Rise in awareness regarding the benefits of self-care among consumers drives the growth of the Bangladesh skin care products market. By product type, the cream segment held the major share in 2019. By demographics, on the other hand, the female segment appeared as the major revenue holder in the same year.
Portland, OR, March 28, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the Bangladesh skin care products market was estimated at $1.23 billion in 2020 and is expected to hit $2.12 billion by 2027, registering a CAGR of 8.1% from 2021 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Rise in awareness regarding the benefits of self-care among consumers drives the growth of the Bangladesh skin care products market. On the other hand, growing penetration of counterfeit products impede the growth to some extent. However, constant improvements in sales channels and marketing activities are expected to create lucrative opportunities for the key players in the industry.
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The outbreak of the pandemic led to disrupted supply chain and huge shortage of raw materials, thereby affecting the Bangladesh skin care products market significantly.
However, the government in the country has now come up with several relaxing measures and the market is anticipated to get back to its position soon.
Bangladesh skin care products market is analyzed across type, demographics, age group, and sales channel. Based on product type, the cream segment contributed to nearly half of the total market share in 2019, and is expected to rule the roost by 2027. The lotion segment, on the other hand, would garner the fastest CAGR of 8.4% from 2021 to 2027.
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Based on demographics, the female segment accounted for more than three-fifths of the total market revenue in 2019 and is anticipated to retain its dominance by the end of 2027. Simultaneously, the male segment would exhibit the CAGR of 8.5% till 2027.
Based on age-group, the millennial segment held the major share in 2019, generating nearly half of the total market. At the same time, the generation Z segment would garner the fastest CAGR of 8.6% by 2027.
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The key market players analyzed in the Bangladesh skin care products market report include Kohinoor Chemical Company (Bangladesh) Limited, Marico, Square, Keya, Mousumi Industries Limited, Tasmia Cosmetics & Toiletries Ltd., Estee Lauder Inc, Unilever Group, Procter & Gamble, and Rohto-Mentholatum. These market players have combined several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their status in the industry.
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