasizes the growing recognition of Bangladeshi beauty brands on a global scale.

 

 

Bangladesh Import Data

Bangladesh's import data also provides valuable insights into the latest market trends for the beauty industry. The country imports a substantial amount of beauty products to cater to domestic demand. According to the Bangladesh import data, most cosmetics are imported into Bangladesh from countries like India, China, and the UK. India, with 941,007 shipments, the United States, with 483,550, and Vietnam, with 203,718 loads, are the top 3 countries importing beauty products. This includes imports of cosmetics, skincare products, haircare products, and fragrances from various countries.

 

Best-selling self-care and beauty products in Bangladesh

·         White Musk Perfume 

·         Strawberry Body Butter 

·         Ginger Anti-Dandruff Shampoo        

·         Multi-Protection Essence for Skin Defense SPF50        

·         Banana Conditioner        

·         Tea Tree Skin Clearing Mattifying Toner 

·         Shea Body Scrub        

·         Coconut Shampoo

 

Government Initiatives and Support

The Bangladeshi government has taken several initiatives to promote the growth of the beauty industry. These include providing incentives to local manufacturers, improving regulations for quality control, and supporting research and development in the beauty sector. Such initiatives have created a favorable business environment and encouraged both local and international investment in the beauty industry.

 

Challenges and Opportunities

Although the beauty industry in Bangladesh is experiencing rapid growth, it is not without its challenges. One of the key challenges is the lack of awareness and knowledge among consumers regarding the benefits of using beauty products. Additionally, there is a need to enhance the local manufacturing capabilities to reduce dependence on imports.

However, these challenges also present opportunities for growth and innovation in the beauty industry. By educating consumers and improving product quality, there is immense potential for both local and international beauty brands to thrive in the Bangladeshi market.

 

Growth of revenue in Bangladesh's market for beauty products

By 2023, the Bangladeshi beauty care market, which now represents 25.4% of the country's overall personal care eCommerce market, is expected to reach US$376.7 million. Over the ensuing years, an increase is anticipated. By 2027, the market volume is anticipated to reach US$605.7 million due to the anticipated compound yearly growth rate for the following four years (CAGR 2023-2027) of 12.6%.

 

The overall picture for the personal beauty industry in 2023

The Price increases of between 30% and 70% in some situations in 2023 are hurting the market for BPC. For instance, volume sales have decreased by 10 in several categories.

 

Conclusion

The beauty industry in Bangladesh is witnessing exciting developments with changing consumer preferences and growing market demand. The market trends indicate a shift towards product diversification, natural and organic products, and the rise of e-commerce. Bangladesh's export and import data highlight the country's increasing prominence in the global beauty industry. With continued government support and industry innovation, the future of the beauty industry in Bangladesh looks promising.