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Abstract

MYANMAR COSMETIC MARKET: CURRENT AND FUTURE PROSPECTS

Rushikesh B. Katkar*, Sunil T. Galatage, Sandip M. Honmane and Supriya Darandale

ABSTRACT

The cosmetic industry has been expanding rapidly in both developed and developing countries. The cosmetics market in Asia seems to be one of the fastest growing markets. The market value of the Asia Pacific has increased to more than US$70 billion, which is the second highest market after the Western European market. As reported in 2013, Myanmar spent about US$407 million on cosmetics and toiletries products and this demand was mainly met by imports. The skin care products are the main driver of the cosmetics markets, which represent value of US$229 million followed by eye color cosmetics with value of US$20.6 million. In 2013, Malaysia imported about US$295 million worth of cosmetics and toiletries and the top three importing countries are the United States, Japan and Thailand. It is found that Myanmar consumers’ interest was influenced by heavy advertising, marketing and growing prosperity that increased their interest in premium brands, and they prefer to use imported cosmetics products. The more recent in the Myanmar market trade is the emerging of halal cosmetics which will be attraction for the country’s Muslim customers.

Keywords: Cosmetics; Halal cosmetics; Myanmar; Myanmar consumer; Marketing etc.


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