After growth in 2014, it is expected to continue this year as sales improve and show no signs of slowing down.
According to Datamonitor Consumer, the value growth of the personal care market will reach a total of 21.31% between 2015 and 2019.
One of the biggest drivers in the market is the improving economy, which has seen an increase in jobs, driving the perception that a greater degree of personal grooming is required.
In 2012 and 2013 there was also more new product development backed by high profile advertising campaigns helping to drive demand, with sales across the market now equating to just over US$4bn.
Turkey was also the country focus at this year’s in-cosmetics event held in Barcelona, highlighting the industry’s interest.
“The Turkish and Middle-Eastern personal care and beauty market is an area of great diversity, with many different factors affecting the countries within it, including the increasingly growing economies and desire for specialised products such as halal-based products,” commented Cathy Laporte, Exhibition Manager for in-cosmetics.
According to Datamonitor Consumer, the market value of skin care in Turkey will grow most among the personal care categories between 2015 and 2019, at 38.84%.
Other favourable segments are fragrances (23.21%), make-up (22.55%), male toiletries (21.01%), and hair care (15.13%), says the market researcher.
“With the increasing financial power of the urban professional population, consumer preference is moving from mass market to ‘masstige,’ i.e. between premium and mass, which international players are in a position to offer,” says Aleksandrina Yotova, Researcher.
When it comes to Turkey’s beauty market, Yotova says that it is multinational companies that have a dominant position and this will aid future acceptance of their new launches, and make the market lucrative for other competitors witnessing this positive development.
“Large international players have the advantage of being able to offer more attractive in-store product promotions, invest in advertising, and in this way successfully compete with local companies,” continues Yotova.
“They should consider paying special attention to aspects such as media coverage highlighting potentially unsafe ingredients, the environmental impact of ingredients and negative product reviews,” she advises.