It is a small but wealthy market, which is emerging as a favourite destination among the Southeast Asian countries for global cosmetic players. With high spending on cosmetic products, Singapore has been witnessing significant market growth with rising influence of international brands.
According to RNCOS latest research study, “Singapore Cosmetic Market Forecast to 2017”, cosmetic products market in the country is steadily growing, fuelled by rising beauty concerns among both men and women. “In addition, entry of new cosmetic brands coupled with product launches is creating an exceptionally bright future for the cosmetics sector in the country,” says the market research firm.
RNCOS anticipates the cosmetics market in Singapore to grow at a Compounded Annual Growth Rate (CAGR) of around 4% during 2013-2017.